Not Your Father’s Robotic Process Automation
Robotic process automation (RPA) is gaining new traction. Notably, many people believe RPA has been around a long time. Specifically some feel RPA is part of the business process management (BPM) field. For example, interactive voice response systems (IVRS) could be considered a form of RPA. Nonetheless, recent advancements in data analytics, artificial intelligence and machine learning have given birth to a new class of modern RPA technologies.
RPA allows organizations to create “software robots” that mimic existing workflows. Specifically, these robots take action to create outcomes without requiring human interaction. Automating back office functions, customer service and IT support represent common used cases.
Increasingly, RPA systems are being deployed by line of business pros. Very importantly, these are domain experts who use “low code” approaches to build software robots. These robots automate and manage mundane tasks. At a recent chief data officer event we attended in Boston, about one third of the audience of 200 CDOs said they had active RPA projects underway. Furthermore, over half were in the financial services sector.
A Fast-Growing Field
According to Forrester, Robotic process automation will be a $3B market by 2021. Furthermore, RPA is disrupting traditional BPM technologies, which are increasingly viewed as expensive and complex. What’s more, the ROI on these systems appears to be meaningful and fast. Many customers are reporting breakeven times within six months of deployment.
UiPath is an emerging leader in this market space. Recently, the company’s CMO, Bobby Patrick, sat down with Wikibon head of research Peter Burris. The two discussed where software robots fit in the digital strategies of today’s leading organizations. The two addressed:
- What is RPA?
- What problems does RPA solve?
- Example use cases
- How does RPA actually work?
- How long does it take to automate a process using RPA?
- Where do technologies like AI & ML fit in the RPA roadmap?
- What’s the impact of RPA on jobs?
Here’s a curated cliplist of the interview. In addition, the Wikibon research team is initiating coverage of this important topic. As always, we’d love to hear about your experiences with RPA and the business impact it’s had on your organization.
