The Economic Impact of UiPath Robotic Process Automation: Key Takeaways
UiPath, a leader in robotic process automation (RPA) software, sponsored a study with IDC to forecast the RPA impact from today until 2025. In this article, we highlight a few of the interesting findings from this study.
Probably one of the most eyebrow-raising statistic from this white paper is the economic benefit of adopting UiPath’s RPA software. In 2021, we see the benefit at $7 billion, but forecasts predict a compound annual growth rate of 67%, leading to a benefit of $55 billion by 2025. This reflects business revenue, reduction in expenses, and the creation of jobs or upskilling workers.
Of course, out of all the components that make up the cumulative impact of RPA for UiPath customers, expense reduction is the largest. This is an inevitable benefit of robotic process automation as business processes become more efficient and streamlined, resulting in an productivity improvement.
RPA is a fast-growing market that is showing now signs of stopping. With technology trends leaning even more towards automation solutions, and RPA evolving across the entire enterprise, it’s no surprise we are seeing these forecasts on increased RPA users and spend.
RPA’s Impact on the Workforce
A big question, before anyone even thinks about deploying RPA, is often: how will this affect my workforce? The answer is different for everyone, of course, but there are some insights from this white paper. To hear a CIO’s take on this question, read about how RPA is improving his workforce here.
41% of respondents said that they are slowing hiring rather than cutting any jobs. According to the paper, “enterprises achieving success with RPA” will see that “job growth is likely to be more modest than enterprises that have not adopted RPA.” However, with revenue growth and the ability to enter new markets thanks to RPA, companies could see an increase in hiring again.
As you can see from the chart above, the majority of enterprises that have deployed RPA are not cutting labor costs. In fact, RPA is providing more opportunities for employees to skill up and is increasing job satisfaction by removing manual, boring tasks and giving them more control over their roles.
The Benefit of RPA for Partners
The benefits and impact to organizations not only comes from UiPath’s RPA technology, but also from their partner ecosystem. Partners provide valuable services and additional support so customers can deploy and manage RPA in their organizations successfully.
Professional service partners, like Smartbridge, are both consumers and suppliers of RPA, giving companies the highest value of expertise and services. RPA can also provide professional services with business opportunities such as differentiation from competitors, ability to be a strategic partner, and retention of customers.
Robotic process automation is still rapidly growing, and UiPath is seeing that firsthand among their clients and partners. As partners ourselves, we’re excited to see these forecasts play out for UiPath and RPA.
You can view the full details of the study and the methodology behind it here.
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