RapidRPA Founder Don Mathis provides a vision of the future of AI with other notable industry thought leaders…
“Don envisions RPA centers of excellence becoming commonplace, particularly in organizations with mature shared service capabilities. Don believes the most important breakthrough in AI technology is deep machine learning and predicts process automation leveraging deep machine learning will generate billions of dollars in cost center savings over the next couple of years, while simultaneously improving operating effectiveness.”
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Brave New World of RPA
Robotic Process Automation, or “RPA”, is a rapidly emerging automation discipline that is taking the business process world by storm. RPA software robots enable substantial efficiency and cost savings while simultaneously improving organizational effectiveness. This allows human workers to better focus on more high-value projects, activities and customer engagement.
According to a report from Everest Group / NASSCOM, the benefits of RPA can be substantial and include: cost reduction to the tune of 35-65%; substantially improved service delivery in both quality and speed; a better ability to manage governance, security, and business continuity; and speedy deployment (generally 2 to 12 months) and time-to-value (12 to 24 months).
The opportunity is enormous. The global robotic automation market will reach $4.98 billion by 2020, and is forecast to grow at 60.5% CAGR through 2020, according to Transparency Market Research. Even more mind-boggling, an analysis by McKinsey & Company puts the opportunity for the automation of knowledge work at $5-7 trillion.
There are many vendors offering different RPA approaches and solutions. Despite recent dramatic advancements in cognitive computing, the industry is still in a relatively early stage of development. Most vendors focus on tactical solutions based generally on rules-based software algorithms versus more sophisticated cognitive computing approaches such as deep machine learning. But, that will soon change. As it does, both the range of processes that can be automated as well as the sophistication of those automations will dramatically increase.
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RapidRPA announced the launch of its suite of smart Robotic Process Automation (RPA) products and services, centered around its marquee unified management platform that optimizes RPA implementations and standardizes third-party software robot solutions. The New York City-based start-up leverages Artificial Intelligence, Big Data and Lean Six Sigma best practices to dramatically enhance business outcomes and employee performance across a comprehensive range of automation use cases and applications.
According to Transparency Market Research, the global robotic automation market will reach $4.98 billion by 2020, and is forecast to grow at 60.5% CAGR from 2014 to 2020.
“RPA is the single most effective and efficient enabling technology available to companies,” explains David Palmieri, Co-Founder of RapidRPA. “Our experience supporting large-scale automation projects at Fortune 100 enterprises makes it abundantly clear that RPA — done correctly — helps organizations achieve unparalleled process efficiencies and create substantial business opportunities.”
A Everest Group / NASSCOM report finds that organizations are increasingly adopting RPA automation solutions to reduce costs, increase efficiency, and improve business outcomes. The report cites many benefits of RPA, including:
- Cost reduction of 35-65% for onshore processes and 10-30% for offshore delivery
- Improved service delivery in both quality and speed
- Better ability to manage governance, security, and business continuity
- Speedy deployment (generally 2 to 12 months) and time-to-value (12 to 24 months)
The Rapid Evolution of RPA
RapidRPA’s RapidView is the company’s core control and unified management platform; it has been developed to manage software robot deployments as well as to monitor, analyze and optimize RPA implementations. A vendor-agnostic solution, RapidView supports RapidRPA’s RapidBots as well as other third-party software robots, offering a centralized and holistic RPA control system. Most importantly, it has been architected to enable deep machine learning in order to drive RPA to the next level.
“What makes RapidRPA so compelling is that its bringing a “Silicon Valley” mentality to developing brilliant and disruptive technology solutions for process automation,” explains Don Mathis, a lead investor, advisor and director of RapidRPA. “This is a multi-billion dollar market, and unlocking its full value depends on crossing the chasm between basic rules-based RPA to algorithms that leverage deep machine learning and can make sense of vast flows of both structured and unstructured data. RapidRPA understands this at a DNA-level and continues to develop solutions — like the RapidView unified management platform — that are unique, differentiated and put the company into a category all its own.”
Added Palmieri, “While there are a number of different vendors in the market, there are no common standards, adding complexity to managing and controlling disparate RPA deployments. Our RapidView is uniquely positioned to unify different software robots and offer a central platform to optimize the processes enabled by RPA, while providing the mechanism for ingesting learning data and developing the next generation of smart automation.”
RapidStart offers diagnostic and course-of-action planning for RPA projects. The consulting service leverages Lean Six Sigma to streamline and improve existing processes before connecting to robots, determine proof of concept, pilots and roll-outs for RPA implementations.
RapidImprove is essentially a deeper and more comprehensive implementation of the company’s RapidStart service which includes implementing change management and training to ensure process changes and robot deployments are successfully adopted.
In development, RapidBots are RapidRPA’s organic smart automation solution purpose-built to work seamlessly with the RapidView platform and integrate with any vendor’s third-party software robots, enabling advanced capabilities and performance. Highly customized for specific applications, RapidBots integrate cognitive computing and machine learning to improve data accuracy, exception handling and deliver advanced analytics.
In addition to traditional back-office applications such as human resources, finance and accounting, customer care, and shared service centers, RapidRPA sees a broad range of use cases for RPA. The company envisions RPA centers of excellence becoming commonplace, particularly in organizations with mature shared service capabilities. As RPA matures, RapidRPA believes it will expand well beyond the back- and front-offices to deliver transformational client experiences.
“We believe automation technology combined with big data, cognitive computing and neural networks will create new opportunities for knowledge workers to focus on more important, customer-facing projects,” added Palmieri.
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We are often asked if robotic process automation, and specifically artificial intelligence (AI), can solve a specific business problem and the answer is typically, “Yes!” But where is AI headed? How can machine learning, natural language technology and structured analytics change and improve business operations?
Let’s take a closer look where these technologies are now and how they can be applied in the near future.