The argument that “machines will one day take over” is no longer valid as automation is already everywhere around us. Remote working and automation have made working more convenient, productive, and exciting for everyone. By 2025, 70 percent of the workforce will be working remotely at least five days per month, thanks to automation. According to the World Economic Forum, machines will complete 42 percent of total task hours in manufacturing and other services by the end of 2022.
Many industries, small or big, have incorporated automation into all aspects of the business to save money, improve efficiencies, and encourage business growth. Today, each of us uses technology for personal and commercial use, and technology forms the backbone for many automation-related processes. The potential unlocked with technology is insurmountable; with the right tools and the right application, business costs can be cut in half, companies can focus on scalability, and there can be room for innovations as automation driven by technology can do wonders.
What is business automation?
Business automation refers to the use of technological applications to automate routine operations, allowing staff to focus on higher-value duties. This covers AI-powered automation and business process automation. When one thinks of automation, it is sometimes misunderstood to imply intelligent robotics, yet it can be as simple as a set of tools contained within regular operating software applications. At its most basic level, automation entails putting in place a system that can do repetitive tasks and easily replicable operations without the use of human labor.
Automation is a wonderful approach to streamlining operations and boosting business growth, whether you manage a small firm or a major corporation. There are many applications of automation in industries that help companies perform effectively and efficiently. Cutting costs while maintaining long-term growth is another important reason automation has been given more credit. Unexpected global changes impacting different aspects of the business have made companies realize the importance of seamless and reliable processes. The applications of automation have provided credible results.
For example, with marketing being one of the major automation domains, the majority of MSMEs use some type of automation while marketing, with “email marketing” being one of the most frequently used channels. As soon as a contact is added to the software, an introductory email can be generated and delivered. The software is set up to send a follow-up email a few days later, but only to people who opened the first email.
When it comes to human resources, we have seen plenty of computer-automated software that can help with job application filing, interview scheduling, extending job offers, onboarding payroll processing, and compensation management, which are all tasks that human resource management systems may automate. These technologies can also provide insights into labor productivity via analytics.
In the field of sales, automation solutions allow sales teams to spend less time tracking deal-related activity and more time making closing calls. Whether it’s qualifying leads based on their buyer journey, assigning prospects to the correct representative, or developing data-driven sales projections, the tools can automate repetitive operations across the sales process.
But, most crucially, automation has had a significant impact on firms’ finance and accounting departments. When it comes to maintaining balance sheets, we have seen a large number of companies adopt new features. Companies may free up time for vital duties like analysis, strategy, and cooperation with stakeholders by automating financial planning and accounting procedures. Data capture is automated in account payment management; for example, invoices are automatically matched to documents, and approvals are automatically routed. Background control lowers data inaccuracies and helps to avoid fraud.
There are some credible names in the industry that help companies in their business automation journey to create uniformity and suitable integration solutions so that these automation tools can empower employees, avoid repetitive tasks, improve customer service, better bottom lines, and ultimately take the company on a path of digital transformation.
With digitalization becoming the new normal, it has increased the pressure on organizations and business leaders to adopt emerging technologies to compete, and Robotic Process Automation (RPA) is at the top of everyone’s list. Given the numerous benefits RPA provides, it’s no surprise that companies in the IT, finance, healthcare,and manufacturing sectors are embracing robotic automation.
Automation is a fundamental reality for businesses today and finding the right balance between human intelligence and the implementation of automation within the systems and processes of the organization, will be the key to its success. Gartner predicts that 69 percent of all managerial work will be automated by 2024. 57 percent of IT leaders say that automation technology saves departments between 10-50 percent on costs previously associated with manual processing.
The value derived from business automation or the plethora of benefits associated with it can range from lowering operating costs to improving management efficiencies, task effectiveness, faster scalability, better customer service, improving workflow, and aiming for calculable growth. Many businesses may be hesitant to adopt automation for a variety of reasons, but they are missing out on the endless possibilities that automation can enable. Intelligent automation is the most effective way to plan for the future.
The article has been written by Abhishek Agarwal, President – Judge India & Global Delivery at The Judge Group