During the past couple of years, the adoption of Robotic Process Automation (RPA) has surged. Even during the pandemic, amidst the distress of economic instability, organisations embraced automation to allow business continuity and automate their mundane tasks.
As per a recent Gartner report, “the Global Robotic Process Automation (RPA) software revenue is projected to reach $1.89 billion in 2021, an increase of 19.5% from 2020”. Also, the same study shows that RPA’s revenue will continue to rise manifold in 2024.
It is quite evident from the above reports that RPA will be one of the biggest technology trends for 2021. RPA combined with Hyperautomation will change the way businesses work. With this thought, there are few trends that businesses will adopt with automation in 2021 and beyond. Let’s discuss them below.
1. Rise of Intelligent Automation
In 2021, RPA will have the spotlight, together with Artificial Intelligence and Machine Learning. As deployed, this pattern would push strategic marketing activity to the next level and have an important effect than RPA alone on business competitiveness and performance. With the aid of cognitive automation tasks such as supervision of internal communication, customer queries, customized financial advice, deals, promotions will get simpler. Companies will recognize the benefits of bringing together RPA and AI to improve business performance.
2. Focus on Employee experience
Organizations are well aware of the stress that workers have experienced during the pandemic. This year, the RPA will allow organisations to improve the overall experience of employees. A significant focus will be placed on improving the productivity and efficiency of employees by liberating them from mundane tasks. They will also be encouraged by automation to explore and add new abilities to their kitty, and successfully contribute towards the growth of an organisation.
3. Extension of RPA beyond Finance and Accounting
Since the Finance, Banking sector and Insurance involve a large volume of repetitive tasks, these sectors were the early implementors of RPA. But considering the rising popularity and value add, others sectors are slowly adopting this technology in different departments such as HR and customer experience. In 2021, many businesses will adopt RPA and other digital transformation technologies to improve efficiency.
4. Goodbye paperwork
RPA deployment will help companies save millions of man-hours by the end of 2021. In the coming years, it will eventually free workers from tedious jobs and time-consuming assignments. Any rules-based activities might not require human involvement by 2025, while paperwork will be a thing of yesteryears.
5. An amalgamation of automated and digital efforts
While the monotonous task will be taken over by Robotics, certain tasks will require human intelligence. Although the implementation of RPA to completely automate business operations was a priority until last year, businesses will open their doors for a more hybrid strategy in 2021. Humans and robots will operate in sync to accomplish the assigned tasks. In the next few years, RPA will be applied to improve automation in many cutting-edge technologies, such as Blockchain, Advanced-Data Processing, Optical Character Recognition (OCR), etc.
These are the top 5 trends in Robotic process automation that organisations need to embrace this year. How will the Robotic process automation affect your business continuity? Do let us know in the comments.