By now, everyone knows that COVID-19 all but shut down the airline industry. Airline share prices fell off a cliff. Major carriers like American Airlines (AAL) and Delta (DAL) lost half their value in just a few weeks.
To deal with this flood of cancellations, the airline turned to innovative technology: robotic process automation (RPA). In short, the airline built an RPA “bot” in just six days. This bot was able to address 80% of the airline’s cancellation requests, or about 4,000 per day!
The Potential to Impact Every Industry on the Planet
In other words, while artificial intelligence (AI) uses computers to think, RPA uses computers to carry out tasks. Companies love RPA because it saves them money and makes them more efficient. Robots, after all, are often cheaper than human workers.
Practically, every profession in the world involves repetitive tasks. And in almost every case, a computer would do a much better job of carrying out these tasks. The possibilities of RPA are truly endless.
So, it shouldn’t come as a surprise that a growing number of companies are adopting RPA. For instance, “Big Four” accounting firm Deloitte has used RPA to redesign its claims process. Its RPA solution can handle 1.5 million requests per year.
Deloitte built its bots in just 10 weeks. That’s a fraction of the time it would normally take a company the size of Deloitte to introduce a new software solution.
RPA Is Rapidly Going Mainstream
Like many other megatrends, COVID-19 has accelerated RPA adoption. By the end of 2022, 85% of large organizations will have deployed some form of RPA. Although, adoption of RPA is accelerating even faster than analysts project.
Forrester Consulting found that 31% of organizations have increased their spending on RPA in the past three months. And 48% of organizations said they plan to increase their spending on RPA in the next year.