China is becoming the center of RPA innovation? Companies must reassess the impact of RPA on the organization
China is becoming the innovation center of the RPA ecosystem, and investors have also seen opportunities to expand the scale of RPA companies in China.
At present, the demand for digital transformation of enterprises continues to increase. Under the multiple internal and external pressures such as rising labor costs and increasingly fierce market competition, enterprises hope to introduce cost-effective digital tools to replace employees in handling a large amount of repetitive tasks, so as to reduce costs and increase efficiency. Improve core competitiveness.
Companies must reassess the impact of emerging technologies such as RPA on products and services.
The domestic RPA market is hot
According to a Gartner research report, from 2018 to 2020, venture capital has maintained a relatively high level in RPA, and the total annual investment has exceeded US$1 billion for three consecutive years. From an emerging market, after a whole year of tempering in the global epidemic, RPA is developing rapidly from the integration of complementary technologies, process mining and workflow development functions, and is becoming mature. Venture capital has continued to expand to process automation technologies related to RPA.
China is becoming the center of RPA innovation. A Gartner research report shows that in 2015, Chinese multinational companies took the lead in introducing RPA software to China. Starting in 2017, more traditional local RPA software products have been used by Chinese companies. In the past three years, Chinese local RPA companies have sprung up in the Chinese market like mushrooms after a rain, and have gradually been recognized by the market, and they are competing fiercely with foreign RPA products.
With the development of artificial intelligence technology in China, more and more RPA software tools have AI-enabled perception and cognition capabilities. Venture capital companies' investment in RPA companies has risen to a feverish level, investing for three consecutive years More than $1 billion.
From a geographical point of view, although the United States temporarily leads in total investment and the number of companies, China is gradually becoming an innovation center. Venture investors realize that China will achieve unexpected innovations within two to three years. The survey results show that in terms of transaction volume and total investment, China's investment has increased significantly year-on-year.
Despite direct competition from American companies in the mature stage, these early stage Chinese companies may still quickly become global powerhouses.
Better measure the value of RPA
As a very transformative tool, RPA collaboration is also critical. Those vendors that provide a centralized platform will enable increasingly savvy “digital workers” to deliver, share, and expand automation plans across the enterprise, thereby accelerating revenue.
RPA can replace or assist humans in completing repetitive tasks and tasks in digital equipment. RPA tools use user interface (UI) interaction combinations or connect APIs to drive client servers, mainframes, and HTML code to execute command statements on structured data.
RPA software tools mostly include the following core functions. First, they have the ability to build automated scripts with low code; second, RPA must be integrated with enterprise applications; finally, RPA has the ability to orchestrate and manage processes, including environment configuration, process monitoring, and security assurance .
How to better measure the value of RPA? By studying the experience of mature RPA users, we can find more meaningful elements to measure the influence of RPA.
1. How much time has been saved for enterprises by increasing productivity.
2. Digital transformation, how to use the insights in RPA automated process transaction data to optimize or reshape business processes to enhance the organization's digital experience and create long-term value.
3. Accelerate, innovate and create opportunities, how enterprise personnel use technological capabilities to create new value services and products.
4. For more enterprising and happier employees, how much manpower is released by RPA to engage in more intellectually challenging, fulfilling, and valuable work, and get a sense of satisfaction in new positions.
5. Reduce human error. Almost all copy and paste errors caused by entering the same data into multiple systems are eliminated.
6. Improve service quality and delivery, and reduce risks associated with longer response times.
With RPA, companies can automate daily tasks quickly and efficiently. RPA robots can be easily integrated into a wider range of automation plans (such as process and decision automation, data capture plans), thereby extending the value of automation projects.