why RPA will dominate in 2023 and continue to grow exponentially

The Covid-19 crisis made businesses realize how essential automation is for business and agility. The Covid situation challenged the inefficiencies of the traditional business models that rely on manual operations.

Even the highly manual departments like human resource were turning towards automation and the RPA in HR became highly common in various companies.

The global robotic process automation (RPA) market is expn ected to grow more than 13 billion U.S dollars by 2030 (Source: Statista). Robotic process automation (RPA) is enabling businesses across the world to reduce costs, improve operational efficiency, provide customer satisfaction, and more. The rise of robotic process automation in supply chain was seen more evidently than any other sector.

Robotic process automation has witnessed exponential growth over the past two years. The latest market trends show that RPA will dominate in 2023 and continue to do so in the coming years. According to Gartner’s prediction, 90% of the prominent organizations globally will adopt RPA in some form by 2022 for scaling up their businesses. For instance, incorporating robotic process automation in HR will play a key role in improving the process quality, speed, productivity, etc., in companies.

Here are a Few Robotic Process Automation Trends and Predictions in 2023

One of the main reasons for deploying robotic process automation technology is, it reduces time, effort, and cost to execute time-consuming and repetitive tasks. With robotic process automation (RPA), businesses can save time and generate higher ROI. Integrating RPA in the supply chain ensures that every process is covered and all the tasks are streamlined leaving the manual team for other important tasks.

Moreover, RPA can also safeguard businesses from future crises like the Covid-19 pandemic.

Because of Robotic Process Automation, there is a massive digital transformation in HR, banking services, financial services, and many more businesses. RPA is one of the rapidly-growing technologies in the world. According to Grandview Research, the service sector accounted for the highest share of 61% and it is expected to grow at the highest CAGR from 2021 to 2028.

  • Adopting RPA centers of excellence (CoE) will be prevalent as they will standardize RPA by reducing maintenance, bot faults, etc.
  • With the advancing technologies, RPA bots can benefit from other developing technologies like artificial intelligence.
  • By 2023 RPA will incorporate artificial intelligence (AI) and machine learning techniques.
  • Automation acquisitions rise in 2021 will continue their pace in 2023 and beyond.
  • The RPA industry is booming faster and will grow tremendously in 2023. RPA bots and artificial intelligence solutions have grown past few years.
  • Robotic process automation in the supply chain can drive higher benefits from automated planning and delivery.

Partner With the Right RPA Supplier

As mentioned above, the trends show RPA will dominate in 2023. And we at SVAM will help you make the most of RPA and thrive through these challenging times. You can be part of changing the business world with the help of our RPA solutions. With the best RPA practices, we will help you build a sustainable business, help you with the integration of rpa in human resources and take the whole business ecosystem to new heights.

how is rpa different from other enterprise automation tools

Robotic process automation and traditional automation lie on different sides of the bank. Both of these help achieve efficiency in delivering results within time. This kind of mechanism reduces human intervention and performs predefined activities according to the instructions. Both softwares are considered the biggest boost to the infrastructure and efficiency of programming functions. Not just this, RPA in HR is proving to be one of the most effective implications of automation.

By employing the right RPA tools, it becomes possible for the individual to automate the maximum activity in the management functions. But there is a huge amount of difference between the two concepts. The functioning of these two kinds of software can be differentiated based on the given information.

Differences Between The Two Kinds of Software

The various grounds of the meanings have been mentioned as follows:

Meaning and Function

Robotic process automation is a kind of software that helps to automate a high volume of repetitive tasks in a minimum amount of time. These kinds of tools allow the design of software robots to make them capable of automatically executing different types of tasks over time. All the RPA business processes can function effectively over time and when it comes to managing complete operations like bringing the RPA into the supply chain, the benefits are immense.

It is a kind of predefined activity that has finally executed different types of tasks and transactions for delivering effective results within time. Accordingly, the same result can be achieved without any human interaction. It is the utility that is obtained with the help of this process.

Traditional automation and enterprise automation are a kind of combination of different applications that help to achieve automatic integration at a database level. But the speed at which the given results can be obtained is very less, due to which it is a conventional method of automation only.

