In our 2023 Document Automation and CPQ Trends report, we explored how decision makers are responding to these challenges, expectations on software vendors, as well as the role of document automation and CPQ solutions in shaping the employee experience.
Technology is changing at a rapid pace, affecting both business and work. Companies no longer see workflow automation as a tool for eliminating repetitive tasks, it has become an essential digital transformation component. So, will workflow automation still be king in 2023?
Going by the statistics, yes. Its significance will increase more than ever and we’ll see more companies adopting this solution throughout 2023.
Robotic process automation (RPA) is a technology process that uses software to complete repetitive, predictable computer-based tasks so humans don’t have to. RPA mimics or repeats the steps that humans could take, like copying and pasting, moving information around, typing commands, and so forth—but at a speed and accuracy level that far exceeds what human team members can accomplish.
Document automation is a workflow that assists in the creation of electronic documents. Software that offers document automation takes pre-existing template documents and/or data, inserts the details that change from transaction to transaction, and assembles a new document with those new details – which results in minimal effort for the user in creating documents.
RPA has recently gained dramatic popularity as it enabled software bots to replicate human actions and perform tasks more effectively. The rising adoption of RPA across industries like insurance, banking, finance and healthcare has triggered enhanced operational efficiency, reduced time-to-market, and ensured high security. Hence, the usage of RPA is one of the most significant components of intelligent automation that is expected to rise in 2023.
Automating your workflows in the office can create a huge impact on your overall productivity. This procedure requires quite an in-depth examination of the current business processes and skillful evaluation of the areas in which you can increase competence by integrating automation workflow management in your business.
Form automation software offers time-saving features like a premade template or auto-fill forms that help the user to build and deploy workflows that can automate the recurring manual tasks are driving the market growth. The Global Form Automation Software Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
The form automation software market is expected to strengthen its hold on the global market at a strong CAGR of 16.3% between 2022 and 2032. The market is valued at US$ 270.6 Mn in 2022 and is likely to reach US$ 1.2 Bn by 2032. Previously, the market was thriving at a slightly higher CAGR of 17.7% (2015-2021), ensuring a market size of US$ 230 Million in 2021.