Robotic Process Automation Software, or RPA software, is a type of artificial intelligence software that automates repetitive, rule-based tasks typically performed by humans. In the context of text analytics, RPA software can be used to perform a wide range of tasks such as document classification, entity extraction, and sentiment analysis.
RPA software is similar to other types of AI software in that it is designed to mimic human behavior. However, there are some key differences between RPA software and other types of AI software. For one, RPA software is typically much more specialized than other types of AI software. This specialization allows RPA software to be very efficient at completing specific tasks. Additionally, RPA software does not require the same level of training as other types of AI software. This is because RPA software is designed to follow rules that are programmed by humans, rather than learn from data like other types of AI software.
While RPA software is typically used to automate tasks that are performed by humans, it can also be used to automate tasks that are performed by other software programs. For example, RPA software can be used to automatically fill out forms or populate databases. Additionally, RPA software can be used to create workflows between different software programs.
Examples of Tasks Automated by RPAS:
- document classification
- entity extraction
- sentiment analysis
- form filling
- database population
- workflow creation
What industry uses Robotic Process Automation Software :
The Robotic Process Automation industry is growing at a significant rate with the global Robotic Process Automation (RPA) market expected to reach $4.98 billion by 2024, up from $247.5 million in 2016, according to Markets and Markets research.
RPA is being adopted across a wide range of industries such as Banking, Financial Services, and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Telecommunications and Information Technology Enabled Services (ITES).
Robotics Process Automation has been widely adopted in the Banking sector for automating processes such as customer onboarding, fraud detection, loan processing, account reconciliation etc. In the Healthcare sector, RPA is being used for automating tasks such as claims processing, prior authorization, patient data entry etc. The Retail sector is using RPA for automating various processes such as price and product comparison, customer service, order processing etc.
A few popular vendors in the RPA market are Automation Anywhere, Blue Prism, UiPath, WorkFusion.