The market for automation tools to support technology-driven business process transformations is primed for explosive growth. A confluence of recent developments, including the digital transformation craze that has taken hold in the wake of the COVID-19 pandemic, a growing cloud computing trend that is democratizing access to tools, and increasing user adoption of data-driven intelligence in every aspect of business processes are prime catalysts. Businesses are adopting Business Process Automation (BPA), Robotic Process Automation (RPA), and Intelligent Process Automation (IPA) tools at a pace far exceeding prior technology roll-outs.
The global market of Intelligent Process Automation is estimated to grow to nearly $14B by 2023 according to a leading market survey. Most of the growth will be driven by increased demand for intelligence and automation to improve business process efficiency, across industry segments. Business Process Automation and Robotic Process Automation have been around for a while and are now morphing into Intelligent Process Automation as business needs and tool capabilities evolve. Today, almost every SME and enterprise is either using or evaluating these technologies in some way or the other. And with increasing awareness among CIOs and other business leaders, the demand for these technologies is on the rise. A business leader needs to well understand the differences in these automation technologies and the specific purpose that they serve. This will give them clarity about the technology that is most appropriate for their organization and its unique process transformation needs. Although they may sound similar, there are fundamental differences in BPA, RPA, and IPA, and depending on your business goals, one may be far better suited than the others.
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The most comprehensive knowledge sharing platform for all you need to know about business process automation – Zvolv empowers its customers by spreading awareness.
Automation is inevitable in every walk of our lives, and even more so when it comes to business processes. It makes execution smoother, faster, and the output more accurate as compared to manually driven business processes. Even for something as simple as writing and publishing this article, there were several layers of automation involved. Proofreading takes a long time when done manually. However, with an automated proofreading tool such as Grammarly, the same task gets completed at a much faster pace. Such automated software not only identifies inappropriate language and grammatical errors but also suggests correct options. Just one click on the suggested option and the error on the document is rectified. Similarly, there was process automation involved in collaborating on ideas for the article, getting this article approved for publishing on our blog, and sharing it with our readers via newsletters and on social media.
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The word “Bot” has a lot of negative human emotions attached to it, mostly due to incomplete information. Human response to hearing the word “bot” has become more Pavlovian (machines taking over the world) over a period of time as very few people have a complete understanding of the word. So, let’s set the record straight!
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Workflow automation has dramatically changed how companies and teams run their processes. Employees and managers no longer need to waste time, money, and resources doing mundane, repetitive activities and tasks in their processes, as they are already streamlined using automated technologies and tools that apply business logic and rules.
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