Requirements

Robotic process automation does not require any modification to the existing infrastructure and can be effectively adapted across any platform. But on the other hand, specific customization can be required in traditional and enterprise automation cases. RPA services companies do not require any adjustments, but enterprise automation requires adjustments to the existing structure to enhance the performance’s efficacy. For instance, if you wish to bring in robotic process automation in HR for your organization, you do not have to disturb any other process. But with the ERP, you have to alter the existing structure or the systems.

Functions

Robotic process automation helps to automate repetitive and different types of rule-based tasks. This kind of software performs the different actions performed by human beings to increase the efficiency of the programming. The entire programming is determined according to a flowchart without any change in the language codification.

But on the other hand, enterprise automation does not perform all the functions that human beings can perform without instructions. Even the pre-defined instructions cannot be followed properly. In such a situation, it is essential to note that interface automation may not be a good process in the long run and requires a lot of programming to achieve a given objective. On the other hand, implementing RPA in areas like robotic process automation in the supply chain can be done easily.

Kickstarting The Process of Automation

All the activities related to RPA for small businesses can be easily performed without knowing any programming. It is a quick implementation method that requires less time to get the desired results compared to the enterprise automated software, which usually takes a lot of time in this process. It usually takes a lot of months to get implemented because designing and integrating instructions are difficult tasks in this kind of software.

Alignment of Work

The robotic automation process helps to delegate the work to thousands of machines which makes it significantly different from ERP. It is essential to gain the desired programming functionality so that the same function can be performed in less time compared to the other situation of interface automation, which usually takes a lot of time to get scalability.

A kind of parallel execution is required in this process. It has got the capability of performing the best functions related to customized management. But in the long run, only robotic programming automation can be configured to meet the needs of the user immediately compared to interface automation, which usually has a lot of limitations related to the functioning of API and other complex technology employed.

Conclusion

The aforesaid is one of the most useful and effective ways with the help of which automation can be used in any organization. Understanding the differences between RPA and other enterprise automation tools helps to choose the required services from SVAM International.

This is helpful in the long run to get the required services over time. It brings the maximum amount of efficiency that deals with the timely completion of tasks and effective programming of functions. Get in touch with us today to know more about our RPA and ERP services.

Automation is only set to catalyse in 2023. The buzz around ChatGPT and the AI is an evidence that the only way ahead for your business is automating it. Along with the AI is also a powerful technology, RPA that is creating a hype amidst big and medium sized companies.

Robotic process automation is software (robots or bots) that performs various tasks to help automate the process and reduce expenses. The robotic process automation (RPA) market is growing exponentially worldwide.

Robotic process automation use cases are exploding in various industries and in businesses areas like using in RPA in the HR department, for calculating finances, creating innumerable new opportunities. The onset of 2023 brought the evolution of RPA trends. The time has come to reap the benefits of investing in digital transformations.

RPA is a result-driven technology entering the phase of maturity and delivering results. It is time to automate the tedious processes and spend time on more crucial things. Here, in the blog, we will uncover the latest trends in RPA that will dominate in 2023.

RPA Trends That Will Attract Your Attention in 2023

The key reasons businesses are adopting and implementing RPA (Robotic Process Automation) are its ability to transform the company, save time, labour, and money. It can speed up the processes, reduce errors and increase productivity. The impact of the pandemic has boosted the implementation of RPA.

Robotic Process Automation in Supply Chain

With the increased RPA capabilities integrating it with other technologies in supply chain will increase the overall performance and productivity. There are remarkable outcomes to look forward to with the integration of RPA in supply chain along with other tools and technologies.

RPA Will take Over Enterprise Resource Planning (ERP)

The ERP and traditional systems in businesses encounter the problem of catching up with the frequency of the digital transformation. Manual data entry into ERP is a tedious task. ERP will undergo a massive change, with RPA playing a crucial role. With RPA, employees can automate repetitive tasks and business processes. In some cases, they can record the processes through automatic code generation and create a software bot.

RPA Will Pave Way for More Innovation

The companies and businesses that initially adopt RPA will gain a competitive edge. The companies that create and design frameworks to execute the system will make the most of the automation programs. This approach of the organizations will pave the way for more innovations.

RPA and Artificial Intelligence to Empower Processes

When RPA and artificial intelligence come together, they empower process automation and impactful digital transformations. Organizations can reach extreme possibilities by combining the RPA with AI to deal with anything. Cognitive bots learn from the data and make decisions, thus becoming a vital part of your team.

