Published On : 23 Aug 2018
Robotic process automation (RPA), at its most basic, is the combination of software with artificial intelligence (AI) and machine learning to carry out high volume, repetitive tasks performed by humans. Those include calculations, queries, and maintenance of transactions and records. The most common example in this direction is the usage of bots which are low cost and easy to install and do not require custom software or deep system integration.
The global robotic process automation (RPA) market is set to jump with the rising application areas and their surging uptake by success-hungry companies. They enable companies to slash labor costs by helping to hire more people for low-value tasks. They also help up efficiency and free up employees so that they can focus better on the core tasks. Such unique perceived benefits are already having a positive impact on the robotic process automation (RPA) market.
Demand for Automation in Back Office Work Boosts Market
Some of the key functions of robotic process automation (RPA) are process automation, IT support and management, and automated assistance. Process automation, for instance, can easily simulate the steps of a rules-based, non-subjective process without compromising the existing IT architecture. Those are able to conduct assigned functions continuously and can scale up or down easily when required. As a result the robotic process automation (RPA) market is seeing high demand from back office work in finance, accounting, procurement, supply chain management, human resources, data entry, and customer service.
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In IT support and management, RPA can help improving service desk operations and the monitoring of network devices. In automated assistance again, RPA is used in voice recognition software and automated online assistants.
Healthcare Sector Wakes up to the Benefits of Robotic Process Automation
An upcoming and promising application area in the global robotic process automation (RPA) market is the healthcare sector. It can utilize RPAs for taking care of patient records, customer support, claims, account management, reporting, billing, and analytics. In fact, the healthcare industry is already witnessing rising adoption of RPAs for streamlining processes. Going forward, with the burgeoning elderly population who are highly susceptible to various diseases and more technologically advanced solutions, the healthcare sector will generate further opportunities in the global robotic process automation (RPA) market.
Job Loss Owing to Automation Proves A Sticky Issue in Global Robotic Process Automation Market
As global behemoths of the likes of Walmart, AT&T, Deutsche Bank, Ernst and Young, and others adopt RPAs, one question looms large: Will the robotic automation process (RPA) market, which is currently in a nascent stage, come at the cost of jobs and livelihoods of people? This presents a crucial challenge to CIOs of both small and large companies. While enterprises embracing RPA are attempting to transition many workers to new jobs, speculations are rife that it may not be enough as more sophisticated systems continue to hit the market.
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