The robotics automation (RPA), or robot process automation, market is maturing and growing. It has many vendors from which to choose. Gartner anticipates a market growth of 30% per annum over the next 5 years. The number of RPA customers will also increase.
It is a difficult technology to implement but well worth the effort. It will increase efficiency as well as speed and precision across many processes. It allows for higher productivity and reduces time and costs spent on repetitive tasks.
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. Here, the right partner is able to help you navigate through the maze that is RPA and find a product or service that suits your unique needs.
Robotic automation software automates processes in many industries using scripts. This includes everything, from back-office activities to sales, customer service, and marketing 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 a growing field with 80% of finance leaders implementing or planning to implement the technology. 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 sector matures, AI integration is increasing. This is a response to 'hyperautomation.' Organisations are now looking to automate various aspects of their business by using artificial intelligence.
The research firm has predicted that organisations will adopt by 2024 three out of 20 process-agnostic type of software that enables hyperautomation. The market will be much bigger for this type of automation than RPA.
Some providers, such as UiPath and Automation Anywhere, have made significant investments in artificial intelligence and cognitive capabilities to augment their RPA product 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. In addition, it has been able to develop an extensive customer ecosystem, with over 10,000 organizations using it across every vertical.
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 focus, extensive deployment options and marketing and technological expertise also give it an important advantage in the industry.