Small and Medium Enterprises Adopting RPA

The impact of the Covid 19 pandemic made the SMEs realize the importance of automating processes. They have understood how crucial it is to adopt automation to take competitive advantage and bounce back from a sudden disaster. Now they are adopting RPA at a much faster rate than expected. They are on the way to working more efficiently by automating their processes.

RPA in Human Resources

Robotic Process Automation in HR departments of companies to automate repetitive, mundane tasks through the use of software bots. In the human resources department, RPA can be used to automate a variety of tasks such as data entry management, employee recruitment, administration benefits, employee onboarding and more.

Conclusion

The advancements made by the RPA industry are shining brighter. That is why it is expected that 2023 will prove to be a game-changer for RPA specially in the business and supply chains. Robotic process automation is adding new possibilities in the business world. Automation will be the core necessity of every organization in the coming years and a must-have technology.

SVAM International Inc. has helped clients automate their process with intelligent automation solutions that can help us bridge the gap between AI and business growth. Get the RPA solutions that promise productivity at par with the expectations.

how accounts payable process can benefit from the application of AI and RPA

One of the most important processes in any organization is the accounts payable process. The accounts payable department is responsible for maintaining the cash flow of the organization, preventing any risks and fraud, and keeping vendor relationships healthy.  

While it is largely an area of extensive manual work, advancement in Artificial intelligence (AI) and Robotic Process Automation (RPA) has made it possible for businesses to automate and streamline the process. The advancement of robotic process automation in the supply chain has made it possible for the companies to keep a track of systems and tasks.

This is crucial for time-extensive procedures that can hamper the efficiency of the entire organization.

A report by Kofax states that automation in this process can reduce costs by 81% and improve the overall efficiency by 73%. This article discusses the impact of automation on the Accounts Payable process.

Understanding the Accounts Payable Process

  • The team designated to procure a product or service will create a purchase order, which is a contract between the business and the third-party vendor.
  • The order details out the basic information about the purchase.
  • The team then examines the shipment to compare it to the original purchase order so a receipt report can be generated. 
  • The vendor shares the invoice that shows what they have delivered and at what price. The invoice is then verified/approved by 2 or 3 signature authorities in the organization.

The overall time and cost involved in these steps are why the process requires automation. The manual entries and approval of invoices take up a lot of time, and the variety of formats that invoices come in often causes a lot of issues for the Accounts Payable team as well. In such situations,  AI and RPA can largely reduce these time delays and speed up the process significantly. 

Apart from the accounts team and departments, the tasks carried out manually by the HR team in the offices are also automated by the RPA. Integrating RPA in HR can help in bringing down the manual tasks and ensure efficiency and speed.

The Effect of AI and RPA

On average, it takes anywhere from 4 to 16 days to complete an accounts payable cycle, while manually invoicing and approving payments costs about $23. RPA and AI can help in streamlining these workflows as they can replicate human tasks within a digital environment, which in turn, reduce the cycle time significantly.

In fact, in terms of money, processing one invoice through the use of RPA and intelligent systems only costs $4. In addition to bringing considerable cost and time savings, there are a plethora of other very significant benefits that automation and artificial intelligence can bring to the entire accounts payable department.

Here are some of the major benefits:

  • Scanning and converting invoices from different formats to capture the data. This includes physical copies, scan copies, PDFs, emails, and faxes.
  • Classify and sort invoices automatically
  • Check for duplicate invoices and send alerts to relevant departments
  • Validate invoice data
  • Route invoices for fast approvals
  • Automated actions and reminders for payments
  • Reporting and analytics
  • Reduced human error
  • Improved process control for better compliance
  • Enhanced process transparency
  • Improved relations with vendors and increased customer satisfaction
  • Accuracy of data

Your Accounts Payable process needs to be robust and secure in all aspects, which is why it needs the boost of AI and RPA in the system. It can transform the way you see your AP process by making it a quick, agile, and efficient process that is less laborious and costs you a fraction. Just like RPA in supply chain, RPA can automate and fasten everything while minimizing the errors to a great extent. 

You can get the power of automation through the leading RPA and AI services provider, SVAM International. We have dedicated teams in the US, India, and Mexico alongside a global pool of talent to address all your needs at all times of the day. Book your consultation now.