Indubitably, automation is the way of the future with Robotic Process Automation (RPA) transforming the way organizations function around the globe. By streamlining the once manual processes and lowering the burden on human employees – it holds the key to increasing employee productivity by supporting and consolidating a scalable digital workforce.
Morover, post-Covid-19 had also compelled all global organizations and industries, big or small, to digitize their workforce for higher and improved productivity. As it is becoming more mainstream – small businesses and medium-sized organizations must start and get the most out of this technology.
When I say get most out of this technology then believe me this is not a mere statement because the adoption of RPA is on the rise. As the new year dawns upon us, the RPA market in this coming year i.e. 2022 is projected to reach USD 2,467.0 million.
If you are still reluctant or skeptical then let’s have a look at the evolving landscape of RPA technology.
The report released by Deloitte indicates that 16% of the repetitive tasks will be performed by RPA by 2025 – which are mostly considered mundane and labor-intensive. Another study from Market watch anticipates that the RPA market size is expected to reach USD 8,781.2 million by 2026 – growing at the CAGR of 29.5%. The study further explicates that major requirements of businesses to eliminate human errors occurring due to human interference in processes will be responsible for positively impacting the adoption rate of RPA technology.
Gartner, the famous technology research and consulting company stated in its research that RPA growing at the rate of more than 60% in the last two years proves to be the fastest-growing software segment. In addition to all this, one estimate suggests that more than 90% of enterprises will have an automatic architect by 2025.
As I am quoting all these studies the question that immediately crosses my mind is – are companies and IT teams ready for this colossal shift?
Because the Forrester study of global data and analytics from last year says that 25% of respondents indicated the lackadaisical approach of their company towards the adoption and overall vision and strategy for automation. Whilst, the other 25% believed that there are gaps in their organizational structure and alignment in regards to the adoption of RPA technology.
Other than this, humans fear losing their jobs to robots especially in manufacturing industries. Furthermore, the claims that 670,000 humans will lose their jobs to robots still just represents a fraction of what we comprehend as automation has also somehow halted the adoption of RPA.
But in my opinion, organizations putting robots to repetitive tasks and humans to more creative work can increase the productivity of the employees that can help companies in garnering more profits. Surprisingly this phenomenon is becoming popular globally and is famously termed ‘Coboting’.
So it’s time to let humans and robots work together because let’s face it, robots cannot replace humans and vice versa, and this collaborative robot (cobot) market is projected to grow from 2020-2026 at a CAGR of 15-20%. While globally cobot revenue is expected to reach 1.5 billion US dollars in 2026.
Companies with the help of centralized and scalable RPA technology can move forward and reap benefits not experienced before. I am not asking you to start big. You can start small and expand over time.