The recent challenges in the field of technology pushed organizations to adopt RPA (Robotic Process Automation), ensuring smoother workflow. With the RPA, modern businesses are trying to meet the ever-changing needs and demands of the customers. As per analysts, within the next 12 months, robotic process automation growth will surpass the expectations.
Gartner predicts that the RPA market will boost reaching the height of USD 2.4 billion by 2022. As compared to 2017, the RPA market progressed 57% in 2018, hitting a milestone of USD 680 million. Allied Market Research claims that the robotic process automation market will reach USD 19.53 billion by 2027.
Financial and software organizations have been the early adopters of robotic process automation. However, more industries are continuing the implementation of RPA. In a couple of years, RPA expects to appeal to enterprise customers, promising incredible opportunities.
The CIO of Cisco, favors automated processes. During an interview, she claimed, “We’re on a mission to relentlessly automate everything that's manual”. This resonates with the determination of the industry towards the adoption of RPA and progressing towards betterment.
Here are the top 6 RPA trends to watch in 2021, that can transform your business.
1.Process intelligence and cognitive automation- the new phenomena
Robotic Process Automation expects to incorporate process intelligence along with cognitive automation. The last few years present that RPA has limitations that cannot be overlooked. For instance, the lack of ability to scale and the concern with orchestration can’t be ignored.
Forrester analyst, Craig LeClair stated that the biggest concern of RPA that preoccupies businesses is its limitation of scalability. Fewer than 2% of businesses scale more than 500 bots while the majority stuck with 10 bots or less.
Managing and orchestrating bots is another problem with RPA. Functional and performance portfolio director at Micro Focus, gave his view in this regard. He said the problem with RPA is that by creating new process flows and automated infrastructure, the bots can become time-consuming leading to complexities. After the creation of a monstrous RPA, you might have to deal with negative consequences.
Due to these concerns, the vendors have already started searching for the concept of cognitive automation. This can leverage machine learning and enhance artificial intelligence to make appropriate decisions.
Director of automation practice at global IT consultancy, Geoffrey Hodgson revealed that almost every process can be automated. The question though is how to achieve maximum scalability and ensure automated processes reaching potential ROI. It mines a business process and bundles with AI to provide a data-driven image of the operations. Through process intelligence, businesses can evaluate the issues while tapping the automation opportunity.
As more organizations are progressing to adopt RPA, they are more likely to become ambitious. It’s expected that they will go for cognitive technology as it mimics the functions of humans. More than 28% of businesses are implementing as well as scaling RPA along with cognitive automation. Only 6% are not adopting RPA and progressing only with cognitive automation.
2. Robotic Process Automation can’t fully replace jobs
Since the Industrial Age, humans have always been concerned about whether robots can seize their jobs. However, experts suggest that people must view RPA as a unique opportunity to share the workload. Humans can get rid of petty tasks by automating the process. Some jobs are better with robots, after all.
The digitization in the field of finance has transformed the possibility of altering roles, which remained unchanged for decades. RPA proved not to be a threat to the financial sector and its employees. Instead, it assisted in ensuring new opportunities that led to more paying jobs. Robots took over demeaning corporate tasks and provided help to the employees in concentrating on major works with creativity.
However, not everyone believes in this philosophy. As per them, the working environment is not safe with such high-powered intellectual abilities around them. Recently, the New York Times cited statistics provided by McKinsey; a leading consultancy firm. As per the statistics, the robots will raise job displacements where 37 million US workers will face dislocation by the end of 2030. These statistics were before the pandemic, however, after Covid-19 the prediction increased to 45 million.
Deloitte’s 2020 Global Human Capital Trends survey reveals that many businesses believe AI to be an automation tool. They consider it as an alternative for manual labor, a way to augment human productivity. However, the 2021 Global Human Capital Trends survey found upper management believes completely different. As per them, technology and human relation is a partnership and not an either-or choice.
With the automation of the applications, there will be some changes that can’t be overlooked. For instance, someone’s role in a company is to complete X tasks, they may end up losing the role. However, their complete role couldn’t be replaced by automation.
How can humans and bots get along?
The belief is that the objective of automation is to make humans efficient and not to replace them with robots. Experts are hopeful that those who lose jobs due to automation are able to find better work.
Geoffrey Hodgson has faith that the human touch can never be replaced with robots and automation. When it comes to client and customer relationship management, robots can’t take over 100% of the process. Human interaction is far more valuable as compared to robotic conversation.
Humans and bots can get along by working side by side, increasing the efficiency and effectiveness of the work process. A fully automated process may be cheap as compared to hiring the human force. However, the combination of both can cut down the cost and improve the overall efficacy of the workflow, without any compromises.
3. Upsurge of low-code no-code development
The low-code no-code technology is now becoming an incredible phenomenon and leading trend. This latest tech is pushing modern businesses to explore the opportunities associated with automation. They are researching the concept of RPA and asking their workers to enhance their knowledge in the field.
Experts are recommending that businesses must become part of citizen development as well. It’s a unique business process that emboldens non-IT trained staff to become software engineers. Of course, these employees cannot overhaul the importance of trained engineers. However, with little knowledge, any business can survive easily.
