Next generation technologies are powering automation across industries, increasing accuracy and efficiency
Global spending on robotic process automation (RPA) software is on the rise, according to Gartner, Inc., whose latest research estimated 2018 totals at $680 million, an increase of 57 percent over the prior year. The company, which addressed this trend at the Gartner Symposium/ITxpo 2018 November 13-16 in Goa, India, also said RPA software spending is on pace to more than triple to $2.4 billion by 2022.
RPA tools use interface interaction describer technologies to imitate what human workers would do to complete a task. This powerful software records the human completing the task and then executes the process on demand or on a scheduled basis, greatly shrinking the margin of error and increasing data quality while improving efficiency and allowing human workers to focus on problem solving and decision making.
According to Gartner Vice President Cathy Tornbohn, end-user organizations are adopting RPA technology as a“quick and easy fix” to automate manual tasks like cutting, pasting and changing data manually.
RPA can help organizations increase efficiency and performance in key areas like:
- Data entry including document scanning and optical character recognition
- Customer onboarding
- Employee onboarding and human resources
- Accounts payable and receivable
- Competitive research
- Server and network monitoring
The biggest adopters of RPA technology include banks, insurance companies, utilities and telecommunications companies. “Typically, these organizations struggle to knit together the different elements of their accounting and HR systems, and are turning to RPA solutions to automate an existing manual task or process, or automate the functionality of legacy systems,” she said.
According to Gartner estimates, 60 percent of organizations with revenues of more than $1 billion deployed RPA tools by the end of 2018, a number expected to climb to 85 percent by the end of 2022. Driving this growth will be a drop in average RPA pricing of 10 to 15 percent by the end of this year, as well as the realization of better business results, including reduced costs, increased accuracy and improved compliance.
“In the near-term future, we expect to see an expanding set of RPA vendors as well as a growing interest from software vendors, which include software testing vendors and business process management vendors that are looking to gain revenue from this set of functionality,” Tornbohn said.
RPA is not a one-size-fits-all technology – it works best for companies that need structured data to automate existing tasks or processes, add automated functionality to legacy systems, and link to external systems that can’t be connected through other IT options.
Korcomptenz is on the cutting edge of robotic process automation, offering cost-effective solutions for mid-market companies that can substantially benefit from freeing up resources for more critical thinking and problem solving tasks.
We work with a variety of RPA software providers based on our customer’s needs an budget including Pega Systems, Automation Anywhere, and UiPath. We can help you evaluate whether it’s the right fit for you to help cut costs, link legacy applications and achieve a high ROI. Schedule your complimentary consultation today.