Sep 7, 2022
Blog Information Technology Robotic Process Automation | Here’s what you need to know
When we think of machine learning, a bleak future may appear. In a dystopian world where machines are taking over the world, robotic process automation (RPA) would be the phase in which said machines are efficiently aiding humankind with a comradery essence to their existence.
Fortunately, RPA is not set out to rise and eliminate all human existence (yet), but the efficiently aiding humankind part fares up pretty well in its technological innovation over the years.
It is somewhat misleading, however, robotic process automation doesn’t actually include physical robot forms, but rather software robots running on a physical or virtual machine. The premise of robotic process automation is rather mundane when compared to Hollywood robots. RPA was designed to automate the routine and repetitive tasks within the workplace. What were once back-end, tedious tasks for employees, are now automated by the integration of robotic process automation. Completing jobs within customer service, think chatbots, as well as finance, banking, and supply chain, RPA streamlines the day-to-day running of businesses, as well as leaving physical employees to focus on more significant tasks. Boosting efficiency for organizations has kept the global robotic process automation market continuously on the up, leading to an expected $15.3 billion by 2027, growing at a compound annual growth rate of 36.8%.
Whilst we may, as customers, have mild trauma from repeating down the phone “please can I speak to a real person”, robotic process automation isn’t always so jarring, and has seen great technological development in recent years. The common chatbot is considered a template for what RPAs are capable of, in the wake of virtual assistants in both personal and professional contexts.
Through RPA, intelligent bots are proliferating throughout the data ecosystem, and the range of jobs that these bots can perform is growing exponentially. The popularity of these software solutions is due to their ability to be installed without having to make changes to the current system, saving time and money on the installation process.
With many system-intensive organizations unable to optimize their operations, RPA solves this problem by acting as a human worker who builds a communication link between various IT systems. One challenge with the integration of more RPA systems, however, is the risk of bots unintentionally exposing sensitive data. With the RPA market being highly competitive, cost and product differentiation, as well as product development and upgrades, are the focus for key players in the industry to sustain profitability.
With the growing implementation of RPA into the back-end operations, more companies are willing to adopt robotic process automation software. Businesses need to check certain parameters before selecting and implementing RPA tools. They need to evaluate the RPA tools as per their requirement, whilst ensuring the vendor is considering the unique needs of the user to implement the RPA in a profitable way for the business.
Here are some criteria that need to be considered before the implementation of RPA:
Whilst process automation robots aren’t planning a siege on humankind any time soon, they are evolving and growing into reputable software solutions for a variety of organizations. The market for RPA is large, growing, and rapidly evolving due to the development of new technologies and changing customer needs.
The opportunities for this market include:
Expecting to increase from $3.2 billion in 2022 to $15.3 billion by 2027 growing at a CAGR of 36.8% during the forecast period, the global robotic process automation market will see tremendous growth due to the innovation of existing RPA software.
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Katie Biddle joined BCC Research as a junior copywriter in 2022 and works within the marketing team. Prior to BCC, she recently graduated with a BA in Creative Writing and English Literature from Westminster University.
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