Robotic process automation is a quiet riot. There are no flashing security cyborgs or towering mechanical arms. The software invisibly carries out more white-collar tasks, including administration and report writing. Robophobes may never know what hit them. Some could lose their jobs.
This week, Morningstar deployed robots to write investment reports. The machine-generated prose explains the rationale behind the data group’s fund ratings. For Lex writers and financial analyst contacts, it is all getting dangerously close to home.
RPA was already growing fast. The pandemic has amplified sales. Global revenue is likely to reach $1.89bn this year, up nearly a fifth on 2020, according to Gartner. The consultancy expects 90 per cent of large companies to use RPA in some form by next year. Banks and insurance companies are most enthusiastic.