These days, enterprises have to pass through transformational changes because of intensifying competition and increasing challenges. The dynamic business scenario compels entrepreneurs to adopt automation technologies and digital transformation. Here, Robotic Process Automation (RPA) emerges as a powerful player that drives the automation of businesses. In this blog, we will discuss the rise and future of RPA with its benefits.

Globally, RPA solutions have started gaining popularity across core industry sectors. The Statista predicts that the global RPA market will exceed USD 13 billion by 2030. A range of business benefits of this revolutionary technology makes this target achievable. RPA services are useful in automating routine business tasks, streamlining operations, and optimizing operational costs. Let’s understand the scope of RPA in modern enterprises.

Scope of Robotic Process Automation in Modern Enterprises

It is no exaggeration to mention that RPA can be a game-changer in various sectors. It can enhance efficiency by handling repetitive tasks and reducing human effort. Here is the impact of RPA solutions on core industry sectors.

• BFSI

RPA can enhance the customer onboarding process and reduce turnaround time. It also automates invoice processing and facilitates banks to accomplish the account closure process with higher accuracy. RPA also streamlines KYC compliance and credit card processes.

• Healthcare

Implementation of RPA solutions can save time for healthcare service providers by handling mundane and rule-based yet repetitive tasks. Whether maintaining medical records or entry and claim processing, RPA can manage such tasks quickly and accurately.

• Manufacturing

This is one of the biggest beneficiaries of the RPA technology. It improves production by automating the BOM (Bill of Materials) process and streamlining the raw material management. RPA also simplifies inventory management and report generation through automation.

• Telecommunication

Robotic process automation can manage large data volumes and facilitate back-office processes by automating redundant activities. It can also decrease operating costs and implementation costs to increase the ROI of this business.

• Retail

RPA monitors inventory and movement of goods, automates email marketing, and fetches necessary information from various websites. It also improves overall efficiency and productivity in retail business.

• Consumer Goods

RPA technology can handle order processing, data entry, claim processing, and contribute to resolving the customer’s queries. It also takes part in FTP automation to save time and effort for teams. RPA services are also useful in the automation of repetitive production processes.

Evolving technology brings new trends for RPA that reshape the future of automation. How about digging deep into these trends?

How RPA Trends Shaping the Future of Automation

The RPA technology witnesses nuances and advancements year by year. It directly reflects in the growth of its market size. It is expected that the RPA market will surpass USD 5 billion by the end of 2024. Let’s discuss the top RPA trends and their role in taking automation to a new level.

IA (Intelligent Automation)

As AI attains maturity every day, RPA applications go on to the next level of task automation with a wider scope and robust capabilities. IA can combine with traditional RPA solutions through AI, ML (Machine Learning), and NLP (Natural Language Processing). It gives the RPA bots the capability to automate more complicated tasks and make decisions if necessary.

Cloud-based Solutions

Cloud technology can give higher scalability and flexibility to traditional RPA technology. Ease of deployment and cost-effectiveness are other benefits of cloud-based solutions. As per Gartner’s prediction, more than 20 percent of RPA initiatives will embrace cloud technology by 2024. It will give organizations more agility.

Automation CoEs

Automation Center of Excellence (CoE) is gaining popularity swiftly to take process automation and prioritization to the next level. CoEs can ensure secure, compliant, and scalable automation processes through robust governance frameworks. Moreover, customized templates can assist companies to continue automation for a long time.

LCNC and RPA

Low-code/No-code (LCNC) approach is beneficial for RPA service providers. These LCNC RPA platforms can make automation accessible to everyone even if persons have no technical or coding knowledge. As a result, RPA service providers can enable business owners to automate simple tasks themselves.

Data Management

Whether it is Intelligent Automation or Automation CoEs, data plays a crucial role in every organization. Robust data management is, therefore, essential for making RPA implementation successful. We will see an evolution in data management from the RPA’s perspective over the period.

Standardization Approach

Effective governance and standardization are essential for successful RPA implementation. These approaches offer consistency and security while enabling companies to follow compliance-related requirements. This approach will become more popular as more organizations will embrace RPA technology.

The future of modern industries will be under the influence of these RPA trends. You can learn more about the effects of these RPA trends on enterprises here.

Predictions for this futuristic concept are also as interesting as upcoming trends. Here are some of the RPA predictions for the year 2024 and beyond.

