Technological advancements have always taken the world by storm. Tech fans and inventors always want to claim that their new brainchild would bring a perfect end to some world problems. Some sales agents will even say anything to make a good sale.
Currently, the internet is abuzz with news artificial intelligence and robotic automation promising to solve a myriad of problems. While the fear of change has engendered many negative reactions, others cite the positive results of pilot tests as the basis for their support.
The debate runs hot as one group says yes and the other no. We could spend a precious amount of time delving into the reasons and the mechanism of the robotics debate but that is unnecessary.
For as a wise entrepreneur and business owner, you want to know if a solution will work efficiently and effectively. You also want to know what the facts and statistics say. Numbers never lie.
What is RPA?
For those of you who are a bit confused or have no idea what RPA is, a simple definition should clear the air. Robotics Process Automation (RPA) refers to the use of computer software, specifically designed and programmed to execute certain tedious, time-consuming, routine processes without explicit human supervision. This type of computer software is also known as a robot. A robot once programmed with the appropriate codes can take over tasks that would have held up creative and profitable manpower.
Robots can continually execute repetitive tasks without the need to rest or get bored while maintaining uniformity in results. Some popular tasks include data management, updating financial records, analyzing and filing data inputs, etc. It should be noted that although robotics process automation and artificial intelligence (AI) may have much in common there is one major difference. Unlike AI, robots cannot learn and are restricted to the functionalities provided in the base codes.
One pilot study made by a bank used 68 software robots to automate the handling of 1.2 million annual claims. At the end of the study, they found that the robots had handled the same amount of work as 200 employees but only at the cost of 60 full- time employees. That’s 70% cheaper! Results like this have made giant corporations in numerous lots of money into designing such specialized RPAs.
Robotic Process Automation Statistics
So now you have a basic idea of what RPA is, we can confidently explore statistical data made by respected market analysts. We believe that in a few years, technology will change the economic climate of the world, again.
1. Forrester discovered that the RPA industry is displaying exponential growth. It is predicted to grow from $250 million to $2.9 billion just between 2016 to 2021.
2. Reports from Grand View Research also predict exponential growth for the RPA industry, pegging growth from $358 million to $3.11 billion between 2017 and 2025.
3. The Deloitte annual ROA survey reports an increase in the number of RPA interesting parts to be about 53%. About 73% of respondents who have already integrated RPA solutions reported they will increase investment in the next 3 years.
Based on results from respondents Deloitte expects that in the next 5 years RPA technology will have a spot in nearly all industries around the world.
4. Currently, RPA users and programmers report that RPA fulfills all relevant requirements and in some cases surpasses set standards for accuracy, quality control, cost optimization, productivity, and compliance to regulations.
5. For those worried about public reaction and acceptance, Deloitte reports very low resistance to RPA integration among employees – at 17% RPA seems to be doing well.
6. For now, RPA still struggles with scaling. Deloitte reports that only 3% of selected companies had scaled RPA to 50 robots and above. On the other hand, SSCON reported that the speed of scaling RPA cannot be exceeded by any other technology, as the robotic force can be doubled almost instantly.
7. The Everest group reported that ROI on RPA peaked as high as 400% while the lowest returns were about 180%. NASSCOM reported cost optimization and savings statistics as high as 65% for local enterprises and 30% for offshore operations.
They also reported that in as early as 6 months investments had been regained.
8. Funding programs for RPA projects have yielded very positive results and shows a positive growth trend in the RPA industry. Largest funds are Automation Anywhere with funding as high as $550 million and UIPath with funding nearly crossing the $450 million funding mark.
Other respectable actors include Blue Prism (one of the RPA pioneers) planning to issue stocks worth $130 million, Work-fusion at $121 million in received funds, Ant-works at $15 million and SaltStack already stacking over $28 million.
All the statistics already points to the vast potential held in RPA solutions. Also, the benefits provided by robotics are nothing to sniff at. Increased accuracy, quality control, and release of manpower for more creative and intellectual tasks are just a few.
The companies would also enjoy reduced costs, minimal wastage, and lower incidents of errors. For now, we wait expectantly to see what the future brings.