To aid human resources, the Robotic Process Automation industry is becoming the most integral part of any and every business.
Other than streamlining the entrepreneurial operations, Robotic Process Automation is capable of reducing costs. With its integration, businesses can easily automate mundane business operations and processes while employees can work on other higher priority tasks.
Hence, there is no denying that Artificial intelligence, Machine Learning, IoT are already a prominent part of various industries, now, with Robotic Process Automation, each domain is getting better traction in terms of productivity and efficiency.
As per Statista’s prediction, RPA facts and figures market value will reach over 3 billion USD by 2022.
Here in this blog, we will be taking a look at everything about Robotic Process Automation, RPA facts, and figures along with the cost of it for businesses.
However, before getting started with it, have a look at a few things to understand the importance of technology for human ease.
- The beginner’s guide to machine learning
- Why invest in AI application development
- Impact of IoT on mobile app development
Once done with it, you are good to go to unleash the potential of the Robotic Process Automation industry and the practices we follow at Appventurez- the leading mobile app development company.
What is Robotic Process Automation?
Robotic Process Automation, also called RPA is a technology that can intelligently automate business processes based on rules that are structured and repetitive. The tools of RPA can be used for easy communication with other digital systems. These communications can be made for capturing data, retrieving information along with processing the transaction, and more.
Understanding rpa demand in market, the RPA itself represents the use of robots that are programmed for completing business tasks. RPA’s initial processing was adopted by financial firms. With its beginning with financial organizations, other domains like Healthcare, retail, manufacturing, and others are a few examples of RPA technology adopters.
Check out- How financial apps simplify businesses process
Using RPA helps in reducing the overall labor cost along with preventing any human error.
Take for example- a customer and the commercial bank uses over 85% of software bots for running processes and handling around 1.5 million requests annually. This results in adding up to more staff and costs. Thus, using RPA can reduce the processing time along with reducing costs.
However, there are companies that find RPA adoption challenges and RPA facts and figures a little complex in terms of installation and functionality.
Furthermore, RPA technology combined with Artificial Intelligence, Machine Learning along with Natural Language Processing will make RPA a more powerful technology.
Check out- A beginner’s guide to Natural Language Processing
The technology is processing a lot of information, and business operations resulting in its popularity, the surging market size of robotic process automation, and different domains.
Here is what it looks like globally-
Robotic Process Automation statistics
- As per the National Association of Software and Services Companies (NASSCOM), organizations that adopt and implement RPA can reduce their onshore operational costs from 35-65% and 10-30% in the offshore delivery.
- The Deloitte global robotic process automation survey found that around 53% of the respondents to the survey had already started the use of RPA for business operations. And it is also a prediction by Deloitte that RPA worldwide adoption might happen within the next two years.
- Robotic process automation McKinsey and Co. suggested that 45% of the business tasks can be automated.
- Another report of Deloitte global robotic process automation survey regarding RPA stated that respondents reported for improvement in compliance (92%), productivity (86%), quality/accuracy (90%) along with a reduction in costs by 59%.
- Forested predictions state that RPA will reach an exponential growth to $2.9 billion in 2021.
- Automation Anywhere has raised $550 million using Robotic Process Automation.
And there is a never-ending list of RPA statistics 2020 showcasing the potential and power of RPA. attending to these points, let us now check out some more fascinating robotic process automation facts about Robotic Process Automation in great length.
Fascinating about Robotic Process Automation facts
- Process Automation
Yes, RPA adoption can definitely automate the organizational processes that are routine-based, and repetitive. However, when it comes to decision making, taking judgment, or any relative tasks, using RPA can be challenging.
As identifying, evaluating, selecting processes, or taking decisions using business process automation statistics involves human assistance, RPA cannot alone work towards it.
2.RPA selection processes
When you are beginning with the robot automation integration, it is mandatory to choose the process which carries both-high potential and power.
