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Robotic Process Automation (RPA) is the use of software robots to take on repetitive business workflow. The types of tasks involved are often things like copying data between different systems, validating data that’s been entered, or scoring applications. After initial successes with automating repetitive tasks, businesses are going one step further to also automate data collection, forecasting and decision making.
Adoption of RPA in enterprises have been approaching annual growth rates of nearly 100 percent, according to research by the Everest Group.
What’s causing the rapid growth?
- Value – Automation reduces the staff hours required to perform tasks and often increases accuracy and throughput.
- Cost Savings – Estimates are that RPA can result in cost savings of more than 40 percent.
- Competitive Advantage – Using RPA can help businesses to be able to get to market quicker and scale their business faster.
Danilo McGarry, automation manager at UnitedHealth Group, said that “the CEO can utilize RPA as a fundamental transformational tool which gives them a significant competitor advantage. CEOs face the difficult challenge of knowing how to set the right expectations at board level in terms of targets for savings for the year; a significant RPA program can affect the share price of a company.”
Gartner named hyperautomation is the number one strategic technology trend for 2020. Gartner predicts that “by 2024, organizations will lower operational costs by 30 percent by combining hyperautomation technologies with redesigned operational processes.”