Robotic process automation is a rapidly growing market with many vendors. Gartner anticipates a market growth of 30% per annum over the next 5 years. The number of RPA customers will also increase.
It may be a complex tool to use, but its benefits will pay off in the long run. It can reduce the time spent on repetitive, manual tasks and increase productivity.
To ensure success, you must have a firm grasp of the different automation technologies available and the use cases that can be beneficial to your organization. The right partner will help you to navigate the maze of RPA options and find the solution that best fits your business.
Robotic Process Automation is a type software that uses scripts - commonly known as 'bots' - to automate process in various industries. The range of applications includes back-office, sales, marketing and service functions.
In the finance space, this software is a powerful tool to reduce the costs and time associated with journal entries and account reconciliation by removing human error from these processes. 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 industry matures, AI is being integrated into more platforms. This is a response to 'hyperautomation.' Organisations are now looking to automate various aspects of their business by using artificial intelligence.
The research firm believes that by 2024 at least three types of hyperautomation software, which are process-agnostic, will be adopted by organisations. The market for hyperautomation will be larger than RPA.
Some RPA solution providers, including UiPath Automation Anywhere, made significant investments into cognitive and artificial intelligence to complement their RPA suites. This has helped them gain a strong reputation for innovation and a broad customer base, according to the report.
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. The company has also developed a vast customer ecosystem. More than 10,000 organizations use it in every industry.
Recent acquisitions of Fortress IQ that provide process discovery and automation workflows are a good indication that the company has a positive mindset to grow in a market. Its cloud-based approach and wide array of deployment options, along with its marketing and technical skills, give it an advantage in the marketplace.