8 Dec 2022| O-Net
How Intelligent Automation Acts as a Key to Increasing Productivity
The impact of automation is felt from the boardroom to the floor of the shop. In our current financial reality, digital transformation has become a business’s primary concern. Many organizations are actively searching for ways to stay stable, adaptable, and competitive to take their stance in the ever-evolving business market.
Eighty-one percent of business decision-makers believe that RPA and/or automation are critical to keeping their company competitive.
Such leaders see these innovations as the center of their digital transformation strategies and identify that in this turbulent market climate, they have to adapt them to succeed.
The ability to automate processes marked a major change in manufacturing efficiency and quality improvement capability. Finding ways to automate tasks will also help you improve your work and increase productivity and performance.
Automation advantages include:
Addressing Global Productivity Concerns
Global productivity growth for some economies has remained static at one-tenth of what it was 40 years ago. Businesses are facing immense obstacles from developing the workforce, demands from consumers, and macroeconomic pressures. Nevertheless, a vast majority of business decision-makers view RPA (robotic process automation) and automation as a remedy to the global productivity crisis. Leaders agree that some of RPA / Automation’s main advantages are that these innovations enable their teams to focus their efforts on more critical tasks.
This shows that organizations are really focused on how to arm these technologies to tackle complex issues and exponentially increase productivity levels.
Getting your Business Future Ready
Without internal assistance, the tremendous economic impact of RPA cannot be achieved. Businesses must ensure that their employees are adequately trained to face this transition in the way they operate. When they don’t, they risk losing out on making real progress. As for workers, 78 percent agree that using technology to automate activities will enhance their working lives. These results show that company decision-makers and workers are united in the fact that there are significant benefits to automation.
Given that businesses across all sectors are looking for ways to rise above economic uncertainty and compete in an increasingly competitive marketplace, automation can serve as an opportunity to allow consistency in business.
Looking Forward to Major Skillshift
The global survey shows the importance of re-skilling and preparation, with more than three quarters being surveyed, suggesting that there are skills for which they are actively buying, such as data processing and data science. To counter this, 78 percent of companies offer new skills/qualifications for learning opportunities when implementing innovations that will change their work. In addition, 80% of knowledge workers felt confident to look forward to the transformation in the workplace.
Handling Human and Digital Capital in the future of work
As a remedy to a global productivity crisis and a catalyst for digital transformation and business agility, automation in our lives is rapidly evolving to respond to the world’s demands. In a study of the influence of a digital workforce and business agility at scale, we found out how companies across the globe use digital workers to remain agile, optimistic, and competitive in this new economic reality.
More than 6,700 business decision-makers and knowledge workers participated globally in this research in 2020, which focused on:
Opportunity to Improve Performance and Enter New Markets
While some companies may be expanding, more broadly, automation platform and digital technology would enable small players, including individuals and small businesses, to execute project activities, which are now mostly carried out within larger firms. Growth of very small and very large firms may give rise to a barbell-shaped economy, where mid-sized firms lose out. Automation platform will increase competition in all industries, enabling firms to enter new areas beyond their former business lines and establish a widening gap between technical experts and laggards in every market.
Automation to Fix the GDP Growth Gap
At least some of the demographic patterns could be compensated for by automation. We estimate the productivity infusion that could be provided annually to the global economy is varying from 0.8 to 1.4 percent of global GDP. Assuming that the human labor replaced by automation will eventually rejoin the workforce and be as productive as it was in 2014. Considering the labor replacement effect alone, we calculate that by 2065, the use of automation platforms can theoretically increase productivity growth in the world’s largest economies.
Through automation, productivity can be improved, and this will support employees and companies. The technology will drive the growth of businesses and, in effect, generate new jobs and product lines. As automation can handle up to 45 percent of routine duties, it allows people at work to focus on higher-value tasks such as problem-solving, solution-finding, and new ideas. It will inspire workers and create a more rewarding and engaging work environment.
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Tags: Technology Artificial Intelligence