The recent challenges in the field of technology pushed organizations to adopt RPA (Robotic Process Automation), ensuring smoother workflow.

With the RPA, modern businesses are trying to meet the ever-changing needs and demands of the customers. As per analysts, within the next 12 months, robotic process automation growth will surpass the expectations.Gartner predicts that the RPA market will boost reaching the height of USD 2.4 billion by 2022. As compared to 2017, the RPA market progressed 57% in 2018, hitting a milestone of USD 680 million. Allied Market Research claims that the robotic process automation market will reach USD 19.53 billion by 2027.

Financial and software organizations have been the early adopters of robotic process automation. However, more industries are continuing the implementation of RPA. In a couple of years, RPA expects to appeal to enterprise customers, promising incredible opportunities.The CIO of Cisco, favors automated processes. During an interview, she claimed, “We’re on a mission to relentlessly automate everything that’s manual”. This resonates with the determination of the industry towards the adoption of RPA and progressing towards betterment.

1- Process intelligence and cognitive automation- the new phenomena.

Robotic Process Automation expects to incorporate process intelligence along with cognitive automation. The last few years present that RPA has limitations that cannot be overlooked. For instance, the lack of ability to scale and the concern with orchestration can’t be ignored.Forrester analyst, Craig LeClair stated that the biggest concern of RPA that preoccupies businesses is its limitation of scalability. Fewer than 2% of businesses scale more than 500 bots while the majority stuck with 10 bots or less.

2 – Robotic Process Automation can’t fully replace jobs

Since the Industrial Age, humans have always been concerned about whether robots can seize their jobs. However, experts suggest that people must view RPA as a unique opportunity to share the workload. Humans can get rid of petty tasks by automating the process. Some jobs are better with robots, after all.The digitization in the field of finance has transformed the possibility of altering roles, which remained unchanged for decades. RPA proved not to be a threat to the financial sector and its employees. Instead, it assisted in ensuring new opportunities that led to more paying jobs. Robots took over demeaning corporate tasks and provided help to the employees in concentrating on major works with creativity.

However, not everyone believes in this philosophy. As per them, the working environment is not safe with such high-powered intellectual abilities around them. Recently, the New York Times cited statistics provided by McKinsey; a leading consultancy firm. As per the statistics, the robots will raise job displacements where 37 million US workers will face dislocation by the end of 2030. These statistics were before the pandemic, however, after Covid-19 the prediction increased to 45 million.

How can humans and bots get along?

The belief is that the objective of automation is to make humans efficient and not to replace them with robots. Experts are hopeful that those who lose jobs due to automation are able to find better work.

Geoffrey Hodgson has faith that the human touch can never be replaced with robots and automation. When it comes to client and customer relationship management, robots can’t take over 100% of the process. Human interaction is far more valuable as compared to robotic conversation.

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July 19, 2022

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