obotic Process Automation (RPA) is the use of computer software to perform basic, repetitive tasks such as re-entering data, copying, or pasting. Its popularity is growing fast because it’s a non-invasive integration solution to improving operational efficiency. The benefits the RPA market promises to deliver include:
- Decreased costs
- Reduced errors
- Greater efficiencies
- Free up workers from repetitive tasks
According to the 2021 State of RPA Survey Report conducted by Dynamic Communities, the top represented industries are manufacturing (35%), technology (31%), and healthcare (10%).
The RPA market is expected to grow significantly in the next coming years. In 2020, the market size was worth $2.29 billion and is expected to reach $8.85 billion by 2024, a 40% compound annual growth rate (CAGR). That’s because many of the CFOs investing in RPA technologies to streamline processes are seeing an ROI in under a year.
Now, let’s go over some of the ways RPA technology helps businesses:
Improves Data Security
Robotic Process Automation is capable of acting as an invisible shield against viruses and unwanted attacks. Even if an employee were to open an unfamiliar link, bots could restrict the spread of the virus once an antivirus system detects it. Using RPA, companies can implement automation to their cybersecurity workflow.
RPA also eliminates unauthorized access to private information using software bots that only allow specific individuals with the right credentials to access the corporate system. And with an extra layer of encryption, RPA can prevent outside attacks.
By combining data encryption with constant monitoring, businesses can protect sensitive data to reduce the number of potential cyberattacks.
Integration With Almost Any Software!
Recently, RPA technology has started to play a more strategic role in integrating different software, especially companies using old technology such as legacy systems. These systems can be 30 to 40 years old, which makes transferring data even more difficult. There are ways to automate data integration with iPaaS, ESB, or API Gateway, but these aren’t cost-effective solutions.
In one use case, Intelligent Pathways was tasked with implementing a modern Human Capital Management (HCM) system with a 20-year-old Payroll system that had no API integration. After trialing two integration approaches — custom-built API and an RPA tool — they found that the RPA technology solution was twice as fast to implement.
Improve Business Workflows
Automation, automation, automation. That’s how businesses improve workflows. By automating dull, mundane, and repetitive tasks, employees can spend less time entering data and more time using data. Automating also eliminates human data entry errors that can affect compliance, processing times, and customer satisfaction.
“The type of work that RPA can automate is almost endless,” said Omid Aslani, director of product management for Kofax. “Examples include processing loan application data, automatic background checks, or extracting shipment details from incoming emails.”
For example, processing mortgage applications and opening accounts can be automated in the banking industry; health and injury claims can be automated in the insurance industry; supply chain and logistics operations in the transport industry can be streamlined with RPA.
“The list of possibilities is nearly endless and beneficial to any business that deals with laborious or tedious manual processes,” said Omid Aslani.
Code-Free or Low-Code RPA Tools
Many RPA tools are now code-free or low-code, which means employees with little technical experience can interact with, or even create, bots. This is in contrast to traditional RPA solutions that require companies to rely on third parties to code for RPA, which is a time-consuming programming process and debugging phase.
With code-free or low-code RPA tools, the programming process becomes much shorter because it enables in-house personnel to take on integration responsibilities. This, in turn, simplifies maintenance as well. Companies can now use a simple UX to create automations, simplifying RPA programming.
New Digital Transformation Strategies
In 2022, early adopters of RPA will be looking to get more out of this technology. We will see a shift to intelligent automation, where RPA technology works with AI to create a competitive advantage. However, organizations should start creating a roadmap if they want to use RPA and AI together to increase productivity and improve efficiencies with enhanced accuracy. When employees are freed up to problem solve and think creatively, businesses are better off — and that’s exactly what intelligent automations set out to achieve.
Additionally, with the adoption of more low-code and code-free RPA solutions, businesses can optimize their processes even with a staff that has less tech experience. That means companies don’t need to invest in large IT departments to design unique automation processes that make sense for their business.
The future is all about becoming fully automated so that employees can be as productive and efficient as possible, and businesses can gain insights into how to operate better, faster, smarter, and at a lower cost.
According to a recent study from Xerox, 80% of the small to medium enterprises (SME) surveyed said automating processes is key to their survival. “Robotic process automation is not going away. In fact, the demand for automation is now moving downstream from larger enterprises to the small and medium enterprise market,” said Shay Antebi in Forbes.
Get Ahead with RPA Technology
Automation is inevitable, and the companies that adopt RPA technologies will have a leg up on their competition. Imagine what employees can achieve when they are free of all the mundane tasks they have to perform daily.At CloudScale, we empower teams to automate, innovate, and create business solutions faster. We expertly guide your organization’s automation journey, and create a low-code foundation that enables rapid innovation now and in the future.