Let the processes be divided into-
- Low benefit, low complexity
- Low benefit, high complexity,
- High benefit, low complexity
- High benefit, high complexity
For choosing the right and the appropriate one, get your team together for brainstorming various RPA processes. Together with your team, pick the best one that satisfies your organizational processes along with streamlining the processes.
3.Partial robot automation
Through the benefits of robotic process automation, organizations can automate regular tasks easily, however, it is not necessary to automate processes from scratch to end. For using the technology appropriately, you can identify steps in a process that requires actual automation.
4.An effective tool
There is already stiff competition for rpa demand in the market and there are more than 50 RPA vendors available to buy from. There are some vendors who started a little earlier whereas some have got venture capital backing.
All these vendors offer products that are similar in nature and working carrying the same level of technology foundations.
Understanding and analyzing the competitive nature of rpa demand in the market and the products offered by different vendors, there is already a lot of noise stating who delivers better. Hence, in order to eliminate the risk, you can opt for the topmost vendors of RPA. Other than that, instead of buying a costly one, you can buy more and see the differences.
There are agencies who re-engineer their processes to make them more efficient and consistent. Until and unless, agencies follow some standard operating procedures, ending up the process being ad-hoc is obvious.
For taking forward the organizational process hence, businesses can re-engineer the overall process. Re-engineering the business process is a holistic approach that involves a lot like- data flow, IT systems, organizational culture, recruitment, training, and so on.
Therefore, for the benefits of robotic process automation, it is wise to opt for automation processes. The approach not only offers benefits but improves the process also.
When a person retires from the organization, he/she does not only retire from the position but also takes over from experience, knowledge, business acumen, lessons, and so on.
And then their position is being filled with younger generation employees. The younger generation then uses its own set of tools, techniques, technologies, and smartness for delivering the same thing.
For bridging the gap between the retired and the younger generation, RPA can be a good option. RPA is a way to capture and automate many processes. It is a tool that can hold the institutional memory of the agency even when the person retired or new one connects.
Just like human resources, robot automation workers also require ultimate care and feed too. The feed can be in terms of updates, frequent bug fixing, etc.
Other than that, once the bots are developed, tested, and deployed into the production requires monitoring for ensuring that they are functioning correctly.
Check out- The role of chatbots in enterprises
For instance- a minor change to the web interface can cause RPA bot to fail. Thus, the RPA system needs to be informed of system changes.
When this was about feeding the bot with information, the next in the queue is a “custodian”-who will be responsible for any change control.
With it, let us now understand what characteristics an RPA carries for the businesses.
Characteristics of Robotic Process Automation
Robotic Process Automation resume does not necessarily require extensive programming skills. Developers or employees with top programming language expertise can get control over the technology by getting training to automate RPA tools.
As per our experts, RPA tools are fairly user friendly for bot development creators and also for the end-users. There are RPA tools that provide drag and drop functionality for writing codes.
The market size of robotic process automation and its usages definitely eases the work of organizations resulting in fixing complexities and risks.
The software made robots access the end user’s systems through controlled user interfaces, helping in reducing underlying systems programming necessity.
Now that we are done with the characterization of RPA, let us now have a look at the benefits of robotic process automation businesses can take advantage of.
Top benefits of robotic process automation for businesses
- Saving cost
The very first benefits of robotic process automation is a significant and immediate reduction in expenditure. As and when the work that requires manual power earlier turns into automation makes the task completes faster. Not just the faster completion of tasks but it also lowers the rate too.
All of these things pushed the tasks to be completed timely without the issue of error.
2.Accurate and quality completion
Humans are prone to errors and can make mistakes that cost huge amounts of money. Also, errors in routine tasks of the company also affect the performance of the employees as well as the company.
Hence, in order to eliminate any such issue, using a robot process is the best solution. It can help in error-free work without compromising the quality of the work too.
3.Enhancing time management
Just like how much it costs to develop an app is somewhat similar to how much time does it take a human to perform a certain given task.
