RPA– One of the most talked about technology

RPA – One of the most talked about technology

Whilst RPA stands for Robotic Process Automation, a myth to be cleared here is that it DOES NOT involve physical robots. With RPA, we can create software programmes, known as “bots”, that can study, mirror, and then execute rules-based business processes. Robotic Process Automation software bots can interact with any application or system the same way as humans do—the key difference being that RPA bots can operate around the clock, nonstop, much faster and with 100% reliability and precision.

RPA is most useful for automating some of the most mundane and monotonous computer-based tasks performed by humans in the workplace. For example, bots can adapt to any interface and are able to copy-paste, capture web data, calculate, open and move files, log into programs, extract unstructured data and more. Key outcomes that one would benefit from RPA include:

Gartner says worldwide RPA software spending is expected to reach $2.9 Billion in 2022 and

$11 billion by 2027. The global RPA market size was valued at $1.40 billion in 2019-by Grand View Research. And as per Computer Economics 2021, 20% of all organizations have adopted RPA in 2021. That is up from the 13% adoption rate in 2020 which in turn is up from 12% in 2019.

Another myth that organizations fall for is that RPA is like a plug-n-play tool that can be installed by clicking on 5 “Next” and 1 “Finish” button; and at the end of which the goals are automatically achieved with their productivity rise by 50% and costs drop by 30%. Unfortunately, that isn’t the case. Some of-the-shelf solutions may be comparatively quicker to deploy but you get what you get, not what you want. Some customized solutions are too expensive. In a market with several baffling options, organizations need to seek the right guidance to select a solution and vendor where one gets value for their money. This is to ensure organizations benefit from a smooth deployment resulting in improved productivity, faster accuracy and reduced cost.