The robotic process automation (RPA) market is a growing and maturing area with many different vendors to choose from. Gartner estimates that over the course of the next five-year period, the market is expected to grow by 30% per year.
It may be a complex tool to use, but its benefits will pay off in the long run. It allows for higher productivity and reduces time and costs spent on repetitive tasks.
To ensure success, you must have a firm grasp of the different automation technologies available and the use cases that can be beneficial to your organization. This is where the right partner can help you navigate your way through the complex maze of RPA offerings and find a solution that fits your unique business needs.
Robotic process automation (RPA) is a form of software which uses scripts to automate business processes. This includes everything from back-office operations to sales, marketing, and customer service functions.
This software has a great deal of power in the finance world. It can help reduce costs and time by eliminating the human error that is involved with account reconciliation and journal entries. This software allows financial analysts to spend more time on work of high value that requires accuracy.
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 sector matures, AI integration is increasing. This is in response the trend towards 'hyperautomation,' where organisations are looking to automate a variety of corners of their operations using artificial intelligence, machine-learning, computer vision, and other emerging technology.
According to the research firm, by 2024 organisations will adopt three of the twenty process-agnostic kinds of software which enable hyperautomation. The market for this kind of automation will be far larger than that for RPA.
Some RPA solution providers, including UiPath Automation Anywhere, made significant investments into cognitive and artificial intelligence to complement their RPA suites. The report states that this helped them to gain a strong customer base and a reputation of innovation.
UiPath, for example, has developed a machine learning system based on its ability to simulate human brainwaves. This powerful technology can be used to detect patterns, and then trigger actions, in the form "bots." It has also been able develop a large customer ecosystem with more than 10,000 organizations across all verticals using it.
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, extensive deployment options and marketing and technological expertise also give it an important advantage in the industry.