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Robotic process automation (RPA) startup UiPath today unveiled the latest version of its platform — UiPath Platform 21.4 — with support for large-scale automation programs. The company says the new features and products extend capabilities needed to scale, as well as helping enterprises manage their automation initiatives.
RPA technology, which automates monotonous, repetitive chores traditionally performed by human workers, is big business. Forrester estimates that RPA and other AI subfields created jobs for 40% of companies in 2019 and that a tenth of startups now employ more digital workers than human ones. According to a McKinsey survey, at least a third of activities could be automated in about 60% of occupations. And in its recent Trends in Workflow Automation report, Salesforce found that 95% of IT leaders are prioritizing workflow automation, with 70% seeing the equivalent of more than four hours of savings per employee each week.
UiPath Platform 21.4 features Automation Ops, a cloud-based web app enabling admins to set up policies for automation users and developers. With Automation Ops, organizations can govern large deployments of UiPath products and attended software robots using controls that deploy at an organization level.
The updated UiPath Platform also introduces AI-powered automation discovery, which leverages AI and enables discovery of automation opportunities that have an impact on business KPIs. Version 21.4’s task mining solution uses machine learning models to pinpoint the most frequent task patterns from data and identify repetitive activities that could be automated without interrupting employees’ work. Simultaneously, process mining tools are now integrated with UiPath’s Automation Hub dashboard to allow users to identify and implement automations that create operational improvements and help achieve goals.
Capabilities like task mining allow RPA to handle a vast number of different workloads, from contract audits and customer onboarding to commercial underwriting, financial document analysis, mortgage processing, billing form reviews, and insurance claims analysis. That is one reason the overall RPA market is expected to grow by more than 7% annually over the next few years to reach $379.87 million by 2027, up from $182.8 million in 2019.
“Automation is opening possibilities to the masses, and while that is a big multiplier in ROI for an organization, it also adds risk factors. UiPath provides the scale, governance, and security capabilities that customers need to centralize and federate their automation programs,” UiPath product and engineering EVP Ted Kummert told VentureBeat. “As the automation footprint expands across the organization, these controls, combined with the power of our AI insights and our flexible new cloud management features, bring every user an unparalleled automation experience.”
UiPath Platform 21.4 is available today for existing customers.
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