RapidRPA Provides Vision and Recommendations in Robotics Tomorrow
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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