Asia automated? The rampant rise of RPA
- The adoption of RPA in several global industries is rapidly increasing
- RPA is relatively new, with its first big hit on the automation scene in 2010. However, given the technology age, its growth is widespread
Robotic process automation (RPA) is growing rapidly around the world. The global market size is forecast to reach US $ 5 billion by 2024 and grow at an average annual growth rate (CAGR) of 61.3%. according to PwC.
RPA also promises to automate work activities by up to 45% and save $ 2 trillion in global labor costs. Specifically, in Asia Pacific (APAC), the RPA market The size is expected to be $ 2.9 billion and grow 203% through 2021.
What is RPA and why should companies adapt?
RPA simply automates complex, rule-based processes across multiple systems that mimic the way people process information. It allows flexibility to work around the clock, 365 days a week in many daily operations, especially considering the repetitive process of handling massive data in the accounting and finance functions in various industries.
For example, to increase operational efficiency, companies use RPA to automate their processes such as payroll, customer support, onboarding new employees, order processing, SMS and email monitoring, and CRM updates
Technology requires a combination of continuous effort, improvement and expertise that encompasses processes, people and technology. It cannot process unstructured data, think or learn by itself without complementary cognitive solutions, or fail to adapt to changes in the application’s environment.
GlobalData technology analyst Shravani Kore said, “RPA frees human workers from repetitive daily tasks by processing workflows much faster and consequently more efficiently. It also improves and scales businesses, data security and effectiveness. “
RPA providers are also leveraging the current Covid-19 outbreak scenario to focus on expanding their customer base and building customer loyalty. Some of the methods used include discounted pricing, free RPA licenses, and seamless bot deployment.
For example, Datamatics in India offered The RPA product ‘TruBot’ is free until September 2020 for companies in all industries as part of the Covid-19 Enterprise Support program.
Startups now also offer RPA solutions for niche areas such as intelligent scanning, image recognition, intelligent document processing and pattern recognition. Glee Trees from Singapore uses AI technologies like natural language processing and context analysis to read structured and unstructured data from multiple Asian languages.
Confidence in the potential return on investment has also fueled the increasing adoption of RPA. In addition, think about how a company can still produce or provide its services when its human capital is not in operation outside of business hours, is on vacation, or is unable due to a crisis such as the Covid-19 pandemic to take care of it.
Among the APAC companies was last year 53% of companies reported an increase in sales in the areas where they used RPA. All project revenues are expected to increase over the next two years. GlobalData assumes that Beijing and Bangalore in particular are leaders in APAC.
In August last year, Automation Anywhere announced a $ 100 million investment in India to set up research and development centers over the next five years. In BeijingRPA startup Laiye raised $ 42 million from Lightspeed Venture Partners and Lightspeed China Partners. Similarly, China-based Encootech raised $ 30 million from Sequoia Capital China, GSR Ventures and Future Capital in March 2020.
Today more than ever, companies should consider evaluating the performance of RPA and the tangible and intangible benefits it provides. As the skills and tools associated with it have grown, the technology has reached a significant level of maturity and the automation of tasks of virtually any complexity has been made possible.
Dashveen writes for Tech Wire Asia and TechHQ, providing research-based commentary on the exciting world of technology in business. She previously covered the fast-paced political arena and stock market in Malaysia.