Robotic process automation (RPA) solutions allow businesses to create virtual workforce, which can work on routine and mundane tasks with high efficiency, thereby eliminating the requirement for manual intervention. These solutions offer scalability and reduce operational cost by over 50%, as the virtual workforce can work round the clock. As the RPA systems can work continuously, they offer enhanced customer satisfaction.
With the growing complexities in operations, enterprises across the world are adopting automated solutions, interaction solutions, and decision support and management solutions to automate repetitive and mundane tasks. Moreover, improved customer experience offered by RPA solutions will accelerate the robotic process automation market at a CAGR of 36.3% during 2020–2030. The market stood at $1.6 billion in 2019 and it is projected to reach $46.0 billion by 2030.
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Nowadays, needs of customers dictate product/service, business requirement, and speed of action that a company must have in its portfolio. This is primarily evident in the finance sector, which is undergoing rapid digitalization. RPA technology is used to generate statements in banks, and enables them to send computerized reminders to customers and handle transactions made by them. Apart from this, RPA software also helps in mechanizing back-end processes because it can run in the background 24*7.
This, in turn, allows human employees to concentrate on more important tasks, such as product development or client handling. For example, in 2017, IBM Corporation entered into a partnership with Automation Anywhere Inc. to offer a set of tools that simplify and automate data-intensive tasks, within processes managed by process management software of IBM Corporation. These tools help enterprises to digitize their operations and enhance efficiency across business processes.
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