In recent years the tech sector has been surrounded by the constant buzz of robotic process automation or RPA. The potential of RPA determines the changes in daily working in every industrial sector in terms of redundant tasks. Today, many start-ups and professional organizations make use of intelligent automation applications for streamlining workflows.
RPA allows automation of repetitive work processes, thereby freeing your human workforce to perform decision-making tasks. It adds potential value to your organization’s work ethics. The intelligent automation process helps scale up the operations and makes potential savings on the overhead expenses.
Current RPA adoption
The Deloitte Global RPA Survey[1] suggests more than 53% of users are already on board with the RPA process, and more than 19% plan to adopt RPA in the coming year. According to Gartner,[2] nearly 80% of leading finance companies have already started or plan to implement robotic process automation.
RPA is already becoming popular among 64% of users, as an opportunity on enterprise-level with its enterprise-wide and strategic initiatives. This number has improved significantly compared to 15% users in the past year.[3] Today 98% of the global IT leaders suggest automating business process drives long-term business benefits.
Future RPA adoption estimates
The Deloitte Global RPA survey suggests, 78% of the respondents who are already implementing RPA are expecting to increase RPA investment in the next three years. With the continuous growth, in the coming 5 years, RPA can successfully reach “near universal adoption.”
RPA market size
According to Forrester the robotic process automation industry will undergo potential growth. With $250 million in revenue in 2016, the current year 2021 saw an increase of up to $2.9 billion.
However, the industry faces massive growth in the coming years as opposed to the Forrester estimates.
The year 2018 saw revenue growth in robotics process automation software of 63% with $846 million. (Gartner).
Recently, in 2019, the RPA market size was already at $1.40 billion. (Grand View Research).
The market size is expected to rise to $11 billion in 2027, with a 34% CAGR from the years 2020 to 2027. (Grand View Research).
Keeping in mind the RPA market size and adoption, RPA benefits classification can involve two prime sectors financial and work process benefits:
RPA Financial benefits
According to Gartner, by the year 2024, most companies will reduce 30% of their operational costs. It is possible with the combination of the hyper-automation process and restructured operation process.
According to the Deloitte Global RPA Survey, organizations with RPA implementation expect an average of the 9-months payback period. Real-time stats suggest a payback period of 12 months has been achieved by companies implementing and scaling RPA.
It is also indicated, that there are expectations of robots delivering the majority of the ongoing transactional processes. Companies expect that robots take up to 20% of the total FTE capacity. As a result, employees can perform value-adding roles.
Improvements in productivity, accuracy, and efficiency with RPA
Every industry sector must be aware of RPA applications, and their benefits to the business in terms of evolving IT landscape and operating model.
Following are the benefits of Robotic Process Automation:
RPA improves productivity
Designing RPA system robots requires keeping in mind task-focused processes. The RPA bots can perform easy tasks like navigate, click, and calculate within just a few seconds. It saves time and makes the employee more efficient and productive in other prominent tasks. It saves future costs and boosts business productivity.
RPA creates a more efficient process
Robotic process automation does not require any sorts of breaks. The software can be operational 24 x 7. On average, one RPA robot is equivalent to approximately 2 to 5 full-time workers. These bots can finish the same amount of work in lesser time or even take up more work volume.
RPA prevents human errors and assures accuracy
Besides reducing human errors. it can also eliminate errors in processing. Although it is not a straight-forward result, it needs rigorous and continuous testing and training, as well as monitoring. With proper optimization and accurate mapping, companies need not worry about the errors made by robots.
RPA opportunities
Studies indicate almost 80% of the business responsibilities can undergo automation with RPA. The technology offers immense opportunities for its successful implementation across industries.
- Banking and Finance sector
- Insurance
- Healthcare
- Retail
- Cross-industry RPA applications like Human Resources, Procurement, and Finance and accounting.
Conclusion
As RPA technology continues to grow, future RPA uses will also require extensive use of AI, optical character recognition OCR, business process management, and more for an intelligent RPA process, leading to digital transformation at the enterprise level.
Sources:
[1], [3], [5],[11],[12]Deloitte Global RPA Survey
[2] Gartner
[4] https://research.aimultiple.com/rpa-stats/
[6] Forrester
[7] Gartner
[8],[9] Grand View Research
[10] Gartner
[13] Automation Anywhere
[14] EY