A research report from Mindfields Consulting has found that a new wave of robotic software is revolutionizing the way businesses approach staffing, and changing the services demanded of outsourcing providers. The research report titled “Robotic Process Automation (RPA): Driving the next wave of cost rationalization” was released in Melbourne in presence of senior executives of top ASX100 organizations.
RPA allows tasks, previously conducted by humans, to be done by increasingly intelligent software that learns on the job. The RPA market is likely to grow to US$5 Billion by 2020. Simen Munter, ANZ Banking Group’s GM of Hubs (Offshore) briefed a Mindfields event about his RPA experience at offshore hubs. There was also a panel discussion featuring leading service providers. Videos of the event can be viewed here.
This study explains how RPA is getting better, smarter and cheaper, and evaluates the impact on client’s options and disruption to major outsourcing vendors business model. It includes contributions from Cognizant, Dell, EXL, Genpact, HP, IBM, Igate, Infosys, Sutherland, Tech Mahindra, Wipro and WNS.
64% of these participants agreed that RPA would reduce the human based pricing (HBP) and non-linearized their business model. 42.9% of the respondents have already seen reduction of more than 20% human efforts due to RPA.
Mindfields’ study found that “efficiency” is as compelling an incentive for RPA as “cost”. IT and business process outsourcing service providers were looking to embed advanced RPA software into their offerings.
Mohit Sharma, Director, Mindfields, said, “This research has been undertaken to address the need for independent advice in such an important new area. I am thankful to all the service providers for providing 42 honest case studies of RPA in action, in client situations, included in the report.”
“The report should reduce the decision life cycle for both the buyers and client organizations. It will assist them to make faster and better decisions,” said Sharma.”RPA is going to be a journey for both clients and service providers, so the actionable steps outlined should guide customers and help service providers to assess their position in the market landscape and fine-tune their strategies.”