Did you know that the revenue of Robotic Process Automation (RPA) software is projected to pass over $2billion in 2022 and is expected to hit $13.74 billion by 2028?
COVID-19 pandemic has forced most businesses to rapidly adopt automation processes to boost business operations. The RPA market has accelerated in response to the high surges in supply and demand and remote working conditions brought by the pandemic.
Now, in 2022, Robotic Process Automation won’t be about all the new and shiny things, but rather it is set to be the year where businesses will leverage the benefits of robotic process automation technology.
Why adopt Robotic Process Automation?
- Save huge costs by automating manual tasks
- Increase overall business efficiency
- Invest resources in core business operations
- Minimize the possibilities of human errors
- Boost scalability
- Automate triggers and responses
- Enhance customer service
- Improve analytical decision-making
Let’s explore what the Robotic Automation Process has in store for businesses in 2022 and beyond.
RPA for business enterprises
Ever since its inception, RPA has revolutionized the way businesses work. It brings advanced technological solutions across various industries across the world.
With powerful applications of Robotic Process Automation, businesses can enhance productivity in various ways across functions like marketing, finance, human resources, IT, supply chain management, and so on.
Most organizations are turning to Robotic Process Automation platforms to streamline business operations, automate mundane tasks, reduce costs, and enable corporate workers to focus on higher-value work.
How is RPA boosting efficiency across various industries?
Robotic Process Automation platforms are serving as new technological salvation for a wide variety of industries.
Sectors like banking and financial services, insurance, telecommunications, healthcare, retail, manufacturing, and IT have started to experience the tremendous results of RPA. Here are a few of the applications of RPA in different sectors:
Banking and financial services – RPA automates the data validations, migration of data between applications, report generation, management of customer accounts, processing of loans, filing and updating the forms, and backing up the receipts.
Healthcare – Robotic Process Automation implementation helps in processing and migration of patient data, storing the patient data and medical bills, automation of insurance claims, and claim status.
Telecommunications – RPA technology enables faster collection and consolidation of data from multiple devices, backing up information from disparate systems, retrieving the manufacturing information of devices, uploading large volumes of data, and extracting the competitor pricing data.
Technology – RPA enables faster and more efficient software testing for load, stress, functional, and mobile performance testing.
Manufacturing – Robotic Process Automation platforms boost the manufacturing business operations by automating the logistics data, comparing the product pricing, automating ERP systems, and continuous monitoring of supply chain management.
Hospitality – RPA is directly related to customer satisfaction in the hospitality industry as it helps in the faster processing of guest data, payment settlement, and creation of user accounts.
Retail – Automation technology helps in extracting the product data from the website of manufacturers, updating product information, tracking the online inventory, and importing the sales from multiple channels like email and website.
Consumer goods – Automation helps in data entry of goods, processing the orders, FTP automation, processing of incentives, and other claims.
Benefits of Robotic Process Automation
Improved ROI: When RPA is implemented correctly, it can lead to significant improvements in return on investment. As indicated by a McKinsey report, automating business tasks with robotic process automation leads to a potential ROI of 30-200% within the first year.
Reduced business risk: Robotic Process Automation platforms are non-invasive and very low risk as they do not disturb the existing systems. Also, leveraging RPA automates error-prone processes to reduce the risk of manual errors like data redundancy, unauthorized access, and cyber threats.
Increased efficiency: Robotic Process Automation does not need any breaks. It can work 365 days a year. Also, it does not fall sick or needs a vacation. So, a single robot can complete a large volume of work in much less time than workers.
Consider the below example of RPA efficiency:
| Without Automation | Task | With Automation |
| 10 minutes | Opening 60 emails | 1 minute |
| 45 minutes | Copy and paste the content of 60 emails | 2 minutes |
| 40 minutes | Copy and paste sender address of 60 emails | 2 minutes |
| 50 minutes | Analysis of 60 emails for marketing | 3 minutes |
Better security: Robotic Process Automation functions on a granular level as robots perform a single task at a time. There are no worries of information leakage across different locations.
The data accesses under the RPA environment are well-documented and controlled to ensure high-level security.
Enhanced scalability: Robotic Process Automation platforms offer enhanced flexibility to adapt to the dynamic business needs in context to the type and number of tasks for specific objectives.
Since robots can be adjusted to task and time-specific requirements, even smaller businesses can implement RPA efficiently.
Improve analytics: RPA enables businesses to gather data related to the execution of analytical tasks like cycle times, work volume patterns, exceptions, and errors. The interpretations from such analysis support various process improvement initiatives.
When data is gathered and analyzed efficiently, it helps in better decision-making on macro as well as micro-level.
Take your first step to RPA success with Ignatiuz
RPA has achieved great success in the years 2020-2021. But 2022 can be a real game-changer as automation solutions have become increasingly important for businesses to survive in this competitive world.
The idea of automating business processes is not new, but the advent of robots is a benchmark in the shift of mankind towards a more productive and efficient workforce.