The robotics process automation (RPA market) is one of the fastest growing markets in the world. There are many vendors available 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.
The technology is complex to implement, but the benefits are worth it. It can increase efficiency, speed and accuracy in a variety of processes. The technology allows companies to increase productivity, reduce costs, and save time on repetitive manual work.
To achieve success, it is important to develop a solid understanding of the automation tools that are available and how they can 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 is a type software that uses scripts - commonly known as 'bots' - to automate process in various industries. It includes everything from sales, marketing and customer service to back-office functions.
This software can be used in the finance industry to eliminate human errors and reduce costs. Financial analysts are able to spend their time more efficiently on tasks that are high-value and require accuracy.
It is a rapidly growing field, with 80% finance leaders planning or implementing the technology. This is a difficult area to adopt but worth it as it increases efficiency, improves speed and accuracy, and ensures compliance with regulatory requirements.
As the RPA marketplace matures more and more companies are integrating AI in their platforms. This is in response the trend towards 'hyperautomation,' where organisations are looking to automate a variety of corners of their operations using artificial intelligence, machine-learning, computer vision, and other emerging technology.
By 2024, the research firm expects organisations to adopt at least 3 of the 20 types of process-agnostic software that enable hyperautomation. The market will be much bigger for this type of automation than RPA.
Some RPA software providers have made significant investments to add cognitive and AI capabilities. These include UiPath. According to the report, this has helped them build a reputation for innovation and an extensive customer base.
UiPath’s Machine Learning Technology, which mimics human brainwaves to identify patterns and trigger action in the form of “bots,” is one such powerful tool. It has also been able develop a large customer ecosystem with more than 10,000 organizations across all verticals using it.
The company's recent acquisition, Fortress IQ (which provides process discovery as well as workflow automation), is a sign that it has a growth-oriented mindset. The company's cloud-based deployment options are a major advantage, along with marketing and technical expertise.