Has RPA Reached Its Conclusion?
The Evolution of RPA
RPA is a technology designed to automate repetitive tasks and processes within the corporate environment. These RPA robots can execute, manage, and report on various job steps. Initially, RPA was applied to automate processes on legacy, conventional applications.
Currently, many industries possess processes and tasks with the characteristics above. Among them, four main sectors can be considered representative of suitable RPA applications: manufacturing/retail, financial banking, telecommunications, and logistics. Many enterprises in these sectors have successfully applied RPA to handle paperwork, payments, data processing, transportation management, supply and demand planning, customer care, and more. As a result, they have maximized cost savings and utilized their human resources more efficiently.
However, according to some experts, RPA is entering a new phase. With the advancement of digital technology, modern-day businesses are required to establish new processes that are digital, integrated, and flexible, relying less on RPA.
Sending RPA into Early Retirement?
Why are many companies deciding to retire their RPA robots? One of the significant reasons is financial. RPA entails costs related to licensing and maintenance, and these costs increase over time. This diminishes the profits generated by RPA robots. Consequently, many companies are exploring new cloud computing services with more cost-effective options in the digital technology revolution.
Nevertheless, this trend does not imply that RPA will vanish entirely. Instead, RPA is transforming a new phase. Software automation and robots are part of technology's developmental process. Many RPA models will become part of more comprehensive, strategic, and long-lasting processes known as Intelligent Automation (IA).
So, is RPA at its end?
Despite the emergence of the trend towards retiring robots in many industries, this does not necessarily mean that RPA will disappear. Deciding to retire RPA robots is not always an easy decision. It requires careful consideration and evaluation of its impact on the performance and efficiency of the business.
According to the latest market research report published on Technavio's website, the RPA 2023 automation market is still experiencing significant growth, with a growth rate exceeding 33.97%.
Global Robotic Process Automation (RPA) Market 2023-2027 (source: Technavio)
With technological advancements, RPA continues to evolve and improve to meet the digital needs of businesses. Some companies may continue to use RPA in processes and repetitive tasks where it has proven effective.
However, businesses should be cautioned that relying solely on RPA can be limited in meeting the complex and diverse requirements of the business environment.
RPA still plays a crucial role in the current and future stages. Still, it is also transitioning into a new phase, integrating with other intelligent technologies to meet ever-increasing digital demands. Enterprises must carefully consider and choose a strategy that aligns with their future to ensure success and competitiveness in today's digital market.
Le Van Tuan