Robotic process automation: what exactly is it?

Three terms make up robotic process automation.

Automating Process Robotically

Robotic process automation, to put it simply, is the use of robots to automate certain operations. That's accurate.

Robotic process automation is the use of software to automate manual operations with high efficiency, accuracy, and cost savings. It involves extracting data from documents, standardizing data for analytics, triggering actions based on derived insights, and triggering actions based on derived insights.

Any activity that you find repetitive, laborious, or manual may be automated with RPA. Robotic process automation expands your workforce by doing this, frees your staff from manual labor, and enables them to concentrate on jobs that call for judgment and human insight.


Consider the processing of invoices as an example. Receiving an invoice, scanning and uploading the invoice, extracting consumption numbers, and booking consumption values are all processes in the invoice processing process. (Of course, it has much more, but let's use this as a simple example.)

For each stage of this cycle to be handled manually, you would need one full-time person. Each employee completes their own tasks and transmits the results. Being entirely manual, the method is prone to mistakes, repeated modifications, manual data entry, manual computations, and lengthy processing times.

Think about the second case, when the accountant hands the software a paper invoice after receiving it. The invoice will be scanned and uploaded to the system using the OCR engine incorporated within the program. Then, the intelligent document processing software will extract pertinent information from the invoice and make sure that repeated checks are made to preserve the accuracy of the data. The data is then kept in the ERP systems after that. This method streamlines operations, increases productivity, and gives other staff members more time to work on strategy execution and data analysis.

What are the various trends in RPA adoption?

The usage of RPA is expanding across sectors and for a variety of use cases. Let's examine the adoption of robotic process automation by looking at various statistics.

Robotic Process Automation investment is increasing.

According to HfS Research with KPMG, organizations all over the world are focused on robotic process automation to meet their cost-saving objectives.

In order to save money, 81% of businesses are investing in robotic process automation technologies.

Revenue for RPA software is increasing globally!

Robotic process automation software sales are steadily rising on a global scale. With a growth rate of 19.53 percent, the revenue from RPA software is anticipated to reach $1.89 billion.

Market size projections for RPA

The market for robotic process automation, which was estimated at $1.40 billion in 2019, is anticipated to grow at a CAGR of 34% from 2020 to 2027 to reach $11 billion (Grand View Research).
According to MarketsAndMarkets, the market for collaborative robots will grow to $12 billion by 2025.
The global market for robotic process automation is anticipated to reach USD 7.64 billion in 2028, growing at a CAGR of 25.0% over the forecast period, according to Fortune Business Insights. (Include the code.)

Boost general effectiveness

Bots or automated workflows can be created using robotic process automation to operate continuously. This enables businesses to serve their clients around-the-clock. Robotic process automation also improves turnaround times, lowers human mistake rates, and lowers the cost of providing customer service. Everyone benefits, thus it is a win-win situation!

An RPA bot can replace up to 30 times as much labor as a human worker!

Improvements in Data Consistency

Every collection of data is subjected to the same set of standards and criteria with robotic process automation. There is no ambiguity in the judgment, which is solely based on the rules. As a result, the RPA output data is simplified, uniform, and standardized.

Enhance Data Logs

Audits happen often. For the audit, businesses must keep many logs. Companies can maintain data logs that detail each and every modification made to documents, procedures, or other regulations with the use of robotic process automation.

decrease in errors

Error-prone manual methods are common. Any manual process's mistake rates are decreased via robotic process automation.

Information may be extracted from papers with a 95% accuracy rate using software like Nanonets.

Examine the use of nanonets to automate document processing. Try Nanonets without cost.

reduces time
It should come as no surprise that manual operations can be automated to save time. By 20 times, RPA can speed up manual procedures!

Enhance the client experience.

Customer patience is short.

RPA can speed up the process of finishing manual activities. RPA enables businesses to serve clients quickly and effectively. This promotes client happiness and lowers customer turnover.

Better Data Security and Compliance

Any disjointed process may be streamlined, improved, and standardized with RPA bots. Robotic process automation aids in raising process uniformity and ensuring compliance.

RPA will be able to manage tasks like reviewing all the regulations that enterprises must adhere to, keeping up-to-date data records, and stopping data leaks. RPA software is created with security in mind and complies with many security standards like GDPR, ISO, SOC2, etc.

Enhanced Expertise and Control

Organizations may strengthen their control over their data and operations by utilizing internal RPA solutions. Employees who have more free time also focus on tasks with a high potential for effect and get the knowledge necessary for the expansion of the business.

Uncomparable Competitive Advantage

RPA can deliver a significant return on investment quickly. Think about nanonets. In 3-5 months, nanonets may provide an ROI of 3–4 times! That was swift.

Additionally, your business can service its consumers more quickly, more efficiently, and at a reduced cost with the help of robotic process automation. You can automate all the operations with RPA, giving you a competitive edge over your rivals.