The RPA investment yield was forecasted to be as high as 300 percent in the first year. While the use of robots is far from new in the automotive sector, General Motors reported that the first robot was built in 1962 using software robots to automate high volumes of trade. Therefore, making the process of completing repetitive and dull work develope significantly over the past few years.
Part of the fascination is that RPA is all about automating work and replicating what people are doing.
RPA simply intends to replicate exactly what a person would have done to complete tasks and maintain business performance. This implies that a slight process redesign is required in the vast majority of instances.
If a Wealth Management Advisor logs into 3 separate client systems, the Robot will do exactly the same except much faster, cheaper and with fewer errors. This is why the Virtual Workforce is sometimes called RPA.
This also implies that RPA is more applicable to back-office operations. Furthermore, the cost of automation is cheaper and there aren’t too many changes being made to existing systems
Going beyond the hype, consideration for the current level of attention are some important technical facets of RPA.
Business Process Management Software application vendors have recognized RPA’s potential. (See infographic)
Pegasystems, renowned for its BPMS-based principles, has acquired OpenSpan, an RPA provider with over a decade of experience. On the other hand, Appian, known for its low code, the cloud-based BPMS entered in a strategic alliance with Blue Prism, one of the leading RPA suppliers.
Forrester’s assessment of robotic process automation suppliers identified the 12 most important RPA’s. The list included Automation
Anywhere, Blue Prism, Contextor, EdgeVerve Systems, Kofax, Kryon Systems, NICE, Pegasystems, Redwood Software, Softomotive, UiPath