RPA and automation tech firm UiPath raises $225Mn in Series E funding — People Matters
This week, leading RPA company UiPath announced that it has raised $ 225 million in Series E investments as its valuation climbs to $ 10.2 billion. With an ARR currently in excess of $ 400 million (up from $ 100 million in the last 24 months), UiPath is currently one of the fastest growing enterprise software companies in the market.
In the current situation, RPA software and automation are experiencing increasing interest and demand. However, growth in this area has been increasing for some time. Before the outbreak, RPA, AI, and automation technologies were seen as key strategic investments, a productivity-enhancing method that employees can use to focus their attention on tasks with a more human touch and value. Last year, Gartner data found that RPA software revenue grew 63.1% to $ 846 million in 2018. This makes this segment the fastest growing in its sector. In fact, Everest Group predicts this segment could reach as much as $ 2.5 billion this year.
Commenting on the news, Daniel Dines, Co-Founder and CEO of UiPath, said the funding would allow the company “to accelerate our platform ambitions to meet increasing customer demands and seize the tremendous opportunity to bring automation to one billion citizen developers – what would eventually lead to any business would be a software business. He added that the COVID-19 outbreak has increased the need to “address challenges and create value in days and weeks, not months and years”.
A robot for every human
UiPath is committed to providing “a robot for every person” as part of their “next wave of personal productivity”. In this exciting initiative, UiPath promised to help companies automate tedious tasks and “delegate the drudgery to a digital helper” by connecting a robot to any desktop application through its UiPath assistants. This allows various automations to run in the background of other operations, allowing users to multitask while they work. “If a digital assistant saves an employee just 20 minutes a day,” writes UiPath, “that’s more than two weeks of work per year.”
As part of the announcement, UiPath also highlighted the collaborative and personalized platform UiPath StudioX. This easy-to-use and intuitive technology allows users to drag and drop their own skills and automations based on which tasks they think need to be automated the most. When working remotely, self-motivation is key. Technical solutions like StudioX give employees a sense of customizable freedom of choice across their own productivity levels and daily activities, resulting in increased morale and motivation.
Adaptable to older processes
One of the key advantages of RPA is that it can be used in combination with existing software and processes. Gartner Vice President Fabrizio Biscotti said in 2019: “The ability to integrate legacy systems is the main driver for RPA projects. Using this technology, companies can quickly accelerate their digital transformation initiatives while unlocking the value associated with previous technology investments. ”
In this way, RPA uses the company’s current operating systems to optimize them or bring them to a higher level of efficiency, rather than completely eliminating such infrastructures. At a time when companies need to automate and digitize quickly, this aspect of RPA business software is a tremendous strategic advantage. UiPath robots, for example, are ultra-compatible and are used alongside SAP, Salesforce and Oracle as well as Office apps such as Microsoft Office.
In an economic downturn, RPA is an attractive solution for companies looking for a cost-effective way to build on technology investments that have already been made. Rather than starting from scratch with enterprise-wide software, RPA provides a way to automate efficiencies, reduce company time, and increase job satisfaction without dismantling older systems with financial loss.
Collaboration and cross-departmental contributions
In addition, colleagues, team members and more can share these results in a portal through the UiPath Automation Hub, receive rewards and even publish them to an automation library. With remote working widespread, the norm, encouraging a sense of collaboration and crowdsourcing materials, will encourage a sense of belonging while physically distant from each other.
The fast and scalable nature of RPA technologies makes them particularly resilient to future disruptions. It’s a great way to bring people together to develop permanent, practical, and highly accurate solutions while freeing them from repetitive tasks. These functions can be adapted and continuously developed in a fast-moving ecosystem in order to provide companies and their teams with continuous added value.
Strong governance, rules and ethics
Automation increases productivity, reduces and eliminates tedious tasks, and frees people for more human tasks. For the most part, RPA is accurate, secure, and reduces risk. However, this technology should not be used without careful consideration of ethics, understanding of potential risks, and ensuring the protection of all employees.
According to a recently published report by Fico and Corinium, 93% of C-suite respondents said ethical considerations are an obstacle to adopting AI. 60% also expressed concern about regulatory and compliance risks related to AI and automation. Scott Zoldi, FICO’s chief analytics officer, emphasized that organizations need to ensure that “AI is robust and explainable, transparent, ethical, and governed by verifiable, recorded development processes known as data movements over time.”
There are many questions about how to create a strong framework for these technologies: Transparency, communication and implementation of best practices will be critical during this process, especially as many companies are rushing to get the technology they are under COVID- 19 need.
As UiPath points out, “Automation is a team sport and, like any sport, there are some rules to ensure that everyone plays well together.” In response to such concerns, organizations should focus their efforts on strong model governance, management rules and company-wide guidelines. that start with the highest levels of management. UiPath itself takes care. Features include support teams, end-to-end visibility, monitors, licensing models, and centralized management systems to ensure security and consistency across all programs.
RPA solutions are a critical way to negotiate the unknown waters remaining after COVID-19. In a world of massive change, comprehensive solutions are required. For the implementation of these technologies to be successful, every team member from IT to HR to management must be involved and informed about the effects of these processes.
Automation and RPA aren’t just the future: they’re already here, offering companies an exciting opportunity to focus on people, become more efficient, gain resilience, and gain time to be timely in this unprecedented moment in history Focus on innovations.