Expansion of business technology investments into the digitally disruptive sector requires an understanding of trends to get a broader perspective in the digital world.
The trends knowhow directly affects the future success of your organization and its survival too. The demand for automation is increasing and is expected to reshape the industry in 2018.
RPA has been one of the most intensive and disruptive technologies prevalent in the digital arena. The RPA technology saw robust growth after it was implemented in various industries and the market for automation has accelerated in 2018.
RPA has proved itself to be a hot cake with proven benefits for enterprises and unlimited potential to increase the productivity.
Companies that master automation will dominate their industries. Enterprises, as well as the employees, have embraced the technology with open arms, as it has reduced their workload and redirected the workforce to perform value-added tasks instead of routine tasks, reducing costs and minimizing errors.
Both robotics and automation have grabbed more attention in recent years as they become more flexible and easy to use, offering increased value to organizations across a variety of industries.
Let’s explore the major trends about the evolution of RPA in this year and how these trends would be impacting the significant players of the disruptive era.
The RPA market which was valued globally at $125.2 million in 2015 is estimated to grow to $8.75 billion by 2024. -Grand View Research
Automation is expected to be the top technology trend this year. However, many organizations are struggling to find a starting point that will drive the highest ROI and impact the overall economy of the enterprise.
Listed below are the trends related to RPA that you’d want to consider before adopting it for your business. It will help you find out where exactly is automation headed to, in 2018:
RPA will contribute to the growth of Big Data & IoT
Mobile phones, tablets, electrical appliances, wearable devices, industrial equipment, etc. are all connected through IoT, and this, in turn, generates a huge amount of unstructured data which call in for the action of Big Data.
RPA robots can contribute to the analysis of this Big Data as they monitor and record their steps during execution. It plays its role in the Internet of Things by improving the data management and streamlining the data processes. It can analyze the available data and reveal the time taken to process the data and the number of automation activities remaining at the end.
This information will help uncover many hidden fact and figures, valuable business insights and trends which can highlight the bottleneck in business operations and further enhance them. As IoT, Big Data and RPA are gaining traction; these are connecting data, things, people and processes.
Reversal of Outsourcing Jobs
Enterprises dealing in large volumes of activities are very familiar with the term outsourcing. However, with the consistent development of RPA tools, industries will be seen utilizing a highly flexible and scalable virtual workforce.
They will be able to restore their talented workforce to more critical or exceptional activities that require human intervention. Enterprises can go from offshore to onshore, optimizing costs and freeing up their resources.
The next few generations of RPA will have a significant impact on white collar workers and the way we do business: it will determine who has a job and who doesn’t. Even if RPA would decide the course of action, not all blue collar jobs are replaceable.
RPA Integration with Other Tools
RPA will be seen in an even more efficient avatar when combined with other technologies in the digital space. The benefits of RPA transcend the usual benefits and yield process outcomes faster and more efficiently. Software robots are easy to train, and they integrate seamlessly into any system. However, they do not function best as standalone systems.
RPA tools will be seen expanding when combined with other automation tools and not in isolation. It will give rise to the new digital workforce which will extract every possible potential available from all the automation technologies prevalent and get integrated with the human workforce to transform into a more powerful and versatile workforce.
RPA to SPA(Smart Process Automation)
RPA will shift our focus towards Smart Process Automation throughout the year as enterprises have experienced a positive return on investment with the integration of RPA along with the existing digital transformation platforms.
This will make the business processes smarter in decision making and developing more profound data insights for further automation. These technologies when come together will amplify the human potential and will enable enterprises to take more significant strides in the automation journey of business-oriented processes.
Customer Experience Enhancement
Companies spend a significant amount of time every day responding to and resolving customer inquiries. Recent advances in digital technology allow customers to submit their queries online and come closer to the brand.
While RPA will be giving an opportunity to the companies to move a step closer to their customers, they need to be consistent in building their brand loyalty.
