As Frost & Sullivan noted in their recent report, Robotic Process Automation (RPA) Market View for Customer Care: Virtualization the Workforce Enterprise-wide for Cost Reduction and Customer Experience Differentiation, while Robotic Process Automation (RPA) has reduced costs and increased operational efficiency organizations. For over 20 years it has recently gained traction and visibility. In particular, real implementations in the contact center are growing strongly.
Frost & Sullivan believes there should be greater awareness of how RPA has the significant potential to impact businesses – in the contact center and beyond – to be more aware of how it fits into a formalized business model. Organizations must also consider pursuing the benefits of automation.
The C suite must start with an analysis that determines what can and should be automated in the pursuit of efficiency. The operational framework involved in the results should serve as a detailed blueprint for automation that can aid in the redevelopment and simplification of business processes. At the same time, any organization pursuing an RPA strategy must ensure that business departments and information technology (IT) are ready to work together continuously – from project start to solution implementation.
Frost & Sullivan estimates that the global Robotic Process Automation (RPA) market is the use of software that encompasses technologies such as artificial intelligence (AI) and machine learning (ML) to automate large-scale, routine tasks that are time-consuming and prone to human error – could be worth more than $ 2 billion by 2020, which will grow in the coming years with a potential combined annual growth rate (CAGR) in the region of 50% -75%.
It makes sense to consider that every industry today is made up of companies looking for elegant, seamless, and effective solutions that improve business processes and positively impact the core, which can have short-term business benefits. In turn, more efficient business processes help to achieve better long-term business outcomes.
And while the ROI and best results of RPA are too often cannibalized by systems integrators / consulting firms that involve lengthy processes of identifying, documenting, and validating processes to figure out what to automate and where to start, automation helps create it work optimizes and increases productivity while improving the quality, consistency, and efficiency of the workforce. For Frost & Sullivan, RPA is an innovation that will truly impact the nature of the business, with a range of solutions that enable true digital transformation.