Key Takeaways from the UiPath
RPA Market Update
The 2020 UiPath RPA Market Update was an experience packed with high-level topics surrounding Robotic Process Automation. In this article, we’ll highlight the key touch-points from the webinar.
Market Growth and Trends
To kick off the 2020 UiPath RPA Market Update, hosts Mary Tetlow, Global VP of Brand Experience at UiPath, and Diego Lomanto, VP of Production at UiPath, introduced Ashim Gupta, UiPath Chief Financial Officer, to discuss RPA market data and it’s current state of health.
To start, Gupta introduced the current state of the RPA market, which continues to accelerate rapidly among various industries. In 2019, Gartner named Robotic Process Automation as the fastest growing market-segment in the entire software space, which UiPath witnessed first hand in the 4th quarter of last year.
Smartbridge is a UiPath Partner
In terms of Annual Reoccurring Revenue (ARR), UiPath added a net new amount of $60 million, bringing the entire ARR balance to $360 million in 2020. To put that in perspective, UiPath grew their ARR base by 17% in just one quarter, which truly emphasizes the speed of the market growth.
Growth Drivers and Challenges
UiPath has witnessed many organizations go from the RPA “sandbox” state of mind to adapting a more strategic methodology. Therefore, as initiatives get more strategic, deal size and velocity increases. In 2019, UiPath signed 3x more million-dollar deals than they did in 2018, propelling growth to a staggering $200 million in the first quarter of 2019. UiPath is currently adding an average of 13 new enterprise customers per day, with a retention rate of 170% for new cohorts.
While the numbers reflect on a massive scale, UiPath is still cognizant of the scaling challenges many customers face, such as:
- Getting help with planning
- Governance and program execution
- Management and forming a Center of Excellence
Through exercising Voice of the Customer practices, UiPath is striving to mitigate and assess these challenges, and drive more organizations on a path towards automation.
Going Deeper on Hyperautomation
Another major topic in the 2020 webinar was hyperautomation. Tetlow and Lomanto introduced Saikat Ray, Sr. Director Analyst at Gartner Research, and Param Kahlon, UiPath Chief Production Officer to give an high-level overview on the impact of hyperautomation.
Ray begins with introducing the broader field to automation in general as we know it. Hyperautomation, as he states, fits to apply to more tactful automation initiatives, or needs that are uncovered after already automating your routine business tasks. Some of these include:
- Non-routine business processes
- End-to-end process automation
- APIs and integration initiatives
- Process discovery analytics
Ray states that hyperautomation is beyond simply broadening repetitive tasks, but questioning how you orchestrate your end-to-end process chain, and also how you can gain more intelligence on each element in your processes being automated.
Kahlon proceeded to give additional breadth to Ray’s high-level points on hyperautomation. To accommodate this growing market niche, UiPath has expanded their core capabilities from simply being an RPA platform, to a complete end-to-end automation platform that supports the full needs of its customers. Kahlon explains that UiPath meets customer demand based off the unique needs they have, from an end-to-end build and manage phase.
The Build Phase
In the build phase, UiPath has easy-to-use tools that help organization personnel create automations through user-friendly drag-and-drop tools. Multiple out-of-the-box activities can be leveraged by a business analyst or RPA CoE (Center-of-Excellence) developer to create these automations. They also have a vibrant ecosystem of community developers that have created hundreds of other activities that are available on our marketplace.
The Manage Phase
In the manage phase, UiPath is able to meet the needs of companies that can take automations built by people within the enterprise and securely deploy them. They can deploy them in a private cloud environment, in an on-premise environment, or as a public cloud SaaS service that can be leveraged by UiPath.
Understanding WHAT to Automate
Another important topic in the 2020 UiPath Market Update was the talking point on helping organizations identify automation opportunities. Kahlon continues to speak on this topic by addressing the significant investment UiPath continues to make on this front.
Especially with organizations moving out of the “sandbox” phase in 2020, UiPath is actively helping customers understand what processes and tasks can be automated within a business process. Their AI and database-driven approach helps mine human activity and system logs to discover not only processes, but also identify the bottlenecks that exist in the business process of organizations. UiPath then gauges those inefficiencies, strives to optimize the process, and then automates said process for the business at hand.
Train Your Workforce on RPA
With RPA impacting various industries at break-neck speed, it’s crucial to train your workforce through a comprehensive, full-scale approach.
At Smartbridge, we’ve launched our RPA training program to help organizations prepare themselves to onboard the digital workforce through RPA technology. Our comprehensive UiPath certification training courses are geared to provide developers, analysts, infrastructure staff and executives with the breadth of skills necessary to successfully deploy RPA into their business processes.
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