RPA Predictions for 2024 and Beyond

RPA is here to stay. Better accessibility and more automation power will remain the focus for RPA solutions in 2024 and beyond. Moreover, companies will consider ethical practices in the automation process and compliance with data safety. We expect to witness powerful platforms with IA and other technological advancements for automation.

Another interesting prediction is about gen AI and RPA with IA. Both gen AI and IA are highly complementary to each other. On one hand, gen AI will give actionable insights, intelligent automation will execute various activities based on these insights. Simply put, IA will offer orchestration and automation to support the creative capabilities of generative AI.

Here, we should keep in mind that RPA is useful only after overcoming several challenges. Let’s go through these challenges in brief.

Major Challenges of RPA

Here we give five major implementation challenges based on different aspects. It is imperative to address them to make the most of this game-changing technology.

Technical

Development and deployment of RPA bots are full of hurdles. When integrating bots into existing business systems, RPA developers have to consider data security and other technical issues. Handling unstructured data or problems related to complex UIs needs the proper attention of RPA application developers.

Business

Let’s face it. Identifying the right processes for automation is one of the most difficult tasks. Moreover, businesspersons need to get approvals from stakeholders and keep employees in the loop for seamless execution and minimal resistance. Bringing change to the existing system is always challenging and needs careful planning.

Security

It is of utmost importance to protect sensitive data and ensure the integrity of RPA software. Companies need to encrypt confidential corporate data and implement some measures to prevent unauthorized access to software bots. Regular monitoring of bots for any suspicious movement is also essential.

Cost-related

RPA software development and integration, bot development, and ongoing maintenance demand a big lump sum amount. Moreover, it is difficult to measure the ROI of this technology at the initial level because RPA solutions give intangible benefits like improved efficiency and increased productivity.

Regulatory

Challenges related to prevalent regulations and compliance fall under this category. In other words, companies need to ensure that software bots comply with major privacy regulations like CCPA and GDPR. These challenges also include the risk of data breaches and malware integration in the bots.

You can prepare an automation strategy by considering RPA trends, the scope of your company, and the challenges we have mentioned above. It is advisable to consult a reliable and recognized partner to get top-notch RPA services.

Preparing Automation Strategy with RPA Trends

Every company has unique automation requirements based on its business model. However, we can take RPA predictions and trends into account to make a proper automation strategy. Here are five steps to make an effective roadmap of RPA automation for an enterprise.

Identifying Processes

This is the first and foremost step. Companies need to make a list of processes that are mundane and repetitive. Some examples of such routine tasks are data entry and invoice generation. Once you identify such processes, you can make a list and choose the right process for automation.

Choosing the Right Process

All the potential processes require further evaluation. If you want to maximize the benefits of the RPA concept, you need to streamline every repetitive process. On the other hand, automation of inefficient and complex processes can lead to project failure. Therefore, you need to find the real value of automation for all potential processes.

Building a PoC (Proof of Concept)

Full-scale implementation of RPA bots can be costly and cumbersome. Therefore, it is better to start by understanding the business case for specific processes with the help of your RPA services provider. You can build a PoC before full-scale implementation and ensure that you can gain an RPA advantage.

Setting up an RPA CoE

Establishing an RPA Centre of Excellence can set standards, measure success, and manage governance through effective collaboration. You can set up CoE based on your company’s size, automation goals, and other related factors. Your RPA partner can help you in establishing an RPA CoE.

Establishing Change Management

Effective change management can make your RPA adoption successful. You can make a plan that stakeholders and employees can understand and accept. Efforts to minimize resistance through open discussions and transparent communication throughout the implementation process are worth it.

These steps will help you maximize the benefits of RPA solutions.

Concluding Remarks

The future of RPA is promising with more advancements coming in 2024 and beyond. The time is just right to embrace this technology to drive growth for your business through transformative changes and automation. It is, however, necessary to keep in mind that you should consult a reliable RPA solutions provider to overcome implementation challenges and leverage the benefits of this future-ready technology.

Silver Touch Technologies is a leading RPA services provider with a strong global presence. We build complex RPA software by integrating advancements of other emerging technologies like AI to meet diverse business needs. Do you want to know more about the benefits of RPA or the scope of this technology for your business? Just email us at info@silvertouch.com and we will get back to you.