Making the money & trends roll in 2020: RPA
So, RPA(Robotic Process Automation) software market has been here for almost a year. The amount of funding allocated is surely eye-catching. RPA Giant, UiPath announced a Series D funding for $568 Million, led by Coatue having valuation of $7 Billion.
In November, Automation Anywhere raised $290 million in Series B and Salesforce Ventures got a valuation for $6.8 Billion.
This sudden interest is a cause to stop and look what’s making the money roll.
When you do that, you’ll find the reason pretty simple: Great ROI to consumers.
So, what’s great about RPA?
Robotic Process Automation is in the form of a software/tool which aims to completely automate the menial/repetitive tasks in workspace(s).
This creates a lot of time for employees which in turn reflects in greater productivity and revenue; simply put, employees can focus on more productive work rather than filing, documenting, billing/invoicing and other menial tasks.
What more to expect from RPA in 2020?
RPA is a vast field. You name one thing, there is scope to automate it. Working with such a versatile and efficient tool requires not only a healthy budget, but also a vision to help maximize its potential.
- Until now, only the finance sector has seen a tremendous usage of this technology, but that is going to change soon.
- Organizations with an exploring mindset can maximize the potential or ROI by opening up multiple processes, workflows, cloud services and combining it with process automation for an overall growth.
RPA core technological advancements in 2020
With great funding and a long-list of consumers, RPA is set to change the organizational dynamics by also improving and adding new functionalities in this software-based solution.
- Attended Automation: These are bots which have been wired to provide employees with assistance as and when they require from a secondary device in another location. In addition, the bots are programmed to do all the menial tasks which don’t require any skills.
- Process Mining: This helps to solve complex problems by breaking it into small measurable actions. Streamlining this with RPA will make it more predictive, actionable and have more accuracy in solving problems.
- Open Source Software: Organizations will welcome this open-source, cloud-native RPA because of lower ramp-up costs and ease of implementation. Decision makers have started to see value in exclusively-tailored RPA tools specific to their needs rather than stock software if the scope of growth is high.
“RPA will be on the global stage. Extra-governmental organizations, like the United Nations and the World Economic Forum, will discuss RPA in the context of jobs, wages and global economies.” – Guy Kirkwood, Chief Evangelist at UiPath.