Even if it takes a few minutes for a human to perform the task, the robot automation can still complete it within seconds or less than a minute. Also, using RPA, over time and multiple tasks can be done nicely and efficiently.
We have already mentioned that RPA does not require too much technical specialty. Thus, it is always seen as the ideal application for end-users.
Through RPA, organizations can deploy robots to perform several tasks by eliminating any IT professional. The robots can efficiently and effectively work towards the signed role automatically.
5.Simplifications and flexibility
RPA does not require scriptwriting and coding. Hence, complex processes can be easily transferred from humans to machines nicely. The workflows can be automated without compromising the quality and great returns.
Just like outsource app development, many organizations are outsourcing their workflows but that comes with its own set of inherent risks.
Using RPA in the organizational work practices, the technology can help in providing better solutions, greater control over the work using the in-house team.
Check out- How to outsource app development for the coming years
7.Insights & analytics
For succeeding, it is good to learn from past experiences. Thus, integrating RPA can help in gathering, organizing, tracking, reporting, analyzing along with storing valuable data easily and efficiently.
The stored information can then be used for improving current ongoing operations while addressing any issues and correcting them later in a timeline manner.
This is how you can take the leverage of RPA for your organizational workforces. Here is a list of top 10 robotic process automation examples to look at-
Top 10 Robotic Process Automation examples for businesses
- Call center operations
Using RPA in the call center can help in supporting customer requests and queries nicely along with answering solutions via the dashboard.
Whenever a query or issue escalates from the users, RPA helps in consolidating all the information of the customer on a screen. Ditching multiple screens for the information, the agent can have a look at all the necessary information for exemplary customer service.
Just like the role of IoT in healthcare, RPA for healthcare and insurance can be used for driving input along with processing claims.
The tools for RPA can process the work faster without making errors. Other than that, the technology can easily identify exceptions for saving unnecessary payments and resources.
One of the next robotic process automation examples is migrating data.
For newer systems, employees are required to pull out the necessary information from the older systems for data migration work practice.
Using RPA can easily support manual processes without any human error. The RPA software solution can read the forms and drive all the data from the old systems nicely.
With robotic process automation facts, the technology ensures that every employee onboards as per the organizational processes like mobile app onboarding along with informing them of all the company guidelines.
Know also- Top mobile app onboarding best practices for businesses
5.Sales process support
Starting from updating the CRM systems, building relationships with users, setting up the client billing system, monitoring systems, to data input into sales metrics can be done by RPA effectively.
Check out- The dire need of customer relationship management CRM for businesses
RPA software systems can help the human help desk for promptly reverting back to users, answering their questions while easing in repetitive issues too.
Mobile app healthcare advantages are numerous and the benefits of robotic process automation can be also offered via RPA technology like healthcare appointments, patient data records, and so on.
The RPA software bots can easily collect all the patient’s data be it the history, insurance information, location preferences, appointment requests, and so on.
RPA technology is capable of doing everything in a few clicks helping both the end-users and the healthcare domain. Using top tech trends in healthcare, RPA technology can be proven greatness.
There are RPA based bots that can easily process the credit and debit card applications. They are made to handle everything be it gathering user data, information, documents along processing them.
Check out- How financial apps simplify businesses
This will result in deciding whether the applicant is a perfect fit for getting the credit or debit card.
For getting started with financial-based app development, get to know about the cost of finance app development.
RPA bot can take a look at employees’ expense reports like business name, data, amounts. The bot will help in automatically extracting the receipts efficiently.
10.Data from multiple sources
RPA technology is capable of bringing any data from multiple sources from beginning to end from various websites. Once gathering all the data, these bots then compare the enormous data and show the top results suiting your requirements and queries.
With it, let us check out how many companies use rpa effectively using it for various purposes.
