You might have heard that more than 50 percent of Fortune 500 companies are already exploring deployment of software robot in their IT landscape. The market – which is growing at a rate of 30 percent – is expected to hit $2.7 Billion in 5 years.
The promise of Robotic Process Automation (RPA) is impressive. Our digital colleagues mimic human behavior in many ways and can do some of the repetitive tasks much faster with much higher accuracy. Essentially RPA takes the ‘bots’ out of humans and give them a life of their own. This frees up human efforts to focus on higher value activities that require emotions, empathy, and creativity. As a bonus, all the transactions are traceable and are good fodder for running analytics for some insights – that otherwise may not be available.
Many companies are building in-house capabilities in this domain. Given the newness of this technology, many companies are seeking help from consulting partners who can bring deep expertise and a wealth of real-world experience. For many companies, getting these extra efficiencies means having a competitive advantage.
On the vendor side, the competition is heating up. As the awareness drives the marketplace demand as well as funding availability, players such as BluePrism, UIPath, Automation Anywhere are cranking up incrementally better products, presenting a bigger value proposition for customers. The latest crop of RPA products is capable of easily integrating with other Artificial Intelligence / Machine Learning and cognitive services. This makes smart robots smarter! Software robots are now able to process speech, images, video and big data to provide more efficiency and effectiveness.
If you are a fan of sci-fi, some of the imagery we saw is now closer to reality. Implementing RPA remains an expertise heavy project today. Maybe someday – just maybe – you will be able to drive up to a drive-thru window and place your order “Three high-capacity bots to go, with some support packs and add-ons please!” Until then, we have the tools and expertise to help guide all your digital transformation and RPA needs.