The robotic process automation (RPA) market is a growing and maturing area with many different vendors to choose from. Gartner estimates that over the course of the next five-year period, the market is expected to grow by 30% per year.
It is a difficult technology to implement but well worth the effort. It will increase efficiency as well as speed and precision across many processes. It can reduce the time spent on repetitive, manual tasks and increase productivity.
To ensure success, it's important to have a solid foundation of understanding about the various automation tools available and the specific use cases that will benefit your organization. It is here that the right partner can assist you in navigating the complex maze RPA offers and finding a solution to fit your unique business requirements.
Robotic process automation (RPA) is a form of software which uses scripts to automate business processes. This includes everything from the back-office to marketing, sales and customer service.
In the financial sector, this software reduces the time and costs associated with journal entry and account reconciliation processes by eliminating human error. This software allows financial analysts to spend more time on work of high value that requires accuracy.
This is an area that's growing, as 80% of finance managers are implementing it or plan to. It is a complex field to adopt, however, it is worth the effort, as it allows for increased efficiency, improved speed, accuracy and compliance.
As the RPA marketplace matures more and more companies are integrating AI in their platforms. This is in response to the movement toward 'hyperautomation', whereby organisations look to automate myriad corners of their operations by applying artificial intelligence, machine learning, computer vision and other emerging technologies.
The research firm predicts that by 2024, organisations will adopt at least three out of the 20 process-agnostic types of software that enable hyperautomation. The market for this kind of automation will be far larger than that for RPA.
Some RPA vendors, including UiPath Automation Anywhere made substantial investments in AI and cognitive capabilities. The report says that they've gained a good reputation as innovators and have a wide customer base.
UiPath’s machine-learning technology, which is based on the ability of mimicking human brainwaves and can detect patterns to trigger actions as "bots," for instance, is an extremely powerful tool. In addition, it has been able to develop an extensive customer ecosystem, with over 10,000 organizations using it across every vertical.
Its recent purchase of Fortress IQ which provides workflow automation and process discovery, shows it has the right mentality for a rapidly growing market. Its cloud focus, extensive deployment options and marketing and technological expertise also give it an important advantage in the industry.