Robotic process automation is a rapidly growing market with many vendors. Gartner estimates that over the course of the next five-year period, the market is expected to grow by 30% per year.
The technology is complex to implement, but the benefits are worth it. It can increase efficiency, speed and accuracy in a variety of processes. The technology allows companies to increase productivity, reduce costs, and save time on repetitive manual work.
To ensure success, it's important to have a solid foundation of understanding about the various automation tools available and the specific use cases that will benefit your organization. It is here that the right partner can assist you in navigating the complex maze RPA offers and finding a solution to fit your unique business requirements.
Robotic Process Automation is a type software that uses scripts - commonly known as 'bots' - to automate process in various industries. This includes everything from back-office operations to sales, marketing, and customer service functions.
In the financial sector, this software reduces the time and costs associated with journal entry and account reconciliation processes by eliminating human error. Financial analysts will also be able to concentrate on new initiatives as they are able spend more time doing high-value, accurate work.
It is a rapidly growing field, with 80% finance leaders planning or implementing the technology. It's a challenging area to adopt. But it's worth it because it will increase efficiency, improve speed, accuracy, as well as ensure compliance with regulations.
As the RPA market matures and providers integrate AI into their platforms, this trend will continue. The move is in response to an increasing trend toward "hyperautomation", where companies are seeking to automate every aspect of their operation by using artificial Intelligence, Machine Learning, Computer Vision and other emerging technologies.
According to the research firm, by 2024 organisations will adopt three of the twenty process-agnostic kinds of software which enable hyperautomation. This type of automation is expected to be much larger than RPA.
Some RPA solution providers, including UiPath Automation Anywhere, made significant investments into cognitive and artificial intelligence to complement their RPA suites. According to the report, this has helped them build a reputation for innovation and an extensive customer base.
UiPath’s technology for machine learning, which uses the ability to imitate human brainwaves as a basis, is a powerful and versatile tool. It can be used in order to detect patterns or trigger automated actions. In addition, it has been able to develop an extensive customer ecosystem, with over 10,000 organizations using it across every vertical.
Its recent acquisition of Fortress IQ, which provides process discovery and workflow automation, is an indication that it has the right mindset for a growing market. Its cloud focus and extensive suite of deployment options also give it a distinct advantage in the market, as does its marketing and technical expertise.