By Sneha Bokil - February 06, 2020 3 Mins Read
Robotic process automation (RPA) market will evolve in 2020 as organizations will scale their automation initiatives further and merge smaller RPA vendors.
Gartner coined RPA as ‘the fastest-growing segment of the global enterprise software market.’ The worldwide market for RPA services is expected to hit an estimated $7.7 billion in 2020. Technological advancements and a new generation of the workforce will spur the pace of the maturity of the RPA market. Some of these top RPA trends in the enterprise will help to increase the adoption and leverage more RPA.
Treating Cyber Threats Like Business Risks
Clarity on RPA vendor’s strengths
There are more than 150 robotic RPA branded products that vary significantly in terms of productivity claims, design quality, and approach. Companies will need to understand the essential technical nuances and the relevant applications in RPA for their business objective before implementing RPA.
With increasing scaling of automation projects, enterprises will need to have clarity of selecting the right RPA through 2021. Gartner also predicts that 40% of enterprises will regret investing in RPA owing to several reasons like the inability to scale and misaligned usage and implementation. Also, they will need to choose the most suitable from the two vendor categories-one that offers tactical benefits across desktop environments or the ones that deliver strategic transformation across a large-scale enterprise. As RPA collaboration is also equally important, vendors providing a centralized platform will enable both humans and intelligent ‘digital workers’ to deliver and expand automation initiatives across the enterprises.
Selecting the correct RPA criteria
An informed assessment of the RPAs ability to successfully operate and scale at large is more important than just focusing on the implementation speed. The RPA vendor selection criteria will consider more meaningful, real-world insights, including the overall level of coding required. It will consider the solution’s potential to scale, collaborate and ensure security. Companies need to consider all these insights and look beyond the market hype to undergo the correct RPA selection and avoid longer-term issues.
A holistic approach towards RPA
The majority of organizations will employ a more comprehensive and strategic approach to RPA by re-imagining processes and organizational structure. They will focus more on automating end-to-end processes and optimizing workflows. Enterprises will also explore a broader suite of process discovery and automation to help them deliver complex activities like legal document validation and extraction, autonomous invoice processing, and fraud detection.
Visibility is Paving the Way For Hybrid Cloud Adoption
A strategic approach to scale RPA
Companies will need to plan and design their automation capabilities, to ensure this adoption can deliver to achieve success at scaling; companies will need to focus on factors such as integrating RPA into a broader digital transformation strategy, alignment with process governance, critical stakeholder support, and process optimization.
Moreover, they need to also look at factors including transparent governance and operating model, partnering with IT and external partners, developing expertise in automation and process optimization, a centralized framework for IT architecture and infrastructure. The pace of RPA maturity will continue to accelerate
Sneha Bokil is a Senior Editor with OnDot Media. She writes editorials on an array of topics ranging from IoT, AI, ML, and cloud computing, among others. She has over 9 years of experience in the field of content creation, where she has written on technology, both enterprise and consumer, and finance.
A Peer Knowledge Resource – By the CXO, For the CXO.
Expert inputs on challenges, triumphs and innovative solutions from corporate Movers and Shakers in global Leadership space to add value to business decision making.Media@EnterpriseTalk.com