Covering Disruptive Technology Powering Business in The Digital Age

Written By: Hew Wee Choong, Head of ASEAN Team, Cyclone Robotics

Just like manufacturing sectors that have long embraced robotics in their assembly lines, Robotic Process Automation (RPA) are software “robots” that help do the heavy lifting with labour-intensive, repetitive tasks in modern workflows. They operate by mimicking human actions and are capable of handling high volumes of rule-based tasks.

Being system agnostic, RPA is built on top of existing systems using script on no-code platforms and Intelligent Document Processing Platforms, embedded with OCR (Optical Character Recognition) and other artificial intelligent technology such as Natural Language Processing, Computer Vision, and so on. This means that RPA is highly versatile and can be applied to any existing system without the need for invasive measures or a complete overhaul.

From reading documents and basic data entry to handling customer enquiries and driving cars, RPA has rapidly evolved from science fiction to cutting-edge technology in a mere few decades. While some onlookers are still keeping RPA under observation to determine its ROI potential and evaluate its applications, early adopters of the technology have long sprinted ahead of the curve, armed with a new operational advantage in RPA.

In recent years, RPA has seamlessly integrated itself into diverse sectors, establishing new ways of working and augmenting workflows. In the financial sector, the potential use cases for RPA are both vast and innovative. RPA can streamline routine tasks such as data entry and reconciliation, accelerate mortgage and loan processing, enhance fraud detection through real-time monitoring, automate customer onboarding and account management, and even provide data-driven insights for investment decisions.

With RPA’s capacity to boost operational efficiency and reduce human error, it is a dynamic force reshaping the financial landscape.

Leveraging RPA in a Variety of Industries

Meanwhile, in the healthcare sector, RPA use cases span from administrative efficiencies to patient care innovations. RPA can automate appointment scheduling, insurance claims processing, and billing, allowing healthcare providers to optimise their revenue cycle management. Additionally, RPA can assist in patient record management, ensuring data accuracy and privacy compliance. It even has the potential to support medical research by automating data analysis and accelerating drug discovery processes.

With its versatility, RPA is driving transformative changes in various industries and it has solidified its own place as a transformative force in the modern business landscape. And the numbers speak for themselves.

RPA Growth and Trends in Asia

Asia, a burgeoning hub of technological advancement, has embraced RPA with open arms. The region is witnessing a remarkable disruption with RPA as it revolutionises the way entire industries function. Globally, the RPA market is projected to grow at a CAGR of 29.7% through 2028. This puts into context the CAGR for the Asia-Pacific region, with a higher projected CAGR of 34.8% for the same period.

The region is gradually becoming a focal point for RPA implementation, thanks to the adoption of a digital workforce in key markets and a growing recognition of the practical advantages of RPA in automating business processes across different end-user sectors.

Besides, with the boom of natural language processing AIs taking over the spotlight this year, there has been a spike in interest in AI-enabled technologies. AI-enabled solutions remain a growing market, with just 13.6% of small-medium enterprises (SMEs) globally utilising AI, largely to improve business operations and customer engagement. Innovations in the RPA industry with the integration of cutting-edge technologies such as AI, machine learning (ML), and cloud services have been key to its rapid market growth and increasing confidence in the technology.

RPA is indisputably a dynamic market that is projected to have unparalleled growth in Asia-Pacific, which is bolstered by increased awareness and demand for integrated solutions as well as innovations within the sector that keep it relevant.

Outlook for RPA Adoption in Malaysia

In comparison to other countries in the region, RPA in Malaysia is still quite a young market, but recent trends suggest a significant uptick in interest and investment in RPA.

While 56% of businesses do not currently utilise RPA solutions, its potential is not lost on them as 42% of Malaysian companies plan to adopt RPA within the next 12 months. These statistics underscore a growing awareness of the potential benefits of RPA in streamlining operations and enhancing efficiency.

The industries that currently drive RPA adoption include sectors such as banking and finance, insurance, and telecommunications, with a keen recognition of the capacity of RPA to drive innovation and competition. However, the lack of basic knowledge about how RPA works and how it can be applied to business functions is the top reason why many organisations still hesitate to embrace the tech.

This means that RPA presents a massive untapped potential for many organisations as the benefits are significant: some global organisations have reported payback in less than 12 months, while 9 in 10 companies agree that their RPA implementation has met and exceeded expectations in improved compliance, quality, and productivity, along with a general consensus on reduced operational costs. Overall, Malaysia represents a market with huge potential, but the benefits of RPA adoption currently lack visibility and businesses are in need of assistance for its implementation.

Cyclone Robotics: Expansion to Malaysia

Seeing the immense potential that the market here holds for the RPA industry, Cyclone Robotics made a strategic decision to expand its operations to Malaysia, and making Malaysia as its next delivery hub for ASEAN, marking a significant step in its broader Asian expansion strategy.

As many companies in Malaysia lack awareness about the benefits of RPA, there is a clear need for a visionary RPA provider to help bridge this knowledge gap and unlock the full operational potential of businesses through hyperautomation.

Cyclone’s value-added partnership with Bursa Malaysia-listed SL Innovation Capital (through subsidiary CR Distribution) is poised to play an integral role in strengthening the company’s position in Malaysia, bringing innovative RPA solutions to businesses across the country. Significant investment will be made by both CR Distribution and Cyclone to establish a robust network of support to ensure prompt and personalised assistance. Automation consultancy, comprehensive training and technical expertise will be put in place to support CR Distribution in successfully deploying Cyclone’s RPA solutions in Malaysia.

Cyclone, with its impressive recognition as a challenger in the latest 2023 Gartner Global Magic Quadrant™ RPA Report, represents precisely the kind of innovative RPA solutions provider that Malaysian businesses seek. The report named Cyclone as a challenger to some industry giants, highlighting its advantages in the ability to execute and completeness of vision.

A Leading Innovator in Hyperautomation

The recognition underscores Cyclone’s strengths as a leading innovator in the cutting-edge domain of hyperautomation. At the heart of Cyclone’s success lies their commitment to pushing the boundaries of innovation and their expertise in seamlessly integrating RPA, AI, ML, and process mining aligns perfectly with the aspirations of organisations in Malaysia.

Their holistic approach to hyperautomation, which includes non-invasive RPA technology and scalable solutions, directly addresses the concerns of businesses looking to optimise their operations without major disruptions. What really stands out is Cyclone’s client-centric philosophy which ensures that they not only provide cutting-edge technology but also become true partners in the success of Malaysian enterprises, offering localised expertise and personalised support.

In a market looking for RPA solutions, Cyclone Robotics stands ready to empower Malaysian businesses on their journey toward enhanced efficiency and productivity.

The Future Is RPA

In short, RPA’s influence is not confined to the distant future; it’s actively reshaping industries in the present. It is already rewriting the rules of business across Asia and is poised to revolutionise industries in Malaysia. The future is now, and those who harness the power of RPA will undoubtedly lead the way into this new era.

Embark on your journey towards a future of automation and innovation by visiting Cyclone Robotic’s website for more information: https://en.cyclone-robotics.com/.

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