The excitement around robotic process automation, or RPA, is being fueled by a number of factors, said Mike McLaughlin, CIO and vice president of professional services at Irvine, Calif.-based Technologent in February. The most immediate is the pressure on organizations to move to digital as the pandemic continues. He also cited cost savings and the need for business enablement as significant factors.
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What UiPath's IPO Tells Us About the Growth of Automation
On April 23, New York City-based automation developer UiPath closed its IPO after raising more than $1.3 billion, giving the company an initial market capitalization of $29.1 billion. UiPath originally filed for its IPO on March 26 with plans to raise up to $1 billion.
The IPO was the culmination of a series of financial moves over three months that reflect the growing interest in automation by businesses and organizations that have been looking to maintain and even increase productivity during the pandemic.
The excitement around robotic process automation, or RPA, is being fueled by a number of factors, said Mike McLaughlin, CIO and vice president of professional services at Irvine, Calif.-based Technologent in February. The most immediate is the pressure on organizations to move to digital as the pandemic continues. He also cited cost savings and the need for business enablement as significant factors.
In this respect, he cited the healthcare industry where 50% of companies are expected to invest in RPA over the next three years, as well as increasing their investment in AI five-fold, from 4% today to 20% by 2023. To survive and thrive in this changing environment, companies need to analyze what their current IT needs are, but they also need to address what those needs will be in the future, McLaughlin said.
“Companies need integrated solutions from an IT partner who can fill their strategic IT needs, including interim IT leadership and executive support. Especially important is overcoming obstacles created by the pandemic, such as in-person interviewing and hiring. The right partner will help meet a company’s business objectives, be in tune with their current staffing capabilities, limitations, needs and know their cultural impact,” he said.
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