Posted on June 21, 2019
AI and Robotic Process Automation
Robotic Process Automation (RPA) has been called a “low barrier of entry” into the world of AI, as companies can use RPA to automate a wide range of processes – from simple to highly complex. Here are seven trends to keep in mind on the state of the market and where it’s headed in the coming years:
1. The RPA market will continue to grow dramatically – tripling in size in 2019 to $1.7 billion in revenues, according to Forrester – as organizations continue to automate business processes. This will include employees evolving to become a seamless part of an intelligent digital workforce alongside robots. And the automation will actually create more jobs, including bot masters and operations experts, managing performance.
2. The banking, financial services, and insurance industries will lead RPA adoption, bolstered by the adoption of a new accounting guideline, ASC 606. Other industries that will be high-growth this year include healthcare, telecom, and IT.
3. “Attended” RPA bots are typically used for front-office operations when the end-to-end process can’t be automated. (Unattended RPA refers to RPA processes that don’t require human input). Attended RPA has a higher adoption maturity and larger installed base, currently representing 57% of RPA. The remaining 43% of non-attended RPA includes 10% cloud-based, a number Gartner expects to rise to 20% by 2022.
4. RPA, which was conceived to automate repetitive tasks like text mining of insurance and medical claim forms, invoices, purchase orders, and emails, has become more sophisticated as it has matured. So products are getting smarter and – with human training – more able to make complex decisions. This is a key reason why unattended RPA systems are growing so rapidly, such as intelligent automation at the service desk. By the end of 2019, Forrester projects automation will eliminate 20% of all service desk interactions, resulting from a combination of cognitive systems, RPA, and various chatbot technologies.
5. After dramatic increases in subscription-based pricing, RPA pricing is expected to come down because of increased cloud-based offerings, increased competitive pressure due to new entrants, and increased numbers of systems integrators. It’s also important to note that as RPA supports more digital workers, the ROI increases and the average price-per-seat will decrease.
6. Security will become a bigger issue in RPA deployments because of the fear that software bots might attack IT systems and applications. Companies that incorporate digital rights management (DRM) will have a distinct identity – just like a person – ensuring they can distinguish between the bot and an intruder.
7. According to a new report from KPMG, 32% of industry leaders expect to increase RPA investment by 20% by 2025, with almost two thirds surveyed planning to fully implement RPA within three years. This will help free up human workers to concentrate on activities that require human cognition.
At Korcomptenz, we can help you navigate RPA and figure out the best way to use it at your company – whether it be for rote tasks like cutting and pasting customer data from a CRM system into a back-office ERP system, or something as complex as using an unattended software bot capable of making intelligent decisions.
Korcomptenz partners with Automation Anywhere, the world’s leading integrated RPA and cognitive platform to deliver programs that generate real ROI for your business. As RPA becomes an increasingly important part of doing business and automating processes, let us help you adopt this technology according to the unique and specific needs of your company in the months and years to come.
Contact us today for a free demonstration and proof of concept.