What is Robotic Process Automation (RPA)?

Robotic Process Automation (RPA) software enables you to create your own software robots (also called “virtual workers”) to automate any business process. Your virtual workers are configurable software set up to perform the tasks you assign and control. 

Robotic Process Automation (RPA) can help businesses improve the efficiency of processes and the effectiveness of services.

Think of RPA as your Digital Workforce. Show your virtual workers what to do, then let them do the work. 

As explains on their website, RPA mimics human behaviour. It works in the same way as a person would, only much faster and more accurately.

The robot sits on top of your IT systems and software so that you can automate your process quickly and cost-effectively without changing or re-developing the underlying IT infrastructure.

In principle, there is no need to change underlying business systems or applications, or any part of existing business processes in order to automate. However, when embarking on your RPA journey, it makes sense to ensure process optimisation is taken into account in order to maximise efficiencies and further cost reductions.

What are the benefits of RPA?

According to the ROI of RPA is derived from multiple areas of impact. Immediate quantifiable benefits include dramatic error reduction and compliance and audit savings, but RPA unlocks even greater return on investment facilitating digital transformation, enabling incremental revenue opportunities, allowing humans to focus on the more meaningful, high-value parts of their job that will also provide them with more and better job satisfaction.

Virtual workers are not restricted to a particular business function or industry. Most methodical, standardized, repetitive processes that follow consistent flows and rules are potentially a good candidate for automation through RPA and IA.

A virtual worker is available 24/7, 365 days per year. Easily deployable, does not get sick, nor requires a comfort break!

Fully auditable and secure, these virtual workers are wholly managed by the business, whilst governed by IT.

Rigorous process discovery and triage are required to build a pipeline of processes appropriate for automation through RPA.

one of the leading vendors in the RPA market, talks about “long tail” processes that fall outside the domain of Enterprise IT, but which collectively account for a significant cost to the business.

Regardless of industry vertical, organisations are confronted by highly manual and repetitive processes in their back office. Many of these back office processes will make excellent candidates for an initial RPA project, before embarking upon the automation of more complex and business critical operational processes.

See   Long Tail of Processes illustration below:

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While RPA interest has been on the priority list of C-Level Executives, actual adoption is now catching up. That’s reflected in forecasted spending on RPA software, which is en route to becoming a billion-dollar category in 2020.

Globally RPA software revenue grew 63.1% in 2018 to $846 million, making it the fastest-growing segment of the global enterprise software market, according to Gartner, Inc.

Gartner projected spending on RPA software to hit $1.3 billion in 2019.

Forrester, meanwhile, has predicted the RPA software market to total $2.9 billion in 2021.

The illustrations below show the most important  RPA vendors as ranked by Forrester and Gartner:

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Source: Forrester Research, Forrester Wave for Robotic Process Automation, October 2019

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