Global Robotic Process Automation (RPA) software revenue is projected to reach $1.89 billion in 2021, an increase of 19.5% from 2020, according to the latest forecast from Gartner, Inc. Gartner says “despite economic pressures caused by the COVID-19 pandemic, the RPA market is still expected to grow at double-digit rates through 2024”. Similarly, Forrester’s Prediction 2021 guide suggests that “one in every four information workers will receive help from software bots or Robotic Process Automation in 2021”.
The prevailing global economic recession has, in fact, led to an increase in the overall effort by enterprises to build agility , improve process quality and productivity to give a head start to their digital transformation initiatives . Investment towards Hyperautomation and RPA technologies is gaining momentum as is clear from Table 1( source : Gartner ) and is fast becoming a core strategic innovative solution which enterprises are embracing to drive cost efficiencies .
As enterprises enter the second quarter of 2021 with pandemic still prevailing around the world , they will embrace RPA and other digital automation technologies to decrease their dependency on human workforce for routine, digital processes and enable employees to be more efficient .
As evident from the arguments above, RPA adoption will increase exponentially along with hyperautomation and organizations will look for quick deployment of low-code/no-code automation for integrating RPA across all departments and key functions across their organizations .
There is no doubt ,that more and more organizations , are implementing robotic process automation (RPA) to automate repetitive, manual tasks.
But how to define the right criteria when considering RPA solutions?
Robotic Process Automation (RPA) is a software technology that organizations use to automate manual tasks and business processes. RPA helps to automate and accelerate processes completions, reduce errors, save audit time and related costs, and free up your employees for higher-value work.
If your employees are performing repetitive, rules-driven tasks to acquire, analyze and act on information or process a high volume of incoming information, then you are ready to implement RPA .
What you need now is a way to find out the criteria to select the right RPA solution which best suits your organizations’ need. Simply put , you need to select the right solution which delivers maximum ROI . So where do you start?
Let’s take a look at six criteria for choosing the right RPA solution that will help to maximize your investment:
- NEXT-GENERATION RPA CAPABILITIES
The chosen RPA solution should provide comprehensive industry leading and next-generation capabilities across intelligent process automation like
business process management, process mining and cognitive document automation. It should be an end to end complete unified solution that includes document, task and process automation capabilities . Those Solutions that lack these integrated features limit your ability to maximize improvements to business operations and customer engagement.
Most of the RPA solution are deployed with a small project scope but get expanded very soon across the organization once the cost savings are realized. It is important to select a solution having the capability to scale massively with the ability to be managed centrally. The ideal solution must be able to run tens of thousands of robots (automated robotic processes) from a cluster of enterprise servers and a robust architecture which can provide greater scalability and a lower total cost of ownership (TCO).
Speed is an important feature to consider while selecting a RPA solution . Its best to avoid an RPA solution which requires multiple weeks to roll out if custom coding is required . An ideal solution should be able to design , develop and test new robotic processes in a day or less to optimize the processes . The solution should be able to give various options for robotic configuration settings to execute and complete the task at hand.
4.FLEXIBILITY TO DEPLOY
An RPA tool must have the flexibility to be deployed quickly and should be able to offer multiple choice of deployment options: on-prem, cloud, and hybrid. The solution should be able to operate with different interfaces with the ability to integrate across existing applications and legacy systems. A simple user interface experience is a key criteria for choosing the right RPA tool for your business processes. Its desirable to have a solution which is code-free, non-disruptive, non-invasive, and easy to deploy.
When considering an RPA solution, it’s critical to choose a platform that is safe and reliable. A robust enterprise-class RPA solution should have security at every layer to protect organization’s data offering features like – strong encryption for all communications, comprehensive role based access control and management, multifactor authentication, end-to-end data encryption, application security and a secured storage of credentials with comprehensive audit logs of all user and system activity and subsequent changes to the data.
6.SIMPLICITY & RELIABILITY
All RPA solution should be very easy to execute and operate with drag-and-drop feature to move files around at work. Bots should be able to adapt to any interface or workflow, without the need to change business systems, applications, or existing processes for automation. RPA bots should be simple enough to be scheduled, cloned, customized, and shared to execute business processes throughout the organization. In case of any error, the solution should be able to notify administrators for key alerts and have clear, simple workflows for handling them.
WILL RPA WORK FOR MY INDUSTRY?
All industries, including small mid to large enterprises benefit from RPA by automating manual processes- it is estimated that almost 70% of the processes across any industry are mundane, and repetitive. As long as there is manual repetitive work being done in an organization, there is potential for automation using RPA. Below are few RPA use cases process automation provides to different industries:
- In the Logistics sector, RPA can automate shipment scheduling and tracking, shipping notifications, load researching and invoicing and credit collections.
- For Manufacturing, RPA can automate supply chain, bill of material, inventory management , administration and operations which helps to drive cost efficiencies
- In the Insurance Industry, RPA is used to simplify claims processing and administration, new business/underwriting, policy maintenance, compliance
and risk management reporting and customer service.
- For BPO , RPA can help improve customer experience by meeting SLAs and resolving the requests by automation and AI within time which meets the SLAs
- In the Telecom Industry , RPA is being used to drive operational efficiency by reducing the average handling time , employ error rates and enhance business value by increasing average revenue per customer
For Robotic Automation to achieve its full potential across a industry, organizations must choose the right solution for their business.
Look for a solution which offers AI enabled RPA capabilities with an easy to use interface providing the scalability, speed, reliability with enterprise class capabilities .When choosing your RPA solution, ensure that you fully examine these features before embarking on your RPA journey .
TeBS – The RPA Specialists
At TeBS, we partner with our customers to successfully implement industry leading RPA solution and help them achieve positive business outcomes . We have been recognized by Gartner as a “Niche player for providing RPA consultancy and system integration services” and have alliances with industry leading firms like UiPath, Automation Anywhere, Nintex, Kryon and more to offer integrated and end-to-end AI enabled RPA solutions and services to our clients .
We have deep domain expertise with solution accelerators and process framework across all industry verticals and functional domains and have a rich resource pool of 65+ certified automation SMEs and specialists ,having served leading Fortune 500 customers across Asia .
We can help you evaluate ,select and implement the right RPA solution for your business and fast track your automation roadmap . Fill in your details and our RPA specialist will get in touch with you soon.