How many Companies use rpa for Various Purposes
With rpa facts and figures, there is a huge list of companies using RPA for their work processes. However, there is some that are quite known are-
Knowing the top known names using RPA for their operations, if you are willing to integrate the RPA software system, it is a must to understand and know the cost of RPA. So, without further ado, let’s check out the RPA development cost.
The cost of Robotic Process Automation Development
The cost of RPA development is divided into various segments. The initial RPA cost division looks like-
- Opportunity assessment
These are the cost factors you will be incurred before and after the RPA solution. However, there is still a list of other related costs that involves consulting services, production tools along with strategic consulting services.
1.RPA consultation & another cost
a. Consultation costs
The consultation cost depends upon the choice of whom you want to hire and what will be the mode of communication between you and the other party.
Choosing the Fortune consulting firm will cost you somewhere around $500 per hour. However, you can opt for another RPA technology practitioner that might charge you about $50 per hour or more.
The RPA tools can either be part of the consultation fee or incurs individual costs.
However, there are some RPA firms like you who provide an option to own production tools along with an option of pay only for usage.
Furthermore, if you are willing to buy RPA testing tools, it will cost you around $5000.
As per the RPA solution and analyzing the rpa facts and figures, you are willing to get started with, you also will be required to pay for infrastructure set up costs that involve the configuration of bots in order to allow them for RPA monitoring and installation in the respected applications.
Once you are done with the RPA installation, the next cost you need to incur will be associated with user testing, its validation in various departments, use cases, or a chance in the management solutions too.
Hence, you need to pay for the testing cost too.
Check out- The ultimate guide to Mobile App Testing
For RPA, the cost of training refers to capability training, RPA analysts and developers training, guidelines training, enterprise standards training, and others.
However, more training will be included in the RPA system, the more the cost needs to be paid.
2. RPA maintenance costing
There are firms that charge for maintaining your RPM infrastructure, which is also a necessary part of the swift working of the software.
b.Bot and maintenance
Bots are part of the RPM software system, and any update or upgrade made into the system also means that you need to upgrade your bot too. And upgrading or updating both calls for additional charges.
For improving the condition of your software, you need to incur additional costs that will include like-
- Preventive maintenance ensuring RPA is meeting the business production standards and guidelines
- RPA’s bot SLA compliance along with its auditing and reporting.
- The training cost in order to keep the staff updated with any upgrades.
3. RPA infrastructural cost
Your RPA software license is dependent upon the pricing model and the mode of deployment either it will be cloud or in house.
If opting for cloud, you need to pay some extra bucks which are not the case with in house deployment.
Another factor that will determine the cost of your RPA bot development will be the number of servers or Hosted Virtual Desktops your RPM will reside.
Also, the hosting solution is the crucial factor that decides whether the RPM automation will be of high performance or standard.
c.Disk storage & Management console
Your RPM bot monitory systems will also require a disk storage space for any logs or messages. NAS storage is considered the storage space for centralized monitoring and this will incur a cost.
Now, the Management console is the next requirement meant for monitoring work status and Bot health.
All these things will ask you for some additional costs.
Now that you are aware of the RPM costing part, it is now the time to understand for an effective RPM process.
So, let’s get started with it-
Top Tips for RPM Process Effectiveness
- Planning before process
In order to implement RPA into the organizational system, it is always recommended to know what it is and how it works.
For that matter, it is essential that a firm identify, evaluate, document the process, and then validate if the RPM is delivering what is expected or not.
It is crucial to get started with documentation before integrating RPM automation. Start with a documentation culture involving repetitive processes too.
Check out the daily tasks that are repetitive and see if they are impacting the business or not.
3.Educating your team
Educate and encourage your team to start using RPF automation for different work requirements.
Once done with its implementation, check out the result RPF is bringing along with tracking the metrics and progress.
4.Your company’s goal
The goal of your RPM software should be clear and elaborative. Be welcoming for RPM as it is an all-new concept.
Give it a chance, let the software gain what your organization is all about before automating.
