The rapid growth of Robotic Process Automation (RPA) is disrupting the entire functioning of several business operations. According to one report, the global market for RPA usage reached $271 million in 2016 and is expected to grow to $1.2 billion by 2021 at a compound annual growth rate of 36%.
Implementing RPA in existing business systems significantly helps save costs incurred due to human errors. According to the Harvard Business Review, erroneous data input by humans costs $3 trillion per year in the US alone.
Businesses across several sectors are now using RPA to reduce operational costs, reducing human errors and related expenses. According to the NASSCOM, domestic businesses can cut costs by up to 65% through RPA.
An intelligent machine with advanced cognitive abilities sans the human limitations can bolster business functioning. More efficiency, reliability, and improved performance gains are among the few perks that invariably leads up to minimizing errors, reducing operational costs with minimum loss of time.
RPA digitizes high-volume, expensive and error-prone manual processes. With all sources of data having a digital audit in all steps of every activity, there is little scope of procedural errors. According to a McKinsey White Paper, “RPA is a promising new development in business automation that offers a potential ROI of 30–200 percent — in the first year”.