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Robotic Process Automation or RPA is the use of software bots or programs, also called ‘softbot’ that mimic human keystrokes and mouse movements while interacting with computers, to help automate a business process or task. RPA is also sometimes called ‘macros on steroids’. Usage of RPA is ideally suitable for rule-based, repetitive tasks with limited system integration, found across industries and in domains such as in Finance, Accounting, and Security Management. RPA provides benefits such as cost reduction, speed, error reduction, and predictability.

RPA has been around for over 10 years and has increased in sophistication over time. From stage 1 such as usage of Excel macros (trigger based RPA), to stage 2 such as logging on to multiple systems and performing tasks (screen mashup RPA) to stage 3 using Enterprise RPA (current) to stage 4 using cognitive and AI based (using Machine Learning) functionality. RPA can be attended bots, needing human intervention and PC based to unattended bots with no human interaction required and can run 24/7.. 

There are various RPA tools in the market and vendors can be classified based on criteria such as execution success and innovation capabilities. UiPath, Blue Prism , Automation Anywhere, Nintex, Workfusion, Antworks, NICE, Kryon, EdgeVerve, Pega , Kofax, and OpenConnect are some known names in the market today. Gartner included RPA as a key component of “hyper automation,” a major strategic technology trending theme for 2020.

Even enterprise software companies such as SAP are including pre-configured bots and RPA capability into its core software such as in S/4 HANA. Hence excitement in RPA can be expected in years to come, with more vendors, sophistication and applications. RPA is a rapidly growing category of enterprise software with Forrester predicts the RPA services market will hit $12 billion by 2023.

The steps to adopt RPA tools is similar to other software selection and deployment, and includes strategy, identify the business process to automate, shortlist RPA tools, map to process, test, roll-out and support. An Agile methodology using ‘sprints’ is useful for RPA implementation. The strategy at the enterprise level would be to first educate the users about RPA and have a plan of action. Typically one should start with a proof of concept or prototype that leads to success with a small project with RPA. After demonstrating value add and realization of the business case with the RPA project, the next stage is to rollout across the business units and multiple geographies. Many business processes in finance, accounting and taxation have good candidates for use of RPA.