If you are planning to implement citizen development in your organization, make sure you have access to the necessary governance. Through this way, you are allowing your workers to automate the process. However, a certain level of automation can be takes implementation in complex work as well. If you enable automation for multifaceted problems, then consistent decisions and better opportunities come alive.
For instance, the complex job of an underwriter can be automated. This can personify the corporate risks and help during the process. To view it simply, the petty tasks are being automated, helping people in becoming better at their work.
The founder and CEO of WallStreetZen, Nate Tsang stated that robotic process automation can be best utilized as an incredible tool. It's the perfect partner for citizen developers in no-code or low-code environments. The goal of RPA in this stance is to bridge the gap between the citizen developers and the complexity of the work.
Today, organizations are no longer looking for easy-to-automate tasks like data transformation. Instead, there are many other options for data transformation apart from RPA. The trend of no-code low-code development for citizen developers is a trend that should be kept in view for all businesses.
4. RPA expected to be commoditized
As per leading experts of the industry, those enterprises who haven’t experimented with RPA are at risk of falling behind the competition. The race of being the highest brand is increasing day by day and any business ignoring it will be left behind the curve.
However, if you haven’t experimented with the ingenious robotic process automation yet, there is still time. It's easier to adopt or would be less expensive at this moment. The way RPA is becoming popular, the more delay will lead to more destruction.
Businesses are obtaining software licenses via RPA vendors, however, for smaller businesses it could be pretty expensive. Experts believe that by the end of 2021, business giants such as Amazon Web Services, Microsoft, and Google may begin offering RPA services at less expensive rates.
Hodgson stated in an interview that RPA services are becoming essential for every industry to survive in such dense competition. Either you own a small business or a medium enterprise, it's advisable to start exploring the opportunities of automation technology. It's crucial to understand that by automating the tasks, the size of the company wouldn’t change.
5. RPA as a tool for risk management and security
Robotic Process Automation is know as a tool that enhances productivity and efficiency in work. When you are reducing or eliminating monotonous manual tasks, you are automatically becoming efficient. Experts have faith that RPA when combined with other automation tools can become a prominent part of information security stratagems. These can help in minimizing most general risks such as human error.
One of the CTOs at Automation Anywhere, expects RPA to become a champion for managing risks and security breaches. As per him the world is already fast progressing towards a technological revolution. In such a case, the protection of sensitive private data becomes a complex situation, exposed to human errors.
Crucial information is always traveling within the organization, across departments, partners, teams, vendors, cloud servers, and customers. With a simple human approach, protection of data privacy isn’t possible. Mishandling this valuable data can lead to costly mistakes.
The prime focus of automation is dealing with the concerns of security. RPA is already becoming a sensational phenomenon. If you are automating certain processes in your business, you’re reducing potential errors committed due to human error.
Experts believe that the RPA bots can help in mitigating human error as they are capable of handling data-intensive tasks with efficiency without any risk of inaccuracies. They can save valuable time for businesses, manage security threats, and allow humans to focus more on higher-value work instead of petty tasks. RPA is already a trend of 2021 that seems to change the technology industry for good. The expectation is that more organizations will adopt RPA to ensure work accuracy and reduce any chance of accidental data breaches.
6. Enhancing the world with SPA
The primary focus of every successful business is profitability, efficiency, and innovation. To achieve it, every company tries to beat other brands and secure a top position via adopting enhanced technologies. Adopting SPA (Smart Process Automation) is a part of it.
SPA is the logical evolution of RPA technology, utilizing the beneficial algorithms of artificial intelligence and machine learning. It integrates the wonders of robotics, adds exceptional cognitive automation, and combines both using workforce management and sophisticated process capabilities.
The prior generation of robotics i.e., RPA is equipped for automating the structured data flawlessly with a pre-categorized set of rules. On the other hand, by incorporating Machine Learning the SPA bots start working as an alternative. It eliminates RPA’s “If-Then” statements and rules.
SPA doesn’t move structured data from one application to another one, instead, it breaks down the convoluted processes into isolated tasks. Smart Process Automation classifies the tasks that can be instantly automate via rule-based robotics. It can also integrate, qualify, and manage the tasks that need judgment. SPA automatically detects and selects the best performing algorithm from a variety of machine learning algorithms.
Smart Process Automation permits Robotic Process Automation bots to profit from the capabilities of the automation circle that includes big data, artificial intelligence, information, machine learning, etc.
2021 a maturation year for Robotic Process Automation
The trends of 2021 are clearly an indicator of an evolutionary time for RPA. The phase is progressing towards a much mature period with broader automation implementation across multiple enterprises. Your organization needs to understand and evaluate the pros of the technology and keep the automation process spinning for good.
Scrutinize how the manual process is affecting your organizational efficiency? And how the adoption of the RPA can help your business boost its performance permanently. RPA is the ultimate key of progression for small or medium-sized businesses as well as for enterprises. Adopt Robotic Process Automation Services today to enhance your business process and increase workflow efficiency. Tkxel can help you automate your business processes and stay ahead of the curve. Let’s get in touch today!