Today, Robotic Process Automation is making strides over several industries. The pandemic in 2020 posed unprecedented challenges that eventually expedited the conversation of RPA. As known to all, many businesses are opting for it to automate routine work and aiming to deliver more with less. 2021 is changing and defining the RPA landscape. This article is about changing RPA trends in 2021.
Due to uncertainty and volatile market conditions, many organizations are adopting robotic process automation to meet customer needs, constantly evolving. The technology will hit the market like a tidal wave of growth in the coming years. Over time more industries will continue to implement it. In the coming years, RPA will introduce new technologies to appeal to enterprise customers with opportunities for more advanced cases.
As per reports by Allied Market Research, the global RPA industry is projected to reach about $19.5 billion by 2027, which was at $1.6 billion in 2019. Primarily the software and financial services organizations are among the earliest adopters, but the growth in healthcare and pharmaceutical segments is also significant, as per the reports.
RPA adoption is happening:
COVID-19 has increased the need for automation in every industry. Today, enterprises need to execute digital transformation strategies to pivot to remote work, improve customer experience, drive productivity, and create new products, services, or communication channels to facilitate smooth operations. RPA software plays a critical role in automating hassle-free end-to-end processes that previously demanded in-person performance. Nevertheless, it also accelerates integrating with intelligent automation capabilities such as artificial intelligence and smart analytics.
Benefits of RPA software:
Adopting RPA software means increasing efficiency and productivity by reducing repetitive and mundane human intervention within operations. Additional benefits include:
- Increase in the engagement of employees
- Security and compliance is improved
- Higher quality services are offered
- Increased agility and reduced implementation time
- Costs are reduced
- Improved reporting and data analytics
Benefits of organization from RPA solutions:
You are confused about whether your venture needs RPA or not. RPA gives a platform the opportunity to automate human tasks that are monotonous and repetitive, high volume, prone to human error and rules-based. The following characteristics will help to figure out and decide whether your enterprise needs RPA platform or not:
- Data queries
- Data entry
- Transfer of data to or from legacy systems
- Applications that lack an open integration method
- Compliance audit capabilities
- The task involving critical data
RPA Trends in 2021:
1. Rise of Smart Automation
Intelligent automation is all set to take centre stage yet again in 2021. Intelligent process automation is an extended or expansion of RPA that includes machine learning and robots’ capabilities to work better with predetermined rules and scenarios. It also allows RPA robots to take advantage of big data, artificial intelligence, and machine learning, facilitating human-like work.
2. Further Dependencies on Modern Innovations
Another to watch out for RPA trend in 2021 is the increased dependency of technology on various other digital transformation solutions. The ultimate fate of automation will be its further use of modern innovations like blockchain, artificial intelligence, advanced Data, business process automation and optical character recognition, etc.
3. RPA Vendor Differentiator
The market offers a lot of options. The year began with businesses, whereas an enterprise could choose from more RPA solution providers. Needless to mentions, all of them claimed to save valuable person-hours and increase ROI. Though the number of vendors will not decrease, companies will eventually see RPA sellers segregated into two general categories, namely the strategic service providers and the quick fix ones.
4. Bot for Each Individual
The new average work trend from home is forcing companies to devise strategies that provide robots for each individual—not necessarily replacing the human workforce but reinforcing their capabilities to be more productive by facilitating instant help and removing monotonous work.
5. Focus on Employee Experience
2021 will eventually allow employers to boost the overall employee experience through implementing technologies, especially when working from home. The automation market is most likely to address tasks and operations that help to enhance employees’ engagement, morale and productivity.
6. Data Privacy Concerns For RPA
As the adoption of RPA is not restricted to departments, concerns around data privacy and security will increase. More companies deploy process intelligence or process mining; technologies across all systems will discover and automate data. This will increase the risk of potential data leakage, and enterprises will have to address data security concerns before scaling the use of RPA across every segment.
The above mentioned are the top 5 trends in Robotic process automation that more or less every organization needs to embrace in the coming years. Robotic process automation will affect your business continuity if RPA solutions are not introduced. Experts say the global RPA industry took considerable strides in 2020; 2021 will prove to be a catalyst year. RPA will successfully manage to expand into new capabilities and territories. It will sooner or later become the need for organizations and not just a desire.