What is Robotic Process Automation (RPA), you ask? It’s the automation of formerly manual procedures. With RPA, companies can automate such mundane functions as processing claims or moving a purchase order process automatically, while involving humans only when necessary.
For example, instead of entering a number in a spreadsheet from an email, it happens seamlessly. These types of tasks are performed millions of times daily and could stand some RPA innovation.
- Market dimensions – Global robotic process automation (RPA) software revenue is projected to reach $1.9 billion in 2021, an increase of 19.5% from 2020, after gorwing 12% the year before, according to research firm Gartner.
- Business adoption – Nearly eight in 10 corporate executives surveyed last year said they had implemented some form of R.P.A. Another 16% said they planned to do so within three years, reports Deloitte.
- Affected workers – McKinsey, which predicted before the pandemic that automation would displace 37 million U.S. workers by 2030, recently raised its projection to 45 million. According to the consulting firm, groups with the highest exposure to A.I. are better-paid, better-educated workers in technical and supervisory roles, with men, white and Asian-American workers, and mid-career professionals most endangered by RPA.
Many mid-level professionals who formerly thought their jobs were secure will find that RPA is increasingly displacing work functions. Could the same trend that made factory workers obsolete now move into the office?