Each and every person using RPM should come up to the same page with descriptive knowledge of it for further business prospects and benefits.
5.Skilled RPA employees
RPA tools are utilized by specialists for simplifying the business process for speed and agility, accuracy.
However, if you are letting your in-house team operate, ensure that they have sound knowledge of managing the RPM system.
6.Automation & prioritization
It is essential to understand which part of your organization process required RPM automation. Check out those things and their impact on business efficiency.
7.For long term goals
With the combination of machine learning in the beginning and chatbots in the end for processing information, the RPM should be used efficiently for a long time.
After its gradual progress for the business, opt for AI ML development but obviously not in the initial stages. Ensure that your tool is flexible enough to take charge of coming updates, upgrades, or changes.
8.Manual and automation
Before automating the process fully, you should have the knowledge of managing the process manually too as you are the master of it.
Thus, before automating, be alert of the task you are choosing as there are cases when you need to manage things manually from the beginning.
As you are integrating RPM into your organizational structure, it is necessary to take note of ROI generation.
Check out the scale of revenue you earned by opting for RPM and what was the situation earlier.
We have reached a point where understanding only the positive points is not sufficient. Before getting started with an RPM software- which is obviously costly, you should be aware of a few things.
The points cannot overpower the effectiveness and need of RPM software but being alert of some challenges of RPM can make the picture clear.
Here go the challenges-
Challenges with the RPM Software System
RPM is a great deed but there is something it has no control over-rpa adoption challenges
- It cannot replace humans. RPM can definitely assist humans but it can never replace the existence of humans fully.
- It will change the nature of outsourcing. Yes, companies are opting for RPM outsourcing too that in turn results in a lot more good things.
- Its software is complex. Lack of RPM software knowledge can cause a lot of loss a firm ultimately needs to bear. Hence, experts or the person with sound knowledge can get control over it and train others for operating and managing the same.
- It cannot improve the flawed business process. RPM is meant for automating the organizational process but it is flawed, expecting to get miraculous results should not be made. In order to get great results, the organizational flawed system needs to be corrected before RPM implementation.
- It cannot automate kinds of processes. RPM can automate a lot of processes including daily repetitive ones but it can not get a hold of various processes too.
We have come to an end with lots of robotic process automation facts along with some challenges it poses. It has the capability of turning processes into automotive processes resulting in no errors, effective work, precise working of the everyday task and ultimately affecting the ROI of the business.
If you still have some questions related to RPM, rpa facts, and figures, connect with our RPM experts for a clear understanding.
Q-Is RPA expensive or requires too much investment?
As compared to traditional methods of automation, rpa facts and figures showcase that it is still economical and comes under the budget of the organization. Its ability to work alongside IT infrastructure affects its cost.
Using robotic process automation facts and the software, organizations are not required to keep focusing upon the infrastructure remodeling, offshore/onshore manual processing, or outsourcing.
Q- RPA consists of cybersecurity risks?
We won’t say that RPA consists of risks but at the same time, we cannot deny the fact that organization often skips this part in the excitement generated by the new technological benefits.
The misuse of data, sensitive information data theft, external theft, and others are the kind of issues software robots are privy to. RPA issues might come in the form of malware, hacking, trojans, and so on.
Q- How to prioritize what work is suitable for RPM?
Choosing several tasks out of many for automation is challenging. So, before getting started with the automation process, answer a few questions for clarity.
1.Any small scale automation you can opt for at low risk?
2.What is the reason for automation for a particular set of processes?
3.Do you have a system or a process guiding you through prioritization and identification of automotive tasks?
And there are more. Connect with our experts for all your queries.
Co-Founder and AVP Technology at Appventurez Mobitech. A tech enthusiast who has broad expertise in delivering end to end software solutions. He is an expert technocrat ho has in-depth knowledge and is highly experienced in delivering solutions for Android, Xamarin, Ethereum Smart Contracts, ASP.net.
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