- On December 22, 2019
RPA or Robotic Process Automation is a hot topic in IT as businesses start looking at ways of freeing up their employees for more high-valued work. Closely related to Artificial Intelligence (AI) and automation, RPA has grown in recent years and is predicted to grow rapidly in 2020. But what are RPA top five trends in 2020?
What is RPA?
Before we get into top trends with Robotic Process Automation, we need to understand what it is. RPA is software designed to automate certain repetitive and tedious tasks in order to free up employees for more complex work that requires human intervention. RPA can be as simple as an automated message stating that you’ve received an email from someone and thanking them to something more complex, such as data entry and customer service.
Do you need RPA?
RPA is especially good for redundant tasks and can be paired with robotic automation and AI, RPA can save businesses money and enhance productivity. Because employees no longer need to do the repetitious tasks, they can be better utilized for tasks, RPA cannot do and companies no longer have to hire extra people to perform tedious work. It’s a win-win for both employees and businesses because it enables businesses to use their employees more effectively and allows them to save money.
Tasks RPA Can Perform
RPA can perform a variety of tasks that can help free up overworked employees to work on growing the business instead of performing time-consuming, redundant tasks. Examples of work performed by RPA include:
- Reprice home loans with a mortgage company.
- Refund purchases such as airline tickets automatically.
- Obtain refill prescription orders from patients who need recurring medications.
- Handle HR work such as payroll, on-boarding, and benefits enrollment.
- Perform routine checks on servers and software to ensure everything is running smoothly.
- Handle routine accounting tasks such as Record to Report cycles and Procure to Pay.
There are numerous use cases for RPA across industries, learn more why should you consider RPA.
Insights on RPA Growth in Market
RPA has grown considerably in the past and is likely to do so in the future. In 2015, the RPA market size was $97.8 million dollars (USD). By 2018, that number had grown to $597.5 million dollars (USD). The current trend is likely to continue as experts predict the growth of RPA to be around 31.1 percent in the ten year period between 2015 and 2025.
What makes RPA so popular?
RPA frees up time that is better spent pursuing the organization’s business. Originally thought this would reduce headcount, instead businesses have used RPA to increase their bottom line by using their employees more effectively, thus creating more engaged and happier employees. RPA and AI have become partners that allow creation of bots that can perform microservices in a distributed fashion.
RPA Top Five Trends for 2020
Although the future is hazy, many experts foresee a bright future for Robotic Process Automation, as most companies use RPA to try out AI in their businesses. The projected growth along with the possibility of a recession assures that RPA has a future as businesses seek to make their companies do more without hiring more people to do tasks that are better suited for automation.
Five trends in RPA for 2020
- RPA will become a $1.3 billion dollar industry in 2020 according to Gartner. That number will more than double in 2021 as more organizations adopt RPA for various tasks such as sales, simple customer contact, and data entry.
- RPA will be adopted by institutions such as banking and finance. As banks and other financial institutions realize the advantage to using RPA bots to ensure accuracy and compliance, they will quickly adopt RPA to free up their employees for more meaningful tasks, such as meeting with customers and potential clients. Learn more about RPA use cases in banking
- RPA will save workers’ jobs should there be a global recession. Although counter-intuitive, adopting RPA for tasks that would normally cost millions of dollars in employee hours, saves a company money and allows the employees to work toward finding new business, customers, and clients.
- More customers will interact with RPA and won’t even know that they’re not dealing with a live person. AI is becoming smarter every year and RPA is no exception. Soon, interacting with RPA will be seamless and appear to be just like communicating with a live human being.
- RPA will be written in code that can be used and combined in different ways to achieve the desired result. Different RPA will be integrated to perform the desired tasks, thus making it easier than ever to get off the shelf solutions to your business needs.