With RPA set to supercharge productivity and efficiency across a range of businesses, interest in this field is developing almost as fast as the technology itself. Indeed, one study reported by Forrester predicted that RPA will represent a $2.9 billion industry by 2021.
Within such a dynamic environment it can be hard to keep on top of the latest developments. To make that simpler, we’ve summarized some of the most interesting trends in Intelligent Capture and RPA in recent months.
#1: Developing next-generation RPA
Early RPA was fairly limited in terms of its capabilities. Tasks like basic data entry, copying and pasting, and other processes that resembled simple macros were the mainstay of what was available.
Although perhaps not revolutionary, RPA of this type was nonetheless stunningly effective, allowing companies to achieve an output up to 15 times greater than what was possible with human workers alone, according to Deloitte.
RPA, however, is rapidly becoming an even more complex and useful technology. Although challenges remain in applying available machine learning and natural language processing to business needs, many companies are already adapting their processes and making ready for the “next step” towards a complete digital transformation. This may involve advanced robots capable of handling contracts, invoices and other complex documents, as well as end-to-end automation.
As cognitive processing develops, the role of RPA in business is only likely to grow.
#2: Intelligent Capture becoming prominent
Many businesses have their sights set on intelligent capture as the next technology that will streamline their business practice. It is undoubtedly a crucial part of task automation and one that will allow businesses to complete tasks in-house that previously would have required expensive outsourcing.
CapturePoint is just one example of a simple technology that automates a process that might otherwise require a significant amount of human time and attention.
Business process management is set to change dramatically in coming years. While previously this field was focused on the allocation of tasks among human resources, in the future it will likely look significantly different, with the deployment of intelligent machine resources taking prominence.
#3: Agility vs. cost-cutting
Intelligent data capture and RPA will, of course, reduce costs for many companies. Indeed, the National Association of Software and Services Companies (NASSCOM) predicted a reduction in costs of 35-65 percent for onshore operations in companies that successfully implement RPA.
And that’s not to mention the other benefits inherent in automated data capture.
It’s interesting to note that the focus of many businesses looking to employ these technologies is efficiency rather than simple cost-cutting. The higher process efficiency afforded by the use of RPA and intelligent capture will make businesses in a range of spheres more agile, with shorter development cycles and more agility once on the market.
With these developments in RPA and intelligent capture, it’s no wonder more businesses than ever before are looking to implement these new technologies.
Doing so, of course, is not without potential pitfalls, but with an experienced team of experts on board, almost any business stands to reap the rewards of well-implemented RPA processes, from increased efficiency to a lower error rate to the freeing up valuable human resources.