Robotic process automation (also known as software robotics) is a type of business process automation technology which is based on digital workers/artificial intelligence or on metaphorical software robots. It mimics human interaction with the software to perform repeatable, high-volume tasks. The major advantages of using robotic automation in the business include reduced cost, increased accuracy, speed, and consistency, and enhanced scalability and quality of production. Automation can also offer extra security, especially for financial services and sensitive data.
Ease in business process with the installation, convergence of robotic process automation with traditional business processes, integration of new technologies, high demand for robotic process automation in the logistics industry, etc. are some of the major factors which are expected to increase the demand and adoption of robotic process automation in the coming years.
Smart (intelligent) process automation is the game changer technology in robotic process automation. It is a logical evolution of robotic process automation technology where robots utilize artificial intelligence and machine learning to perform cognitive tasks. Smart process automation yields great value while dealing with unstructured data which majorly includes scanned documents, unstructured documents, voice or images. As per Statista, the intelligent process automation spending across the globe is expected to increase from USD 8.4 billion in 2019 to approximately USD 13 billion by 2023, which is expected to fuel developments in robotic process automation industry.
In addition, key companies such as Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC and others are involved in the development of technologically advanced and innovative robotic process automation solutions and platforms, catering to the requirements of the business organizations which is expected to drive further innovations. Further, opting for a robotic process automation platform that integrates with systems, both in the current and planned future would increase scope of processes that may be automated across the organization. The adoption of intuitive graphical user interface would also eliminate the requirement for training. In addition, growth in the IT spending by business enterprises would also impact the adoption of robotic process automation in a positive way.