Robotic process automation (RPA) is currently receiving a lot of attention and rightly so. Organizations are driving considerable value by streamlining enterprise processes and reducing cost.
Forrester predicts that the RPA industry will be worth around US$2.9 billion by 2021. The research firm also estimates that by 2021, more than 4 million robots will come into existence and will perform administrative and office work as well as sales and related jobs.
Presently, the RPA market is dominated by North America and the Asia-Pacific region is adopting the technology rapidly in areas such as healthcare, BFSI, IT, retail, and telecommunications.
John Cryan, CEO of Deutsche Bank summed up the signal changes brought about by technologies like RPA with his statement, “In our bank we have people doing work like robots. Tomorrow we will have robots behaving like people. It doesn’t matter if we as a bank will participate in these changes or not, it is going to happen.”
What is robotic process automation (RPA)?
Robotic process automation (RPA) refers to the use of software driven by artificial intelligence (AI) and machine learning (ML) to automate high-volume, repetitive tasks of a business process.Just like humans, RPA robots utilize the user interface to manipulate applications and capture data. They communicate with other systems and interpret messages and send responses to perform a wide variety of tasks.
However, RPA robots cost much less than an employee, never take sick days, never sleep, and make absolutely no errors. Thus, RPA offers a competitive edge to businesses that adopt it.
How is RPA different from traditional automation?
In principle, both RPA and traditional automation integrate software to automate business processes. However, traditional automation typically achieves this on the backend. Specifically, RPA and traditional automation differ in the following ways:
Why should organizations consider RPA implementation?
RPA is the most cost-effective and efficient way to automate modern office tasks. Today, employees use a greater number of tools than they did in the past. It is simply not feasible any longer to automate all these tools and interactions using macros.
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