Interest and investment in Robotic Process Automation (RPA) is on the rise. It is estimated that the compounded annual growth rate (CAGR) within this market will rise well into 60.5% by 2020, according to Transparency Market Research.
What’s not to like? After all, automating 100% of the work that humans do – all with software robots – means enterprises will achieve cost savings while increasing efficiency.
Sounds great right? Except the math doesn’t always add up when it comes to delivering on the promise of the software robots completely replacing the human, and it’s not hard to see why.
RPA is all about automating tasks – repetitive, high volume tasks such as data entry. The idea is that these tasks can be addressed with algorithms and therefore would be great tasks for software robots to execute independently – no humans required. In fact, McKinsey estimates that as many as 45% of the activities that individuals are paid to perform can already be automated. Unfortunately, while a large portion of the work can be automated, not all can be.
Put simply, very few jobs are composed exclusively of repetitive, non-cognitively driven tasks – fewer than 5%, according to McKinsey’s research. However, the same research found that 60% of occupations could have 30% or more of their constituent activities automated.
This part of the math is super exciting! Why? If enterprises were able to combine RPA with Robotic Desktop Automation (RDA) – automation of tasks on the desktop working alongside humans – they would be able to maximize cost savings with an even faster return on investment.
We have seen proof of this at Pega with customers looking for Business Process Management (BPM) and Case Management capabilities. Of special interest is our work with OCBC bank, where we empowered the automation of 150 account opening tasks while increasing customer satisfaction by 40%.
With the addition of the Robotic Automation capabilities from OpenSpan, it means that enterprises will be able to drive automations even faster using the non-invasive/no integration required technology and have the choice to do RPA, RDA, or both.
Come join us at Pegaworld and hear more about how you can drive the most value out of your RPA investments by understanding the different options you have to approach your automation efforts.