The latest Forrester survey reveals enterprises will increase their robotic process automation (RPA) spending in 2020.
Forrester recently conducted an online survey with 270 decision-makers from operations groups, finance, and other lines of business from the US, France, Germany, and the UK.
The report found that the RPA services market will hit $12 billion by 2023. Two-thirds of respondents to the survey feel that RPA software spending is going to increase by at least 5% over the next 12 months. F Since one of the most significant advantages of using a virtual workforce or an RPA robot is that it does not require replacement of existing systems. Instead, current systems can be leveraged the same way a human employee can. The report also adds that improving customer experience (CX), change management processes, and employee experience will be some of the top business priorities in 2020 that RPA will help organizations achieve.
Enterprises are planning to use RPA to meet some of the top business priorities, including:
- Reducing the load on and enhancing business results
- Offering the right knowledge and training to employees for improved productivity
- Improve the quality of customer experience
- Increase job satisfaction within employees
The research revealed that a 5% improvement in employee engagement in automation tech would result in a 3% rise in revenue. Offering insights on how automation will impact employees differently, 81% of respondents said they need to improve their change management processes. Automation will affect different employee roles in the future as some jobs will be removed, some will be created, and others will be transformed, – only a few will remain untouched. Clearly, enterprises will need to address skills gaps to maximize the value of automation. They can invest in training employees, give them access to vocational courses, and also encourage them to pursue digital certifications. This will allow employees to overcome fears around automation and embrace it as a productivity-boosting asset. As per the report, automation will certainly cause a job deficit but new technologies will need new job roles so new roles will also be created. Overall, the full implementation of the automation process will result in a substantial reduction in the generalist workforce and not the specialist workforce.
Automation is transforming businesses and positively impacting productivity. The report concludes by saying that advanced automation will bring in a new wave of disruptors that will tweak the way organizations operate today, and they need to be ready to meet this change.