RPA’s Rise Is On Repeat! / The Repetitive Rise Of RPAs

The last three to four years have seen a major growth spurt for Robotic Process Automation (RPA) due to the advantages it offers. These include enhanced quality, quicker turnaround, reduced errors and it is cost effective. Since these processes carry out repetitive and menial tasks that consume too much time of workers, it allows them to focus on more important tasks. Essentially, it saves time and costs and offers even more benefits when integrated with AI.

Robotic Process Automation (RPA) in industries got a big boost due to the recent pandemic, which helped push the world 10 years into the future according to Hikari Senju (Founder and CEO, Omneky – an ad-tech platform provider). He believes that the predicted recession will push the RPA sector even further.

Speaking to VentureBeat Hikari Senju said, “The pandemic revealed that certain processes were unproductive and could be better automated through technology. Now, the impending recession of 2023 has forced companies into cost-cutting mode, resulting in an accelerated adoption of RPAs.”
According to a report by Fortune Business Insights, the global RPA market is believed to grow from $10 billion in 2022 to $43.5 billion in 2029 with a growth rate of 23.4% per year.

Senju believes that RPAs are best suited for enterprises with costly business operations, such as his company, which has been able to achieve reduced costs and better performances in creative A/B testing. Additionally, he feels that the sector offering creative services is one that is benefiting from RPAs.

TechDogs-"Hikari Senju (Founder and CEO, Omneky)"

Source

However, although RPA may help make some processes easier, the process of integrating RPA into organizations itself is a task. Organizations that wish to integrate RPAs must prepare a good plan, be financially secure and keep an eye on its progress and delivery.

Rajesh Raheja (Chief Engineering Officer, Boomi – a cloud-based automation platform) elaborated on the hurdles faced by organizations in integrating RPA into their architecture, stating they needed more flexibility when integrating new technologies. Speaking to VentureBeat Raheja said, “Traditional architectures are not very open to [being] expanded with new functionalities needed to support the automation that RPA brings.”

TechDogs-"Rajesh Raheja (Chief Engineering Officer, Boomi)"

Source

It’s believed that what enterprises need is to identify which avenues need automation and their capacity to integrate it. Companies must keep in mind that these are for simple, repetitive, susceptible to errors and unnecessarily time-consuming tasks and RPA should be introduced where they can be monitored.

Speaking about the same, Hikari Senju said, “The challenge today is that oftentimes RPA requires reorganizing [a] company’s [existing] structure. CIOs should always consider their decisions based on switching costs.”

What do you think of the growth of Robotic Process Automation and which sectors do you think would benefit from it? Let us know in the comments below!

First published on Fri, Feb 3, 2023

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