Marlabs

Marlabs- Digital Transformation Consulting & IT Services Company

Marlabs- Digital Transformation Consulting & IT Services Company
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The 6 Defining Robotic Process Automation Trends to Watch in 2024

Robotic Process Automation or RPA is the magic wand enterprises wield to optimize costs, improve efficiency, and enhance overall user experience. With macroeconomic trends indicating the need for better optimization and cost savings, the spotlight will continue to be on Robotic Process Automation to help enterprises navigate the current business climate.
RPA spends are now more mature. According to Gartner, the RPA market’s growth rate was 22% in 2022. Compared with the 31% growth rate in 2021 and 63% in 2020, this slower growth shows that the initial excitement phase is over and now investments are more calculated and mature. By the end of 2024, the RPA market size is anticipated to surpass $5 billion, reflecting its increasing adoption across various industries.
The Rise of Intelligent Automation (IA): With AI maturity at an all-time high, Robotic Process Automation is now being leveraged to think and not just do. RPA applications are moving beyond orchestrated screen scraping technology and task automation to evolve into a larger automation platform with embedded process discovery, IDP, AI/ML, low-code development, and complex workflow orchestration.
IA combines traditional RPA with the cognitive power of AI, machine learning, and natural language processing. This unlocks the ability to automate more complex tasks, make decisions, and even handle unstructured data. Expect to see IA gaining traction in industries like insurance, banking, and finance.
Cloud-Based RPA Takes Flight: Cloud-based RPA solutions are soaring in popularity due to their ease of deployment, scalability, and cost-effectiveness. Gartner predicts over 20% of RPA initiatives will move to the cloud by 2024, offering organizations agility and flexibility.
Democratization with Low-Code/No-Code RPA: Low-code/no-code RPA platforms are making automation accessible to everyone, regardless of technical expertise. This empowers business users to automate simple tasks themselves, freeing up IT resources for more complex projects.
The popularity of automation CoEs: With several leading analyst firms predicting vendor consolidation to be a key focus area, enterprises will see a shift in having an automation center of excellence. It brings numerous benefits to enterprises, from increased efficiency and productivity to cost savings and improved compliance.
The CoE defines an automation vision aligned with business goals, identifying areas for automation and prioritizing projects. They establish governance frameworks to ensure secure, compliant, and scalable automation practices as well as develop standards and templates for consistent automation development and deployment.
Focus on Governance and Standardization: As Robotic Process Automation adoption explodes, organizations are prioritizing effective governance and standardization. This ensures consistency, security, and compliance across their automation initiatives. Expect to see more RPA Centers of Excellence (CoEs) emerging to manage and optimize automation programs.
Data Management in the Spotlight: Data is the fuel of intelligent automation. Organizations are realizing the importance of robust data management practices to ensure accuracy, consistency, and accessibility for their RPA bots. Expect to see increased investment in data governance and quality initiatives.

Considerations before you embark on your RPA journey:

  • Infrastructure: Evaluate your IT infrastructure's capacity to handle RPA deployment. Consider scalability and integration needs with existing systems.
  • Data security: Ensure your RPA solution adheres to data security regulations and best practices. Protect sensitive data throughout the automation process.
  • ROI and cost analysis: Calculate the potential return on investment (ROI) and total cost of ownership (TCO) for your RPA implementation.
  • Proof of concept: Start with a small-scale proof-of-concept project to assess the feasibility and benefits of Robotic Process Automation in your specific context.
  • Training and support: Train your team on using and managing RPA tools. Provide ongoing support for bot development, maintenance, and troubleshooting.
  • Vendor selection: Choose an RPA vendor that aligns with your technical needs and budget. Evaluate features, ease of use, scalability, and security. Look for partners that have experience in your line of business, are willing to understand your problem space, and employ a design-led methodology for your automation success.

It’s not always a bed of roses with RPA:

RPA implementations can sometimes fail for a variety of reasons. From choosing the wrong partner to not aligning your implementation with expectations, Robotic Process Automation failures are plenty if not implemented carefully.
  • Choosing the wrong processes: Not all processes are created equal for automation. Selecting overly complex, non-standardized, or unpredictable tasks with frequent human intervention can lead to failure, especially for beginners.
  • Focusing on low-impact tasks: Automating simple tasks might only provide minimal value, especially if it only benefits one user. Look for processes with broader impact and potential for significant improvement.
  • Poor planning and governance: Lack of clear goals, proper planning, and robust governance can lead to confusion, delays, and ultimately, failure.
  • Inadequate resources: Underestimating the technical and human resources needed for successful implementation can hinder progress and create bottlenecks.
  • Unrealistic expectations: Setting unrealistic expectations for ROI or immediate results can lead to disappointment and discouragement.
About Marlabs

Marlabs designs and develops digital solutions that help our clients improve their digital outcomes. We deliver new business value through custom application development, advanced software engineering, digital-first strategy & advisory services, digital labs for rapid solution incubation and prototyping, and agile engineering to build and scale digital solutions. Our offerings help leading companies around the world make operations sleeker, keep customers closer, transform data into decisions, de-risk cyberspace, boost legacy system performance, and seize novel opportunities and new digital revenue streams.

