Robotic Process Automation

At the turn of the twentieth century, the business strategy to outsource laborious and repetitive back office functions to low cost third party employees gained massive popularity amongst leading global companies. Nearly two decades later, the trend of outsourcing functional tasks to focus on cost optimization and value driven work still continues, but with one small detail altered: the outsourcing is now made to Robots!

The possibility of driving better business outcomes and efficiencies by riding on the great advances in technology has led to the advent of Robotic Process Automations (RPA) – which is based on the idea of software robots or artificial intelligence workers. Given its wide array of benefits and application across multiple functions, RPA is being adopted at an increasing rate in major process driven industries, and top consultants have jumped the bandwagon, by not only implementing automation into their processes but also advising and executing strategies for enterprises to transform digitally.

Key Takeaways

• While RPA market is still at a nascent stage, Industry experts expect a rapid growth and forecast the global RPA market to reach over USD 1 billion by 2021.
• Addressing the challenges associated with RPA deployment, global consultancy firms are playing a major role in transforming the RPA landscape.
• Experts believe that together with other emerging technologies like cognitive computing, big data, machine learning, and natural language processing, RPA has the potential to become the next fundamental requirement to maximize business performance.

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