Understanding the Trends & Challenges of Process Automation Market
Hyderabad, India, /PRNewswire/ - Process automation market involves the combined usage of technology and products such as sensors, tachometers, and many others which facilitate the automation of tasks or processes in a business with minimal manual efforts. The main aim of process automation is to achieve cost minimization, greater efficiency, and streamlined processes. Before the implementation of the process automation, the tasks performed in the organization were manually recorded in books. This process increases the work and may include many errors while entering the data. With the implementation of the automated processes in the workplace, organizations save time and ensure best practices are implemented to improve the overall operational efficiency.
Case Example: Before the Implementation of Process Automation in HR Boarding
Before the implementation of process automation in HR onboarding, the administration schedules the meeting for candidates to complete the paperwork. After completing the process, the documents are to be handed over to the administration. Continuous follow-ups and in-person checks are required to ensure the document review. The entire process may take over an hour.
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After the Implementation of Process Automation in HR Boarding
After the implementation of process automation, the steps involved in employee onboarding are reduced, which will eventually reduce the time taken for the process. Similarly, the implementation of process automation in various sectors, such as food and beverages, automotive, oil & gas, and many others is expected to reduce the number of steps involved in the process, thereby increasing the revenue of the company.
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Process automation is used in various industries due to features such as elevated reliability, safety, and so on. Some of them are: Food and beverages; Automotive; Oil & Gas; Chemical; Pharmaceutical; Water Treatment; Paper and Pulp; Healthcare; Energy and Utilities; Manufacturing; Consumer Goods and Retail; Banking, Financial Services, and Insurance; Telecom and IT; Transportation and Logistics.
R&D Investments & Initiatives
One of the Robotic process automation startup named "Automation Anywhere" has announced the investment of $300m to introduce the advanced RPA with bot. This investment makes them one of the world's fastest growing companies. Along with the increasing investments, the automation companies are also planning to develop a new application, which will be built and deployed through API, microservices, and containerization. These approaches are expected to make the applications more scalable and reduce the deployment time. In future, the APIs are anticipated to play a crucial role in the European region, where regulatory measures such as payment services directive (PSD) and other open banking services in financial institutions is expected to increase the investments on these technologies.
1. Lack of skilled workforce
This is considered as one of the biggest challenges in process automation. The implementation of process automation in any company needs appropriate and well-versed employees who can understand and solve the issue in the company. Having a well-staffed and knowledgeable team on hand to help with the automation issues is one of the ways to expedite the implementation process. To overcome this challenge, companies are planning to train the employees, which is expected to increase the skilled workforce in the company.
2. Lack of funds in SMEs will reduce the adoption of process automation
The implementation of RPA in companies can help in improving the revenue of the company by 30%–60% without any great difficulty, however, the expenses may increase more than five times the normal expense. This is because to implement RPA, companies have to redesign the process. Redesigning the process will cost money. Also, the company has to bear the training expenses of the employees. This is expected to increase the operational cost for the company in the first 3 years.
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Some of the major companies in process automation are ABB Ltd., Honeywell International, Siemens AG, and many others, which provides different module analysis, such as software systems, which include Product Lifecycle Management (PLM), Programmable Logic Controllers (PLC), Supervisory Control and Data Acquisition (SCADA), Manufacturing Execution Systems (MES), and Distributed Control Systems (DCS). ABB Ltd. is planning to shift towards the use of the modular automation, which helps in reducing the time taken for the process and also helps in increasing automation efficiency and improve production flexibility. This modular automation is said to be the future for flexible process plant production and a key element for industrial IoT and Industry 4.0. Siemens AG is planning to link the latest technologies, such as artificial intelligence, augmented reality, Industrial Internet of Things (IIoT), and digital twins in process automation. This link is expected to boost the productivity to a new level.
Process automation has been penetrating into various end user industries due to the features such as safety, reliability and increased production rate. The implementation of the new techniques and the companies focusing on inventing the millimeter and sub-millimeter instruments are expected to boost the productivity to the next level.
Currently, Europe holds the major share in application program interface (API). Will API continue to hold the major share or the implementation of the new regulations and the introduction of Bots will impact the position of the APIs? T
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