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The Future of Business Process Outsourcing: RPA

Delian Partners
Oct 4, 2021
2 min read

Robotic Process Automation (RPA) refers to an innovative software – commonly known as a “bot”- used to execute repetitive tasks that are typical for white collar jobs, such as data entry, processing, and analysis, across multiple IT systems. Like traditional automation, RPA can help improve efficiency in almost every sector, helping execute tasks faster and at a lower cost.

Today, digital transformation is the number one priority for many organizations, which means RPA is one of the fastest-growing enterprise software applications within this trend. The AI powered technology allows machines to see, hear, and think as humans do, and to effectively solve both repetitive and complex task. Today more than $200B are spent on Business Process Outsourcing worldwide annually, and RPA has the potential to take a significant share of this spend as the market is rapidly shifting from outsourcing work to humans to outsourcing it to software bots.

According to Gartner, currently, UiPath is the leader in the RPA industry with its over 7000 enterprise customers. By combining Artificial intelligence and Machine Learning, UiPath’s RPA software allows organizations to automate processes which are then executed at a fraction of the cost and time previously spent. What makes UiPath unique is the use of software bots which accurately emulate human actions and automate millions of repetitive office tasks, increasing productivity and freeing up millions of working hours of capacity. UiPath is leading the “automation first” era worldwide by allowing business leaders to scale digital business operations at unprecedent speed.

Another big player in the RPA marketplace is WorkFusion, used mainly by banks and other financial players. WorkFusion allows these companies to automate, optimize, and manage repetitive operations via its AI-powered Intelligent Automation Cloud. The AI powered technology allows bots to read and understand complex documents containing unstructured data, and digitize, classify, make decisions, and extract data from them while minimizing fraud and data theft risks. Most importantly, the bots learn from each new document and activities previously executed, thereby continuously increasing, and improving their level of automation.

The RPA market is soaring from its market size of $250million in 2016 to $2.9billion in 2021, growing at a 63% 5-year CAGR. RPA can become a cornerstone in almost every industry: from finance, insurance, logistics to healthcare. As reported by McKinsey, 60% of all jobs could have at least 30% repetitive, tedious tasks that could be automatable. Automation could replace between 9 to 26% of such activities by 2030.

The information in this article should not be regarded as a description of services provided by Delian Partners SA. The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. The views reflected in this article are subject to change at any time without notice.

From Work Automation to RPA: A Revolution in the Digital Workers’ Era

Delian Partners
May 6, 2021
2 min read

In recent years the level of interest in the Robot-as-a-Service ecosystem has increased together with the acceleration of digitalization worldwide. Compared with Traditional Automation, where a machine’s software is programmed and updated by humans to execute specific repetitive tasks, Robotic Process Automation (RPA) is run by an Artificial Intelligence-powered software that allows a machine to autonomously learn and mimic user’s actions and subsequently execute a high volume of repetitive tasks and transactions, with limited human interaction.

RPA is bringing organizations into a new automation era. Digital robots can do a wide range of tasks in a faster and more efficient way than humans. At the same time, with a higher degree of accuracy, they help organizations to reduce workflow costs while improving productivity.

UiPath is among the fastest-growing RPA software Companies in the world. The company developed a high-scale automation software solution for enterprises which operate in different sectors – such as healthcare, finance, or manufacturing, to help them automate repetitive and boring office tasks: By combining different capabilities of AI, Machine Learning, and Deep Learning, the UiPath RPA system can save organizations million-hours of work office and allow employees to be focused on more important things to do.

Another example is Nintex, a global management and automation system developer which provides companies with an RPA bot to control and orchestrate workflows through a simple web interface. Nintex RPA software uses “digital workers” to perform actions similar to human workers, but non-stop, at a higher speed, and without errors, by replicating the same mouse clicks performed by humans. In summary, tasks delegated to the RPA bot interact with apps, systems, websites, and services, allowing people to focus on more relevant aspects of their job.

RPA represents a fast-growing segment as businesses need automated technology to interact more efficiently with their customers and process complex, data-hungry tasks in a faster and more efficient way. According to Gartner, the RPA industry is expected to grow at double-digit rates through 2024. The addressable market is huge, as RPA could disrupt data collection, data processing and predictable physical activities which collectively represent $1.3tn in wages in the US and 51% of time spent in US jobs. As an example, 70% to 80% of both front and back-office processes could be automated in the future.

Of course, human employee performance continues to be critical for the correct functioning of business operations. But RPA is going to be a key component to automate time-consuming processes, limit repetitive tasks, enable quick data entry, and ultimately provide a competitive advantage in the marketplace.