Industries growing from humble beginnings as fledgling start-ups to massive corporate conglomerates is not a new phenomenon. Throughout consumer history, companies from all fields have transformed from garage-based enterprises to some of the most powerful organizations in the world.
That’s not to say that growth and expansion is inherently negative, but niche companies better serve certain industries with specific knowledge of business processes.
Take robotics process automation or RPA for short. A recent Gartner report found that RPA software grew 63.1% in 2018 to a $846 million industry—single-handedly making it the fastest-growing segment in the global enterprise software world.
Without understanding the intricacies of RPA, it would be reasonable to assume that massive VC valuations and exponential growth is inevitable. Truth is many of the large RPA players are whimsically rolling the dice in an attempt to boost funding and encourage rapid expansive growth.
The one-size-fits-all mentality currently existing amongst RPA companies has left investors and consumers alike in a growing state of doubt. Popular RPA companies are failing to deliver paving the way for smaller-scale operations to flourish.
One cautionary tale of the preeminent struggle currently being seen is with a RPA industry mogul. Although the year started with promise and hope, these feelings have since been replaced by doubt and fear.
Is this a state-of-emergency for Large rPA vendors?
A popular leader in software robots and workflow automation recently announced they are axing nearly 11% of their workforce. In addition to massive job cuts, executive turnover has also caused doubt within the venture-backed organization.
Forbes cites the CEO left the company following the departures of several other corporate counterparts. Although the layoff was deemed as a mutual agreement, skeptics question the company’s rampant spending and growth tactics.
To make matters worse, the RPA company was found to be burning through its cash reserves and has been missing revenue targets. Questions about the company’s viability have led some to believe they may miss their next funding round. Whether a corporate darling or simply a wolf in sheep’s clothing is yet to be determined.
Current State of the RPA Market
The implementation of automation into corporate structures can help to eliminate redundant tasks allowing employees more time for strategic initiatives.
That’s where RPA comes in. As a corporate tool, it can help automate repetitive tasks ranging from payroll to insurance claims. The problem is too many companies are attempting to implement a one-size-fits-all solution that doesn’t address specific needs.
Take the Accounts Receivable space, for instance. As an extremely niche, specific solution, it must address several challenges that large corporations cannot oversee. Although VC backed companies may attempt to solve these problems, they lack the integrity and know-how associated with boutique organizations.
If you are looking to purchase a dishwasher, you don't go to "general" motors and ask them to build you one, you buy from an appliance specialist like Whirlpool. So why look to large RPA companies when addressing your A/R needs?
Achieving optimal A/R systems requires the automation and processing of chargebacks and deductions, along with returns processing and reconciliation. Many consultants and RPA companies do not have the knowledge necessary for delivering quick solutions.
How iNymbus Can Help
As the eCommerce space continues to grow, chargebacks and deductions from retailers are becoming an ever-growing issue for manufacturers and distributors. As the retail space becomes more automated, internal systems must keep pace with the same level of automation.
iNymbus has developed a cloud robotic process automation system to help automatically read retailer portals. Their main goal is efficiently processing chargebacks and deductions with limited human interaction. iNymbus can take any data input and manipulate it into the format required by individual retail portals.
Stop wasting your time with large RPA companies that offer a cookie-cutter approach to handling your specific A/R requirements. Allow iNymbus to take hold of your accounts receivable needs using their one of a kind, AI and machine learning technology.
The largest companies in the world—Amazon, Walmart, Best Buy, Costco, have had their returns processing and reconciliation requirements automated, for suppliers and distributors who use iNymbus, so what are you waiting for?
If you’d like to learn more about how iNymbus RPA can make your company more efficient, read below to learn how our customer Whirlpool has gotten a handle of their deduction problem in our case study.