Robotic Process Automation or RPA is one of the hottest sectors of the tech market and technology will either empower or overpower us. Some of the world's top venture capitalists such as Sequoia Capital, CapitalG and Accel Partners have invested enormous sums in startups like UiPath and Automation Anywhere. According to Grand View Research, Inc., the spending on RPA is expected to hit $8.75 billion by 2024.
RPA is a way for enterprises to create a true virtual workforce that drives business agility and efficiency. It is managed just like any other team in the organization and can interact with people just as other employees would interact with one another.
The process of using RPA is also straightforward. Show your bots what you do, then let them do the work. They can interact with any system or application the same way you do. Bots can learn and they can also be cloned. It's code-free, non-disruptive, non-invasive, and easy. Leading RPA platforms can add a layer of cognitive intelligence to the automation of business processes.
Now RPA is not without its challenges. There does need to be a rethinking of the current processes in place of an organization. After all, it's not a good idea to automate a sub-par system. Next, if there are major changes to the existing transaction platforms, it will take some time to retool the RPA. This can actually be a prolonged effort if there are many bots.
When it comes to RPA, the costs for implementation are modest, especially when compared to the return. Once implemented, the capabilities are easily scalable. RPA is also a good way for a company to transition to AI.