Marlabs is headquartered in New Jersey, with offices in the US, Germany, Canada, Brazil and India. Its 2500+ global workforce includes highly experienced technology, platform, and industry specialists from the world’s leading technical universities.
Marlabs Inc. (Global Headquarters) One Corporate Place South, 3rd Floor, Piscataway NJ – 08854-6116, Tel: +1 (732) 694 1000 Fax: +1 (732) 465 0100, Email: contact@marlabs.com.
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Robotic Process Automation or RPA is the magic wand enterprises wield to optimize costs, improve efficiency, and enhance overall user experience. With macroeconomic trends indicating the need for better optimization and cost savings, the spotlight will continue to be on Robotic Process Automation to help enterprises navigate the current business climate.
RPA spends are now more mature. According to Gartner, the RPA market’s growth rate was 22% in 2022. Compared with the 31% growth rate in 2021 and 63% in 2020, this slower growth shows that the initial excitement phase is over and now investments are more calculated and mature. By the end of 2024, the RPA market size is anticipated to surpass $5 billion, reflecting its increasing adoption across various industries.
The Rise of Intelligent Automation (IA): With AI maturity at an all-time high, Robotic Process Automation is now being leveraged to think and not just do. RPA applications are moving beyond orchestrated screen scraping technology and task automation to evolve into a larger automation platform with embedded process discovery, IDP, AI/ML, low-code development, and complex workflow orchestration.
IA combines traditional RPA with the cognitive power of AI, machine learning, and natural language processing. This unlocks the ability to automate more complex tasks, make decisions, and even handle unstructured data. Expect to see IA gaining traction in industries like insurance, banking, and finance.
Cloud-Based RPA Takes Flight: Cloud-based RPA solutions are soaring in popularity due to their ease of deployment, scalability, and cost-effectiveness. Gartner predicts over 20% of RPA initiatives will move to the cloud by 2024, offering organizations agility and flexibility.
Democratization with Low-Code/No-Code RPA: Low-code/no-code RPA platforms are making automation accessible to everyone, regardless of technical expertise. This empowers business users to automate simple tasks themselves, freeing up IT resources for more complex projects.
The popularity of automation CoEs: With several leading analyst firms predicting vendor consolidation to be a key focus area, enterprises will see a shift in having an automation center of excellence. It brings numerous benefits to enterprises, from increased efficiency and productivity to cost savings and improved compliance.
The CoE defines an automation vision aligned with business goals, identifying areas for automation and prioritizing projects. They establish governance frameworks to ensure secure, compliant, and scalable automation practices as well as develop standards and templates for consistent automation development and deployment.
Focus on Governance and Standardization: As Robotic Process Automation adoption explodes, organizations are prioritizing effective governance and standardization. This ensures consistency, security, and compliance across their automation initiatives. Expect to see more RPA Centers of Excellence (CoEs) emerging to manage and optimize automation programs.
Data Management in the Spotlight: Data is the fuel of intelligent automation. Organizations are realizing the importance of robust data management practices to ensure accuracy, consistency, and accessibility for their RPA bots. Expect to see increased investment in data governance and quality initiatives.

Considerations before you embark on your RPA journey:

  • Infrastructure: Evaluate your IT infrastructure's capacity to handle RPA deployment. Consider scalability and integration needs with existing systems.
  • Data security: Ensure your RPA solution adheres to data security regulations and best practices. Protect sensitive data throughout the automation process.
  • ROI and cost analysis: Calculate the potential return on investment (ROI) and total cost of ownership (TCO) for your RPA implementation.
  • Proof of concept: Start with a small-scale proof-of-concept project to assess the feasibility and benefits of Robotic Process Automation in your specific context.
  • Training and support: Train your team on using and managing RPA tools. Provide ongoing support for bot development, maintenance, and troubleshooting.
  • Vendor selection: Choose an RPA vendor that aligns with your technical needs and budget. Evaluate features, ease of use, scalability, and security. Look for partners that have experience in your line of business, are willing to understand your problem space, and employ a design-led methodology for your automation success.

It’s not always a bed of roses with RPA:

RPA implementations can sometimes fail for a variety of reasons. From choosing the wrong partner to not aligning your implementation with expectations, Robotic Process Automation failures are plenty if not implemented carefully.
  • Choosing the wrong processes: Not all processes are created equal for automation. Selecting overly complex, non-standardized, or unpredictable tasks with frequent human intervention can lead to failure, especially for beginners.
  • Focusing on low-impact tasks: Automating simple tasks might only provide minimal value, especially if it only benefits one user. Look for processes with broader impact and potential for significant improvement.
  • Poor planning and governance: Lack of clear goals, proper planning, and robust governance can lead to confusion, delays, and ultimately, failure.
  • Inadequate resources: Underestimating the technical and human resources needed for successful implementation can hinder progress and create bottlenecks.
  • Unrealistic expectations: Setting unrealistic expectations for ROI or immediate results can lead to disappointment and discouragement.
About Marlabs

Marlabs designs and develops digital solutions that help our clients improve their digital outcomes. We deliver new business value through custom application development, advanced software engineering, digital-first strategy & advisory services, digital labs for rapid solution incubation and prototyping, and agile engineering to build and scale digital solutions. Our offerings help leading companies around the world make operations sleeker, keep customers closer, transform data into decisions, de-risk cyberspace, boost legacy system performance, and seize novel opportunities and new digital revenue streams.

Marlabs is headquartered in New Jersey, with offices in the US, Germany, Canada, Brazil and India. Its 2500+ global workforce includes highly experienced technology, platform, and industry specialists from the world’s leading technical universities.
Marlabs Inc. (Global Headquarters) One Corporate Place South, 3rd Floor, Piscataway NJ – 08854-6116, Tel: +1 (732) 694 1000 Fax: +1 (732) 465 0100, Email: contact@marlabs.com.
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