Robotic Process Automation (RPA) is a software-based technology that uses software robots to mirror human execution of a business process. This allows IT firms to capture and interpret existing IT data applications to enable transaction processing, data manipulation, trigger responses, and communication with other systems to perform a variety of tasks across multiple IT platforms. It helps enterprises to improve the efficiency and effectiveness of their operations faster and at a lower cost than other automation approaches. Generally, RPA is used to automate repetitive tasks, prone to error, follow routine procedures, require human-oriented integrations, involve digital data, and are time-critical and seasonal; in a streamlined, structured, and autonomous way.
RPA is categorized in different forms, based on the forms of bots:
• Attended RPA: Under it, frontend bots work with humans by assisting in repetitive tasks when triggered by the user in the form of a command. This command can be given via an embedded system on an employee’s device, auto sensors, or RPA client tool. Everyday use cases of attended automation are data gathering from several databases and departments while dealing with a customer inquiry or assisting in manual data entry by retrieving and copying and pasting information.
• Unattended RPA: In this bots, do not need to be triggered manually by humans. They are commonly in a constant state of readiness unless obliged to operate. They are ideal for reducing work like completing data processing tasks in the background like automating back-end office tasks and streamlining workflows within an organization. These are launched at particular intervals by bots or data inputs.
• Hybrid RPA: It is a combination of both attended and unattended RPA bots, working in tandem together.
The Automation market is rapidly expanding. Besides, RPA helps enterprises, achieve and maintain a competitive advantage in their industry. Multinational companies like, IBM, Microsoft, and SAP, are joining forces with or acquiring RPA software suppliers, which suggested that they are magnifying the awareness and footing of this software in their sizable client bases. RPA is leveraged to scale business models as per requirements. This allows us to expedite the process with the capability to function 24/7. It also relieves employees from mundane tasks and allocates them at more useful positions. It reduces cycle times and improves throughput while ensuring detailed data capture. Further, it enhances customer satisfaction and interaction levels. Other benefits include decreased costs, limit the occurrence of errors, improved operational efficiency, better security, improved scalability, advanced governance, all while providing improved analytics for workflow management.
Also, it impacts c-level decision making since CXOs can be held accountable for the business outcomes and the risks of deploying RPA tools. Hence, C-level executives need to be responsible for ensuring that business outcomes are achieved, and new governance policies are met. Some of the best RPA tools are UiPath, Blue Prism, TagUI, Pegasystems, Workfusion, and many more. Currently, the market value of RPA is projected to reach US$1930 million by the end of 2025, with a CAGR of 21.3% between 2019 and 2025.