Robotic automation has intelligently mimicked the repetitive and mundane white collar activities and has proved to be a viable alternative for human intelligence while simultaneously building a loyal relationship with their customers.
RPA will give employees more room to innovate and be creative. Enterprises will employ a similar combination of bots and humans who can respond to a broader range of customer queries quickly, intelligently and with empathy.
Advancement of AI & ML Technologies
Using intelligent technologies, like artificial intelligence, cognitive computing, and machine learning business pioneers and innovation leaders can make arrangements and the best frameworks including everything from execution and productivity, to staffing and general expenses.
The vast majority of use cases implemented on RPA in 2018 will involve AI / ML as these are the technologies which can help organizations exploit AI features in RPA tools. This involvement will usher in a new era of data understanding and analysis.
The automation potential will see a significant advancement due to the combined effect of these intelligent technologies. The accelerated rate of the learning process of RPA tools will ensure increased productivity and ROI while driving creative accomplishments.
Increased Adoption of RPA
Organizations are observing the implementation of RPA, which has led to change in adoption pattern of RPA through 2017. In 2018, the impact of RPA will become broader, & RPA will be used in more ways and across more processes than it is today.
This trend, however, will be concentrating more on customer process rather than internal processes which used to be the primary practice. To streamline their business processes, more companies are increasing investments in these technologies. The impact RPA will have on your organization is going to be greater in 2018 than it was in 2017.
To have a competitive edge and remain relevant to industry leaders most large corporations have tested RPA & it has indeed proven its usefulness in many scenarios. Smart robots have offered substantial productivity gains as observed manufacturing and supply chain companies. To stand ahead in this race industries are eager to integrate RPA tools into their business operations to take RPA to the next level.
Creative Business Ventures
RPA has enabled companies and their employees to focus on more creative, innovative, and value-adding activities. The human counterpart will now be empowered by these technologies to be more creative and inventive.
Employ more intelligent and higher-level thinking. While automation technologies are taking care of the mundane activities, human employees will be able to focus on higher-level tasks that are meaningful and interesting, allowing them to be more productive and creative.
This has enabled digital enterprises to increase the quality and efficiency of their services and get their customers closer to their brand. RPA will become inevitable.It has already started to change the nature of jobs, and the economy and this change can be delivered with speed and agility to realize benefits quickly.
Improved Enterprise Scalability
RPA along with AI has advanced radically of late. An adequately programmed RPA application will offer a highly flexible and scalable virtual workforce with minimal risk of error.
RPA market will continue to deliver returns, and the implementation partners will have to change their strategies to meet these expectations in the coming year.
As RPA is known to automate the end to end lifecycle by integrating new front end digital technologies with back-office environments, risks can be minimized by establishing the right controls ahead of time.
Some software robots can be deployed without any additional cost to the enterprise. The implementation of RPA has shown improved levels of efficiency, capital saving and qualitative outputs in almost every sector it has touched.
The expansion of RPA, ML & AL is the future of automation. 72% of companies will automate processes by 2019
Technology is Ready, Is Your Business?
RPA is no longer an alien concept. In spite of barriers to adoption, such data security and loss of control successful pilot projects are inspiring buyer confidence in the technology.
Robotic process automation (RPA) technology with the support of artificial intelligence handles repetitive, rules-based, back-office tasks efficiently.
The RPA market is expected to experience a period of “explosive” growth of 70 to 90 percent through 2018-19 because RPA projects save money, revamps the investment in just six to nine months, and don’t require significant IT architecture changes or deep integration with underlying systems.
The digital transformation throughout enterprises is creating a greater need and broader opportunities for RPA.
Identifying the employee & customer trends and opportunities contained in RPA, businesses realize significant time and cost savings.
As it frees employees from performing mundane tasks and allows them to shift their attention to more high-value and exciting activities companies are seeking ways to increase their productivity and have warmly welcomed the introduction of RPA technology.
So, are you geared up for the digital robotic workforce?