6 March 2023
RPA has emerged as a game-changer for organizations looking to drive efficiency, reduce costs, and increase productivity.
Robotic Process Automation (RPA) has been growing rapidly over the past few years, and it has become an essential tool for many businesses looking to streamline their operations and improve efficiency. As the CFO of your organization, it is important to stay up to date with the latest RPA trends so that you can make informed decisions that can help your company stay ahead of the curve. Here are some RPA trends that CFOs should be aware of:
Increased Adoption of RPA
One of the most significant trends in RPA is its increased adoption by companies of all sizes and industries. According to a recent report by Gartner, the global RPA software revenue is expected to reach $1.89 billion in 2021, an increase of 19.5% from 2020. The report also predicts that the market will continue to grow at a compound annual growth rate (CAGR) of 18.9% through 2024.
The increased adoption of RPA is due to the significant benefits that it provides, such as increased efficiency, accuracy, and cost savings. As more companies adopt RPA, it is likely that the technology will become even more accessible, leading to further growth in the market.
Integration with Artificial Intelligence (AI)
Another trend in RPA is the integration with AI. While RPA focuses on automating repetitive and rule-based tasks, AI can help to enhance RPA by providing intelligent decision-making capabilities. By integrating AI into RPA, companies can take advantage of advanced analytics, natural language processing (NLP), and machine learning (ML) to improve the accuracy and efficiency of their processes.
For example, an RPA system could use AI to analyze customer feedback and sentiment to identify areas where improvements could be made. It could also use NLP to understand and respond to customer inquiries in real-time, without the need for human intervention.
Low-Code and No-Code RPA
Low-code and no-code RPA platforms are becoming increasingly popular, especially among companies that lack the technical expertise to implement RPA on their own. These platforms allow business users to build and deploy automation workflows without the need for programming skills. Low-code and no-code RPA platforms make it easier for businesses to implement RPA quickly, without the need for a large IT department. This can result in significant cost savings and improved efficiency.
Cloud-based RPA is another trend that CFOs should be aware of. Rather than hosting RPA on-premises, companies can choose to use a cloud-based RPA platform. This can provide several benefits, such as scalability, flexibility, and reduced costs. Cloud-based RPA platforms can be accessed from anywhere, allowing employees to work remotely or on the go. Additionally, cloud-based platforms can be easily scaled up or down as needed, allowing companies to adjust their RPA capacity based on demand.
Hyperautomation is a term used to describe the integration of multiple technologies, such as RPA, AI, and ML, to automate entire business processes end-to-end. This approach can help companies to achieve significant efficiency gains, as it allows for the automation of complex processes that were previously difficult to automate.
Hyperautomation can be particularly beneficial for companies that have complex processes involving multiple systems and data sources. By integrating RPA with other technologies, such as AI and ML, companies can automate entire processes, from data collection to decision-making.
Increased Focus on Governance and Compliance
As RPA becomes more widely adopted, there is an increasing focus on governance and compliance. Companies must ensure that their RPA processes are compliant with relevant regulations and standards, such as GDPR and HIPAA. Additionally, they must implement appropriate governance processes to ensure that RPA is used ethically and responsibly.
As Robotic Process Automation (RPA) continues to revolutionize the way organizations operate, CFOs have become increasingly interested in its capabilities to drive efficiency, reduce costs, and increase productivity. Over the years, RPA has grown from a simple robotic tool to a more complex and intelligent system that can handle complex and repetitive tasks. In this article, we have explored some of the emerging trends in RPA that CFOs should look forward to in the near future.
In addition to these trends, CFOs should also take note of the growing trend of hybrid RPA solutions. Hybrid RPA combines the capabilities of both attended and unattended automation to enable greater flexibility and control. This means that organizations can use RPA tools to handle complex tasks that require human intervention while also automating repetitive and mundane tasks.
As RPA technology continues to evolve, CFOs should also look forward to greater integration with other emerging technologies such as blockchain and the Internet of Things (IoT). By integrating RPA with these technologies, organizations can achieve even greater levels of automation and drive better business outcomes.
Finally, CFOs should take note of the growing importance of cybersecurity in RPA. As RPA solutions become more sophisticated and handle critical business data, it is essential to ensure that they are secure and protected against cyber threats. CFOs should work closely with their IT teams to implement robust security measures and protocols to safeguard their RPA systems.
In conclusion, RPA has emerged as a game-changer for organizations looking to drive efficiency, reduce costs, and increase productivity. As RPA technology continues to evolve, CFOs should keep a close eye on emerging trends such as cognitive automation, cloud-based solutions, hybrid RPA, integration with other technologies, and cybersecurity. By leveraging these trends, CFOs can unlock even greater benefits from their RPA solutions and drive better business outcomes.