Welcome to the automation economy

Today, businesses around the world face unprecedented uncertainty. The impact of the global pandemic, ongoing trade issues and political conflicts have disrupted business operations, which in turn has exacerbated existing staffing issues, caused supply shortages and added complexity to forecasting demand and retaining customers. How are companies supposed to thrive in this world order? The answer lies in the power of automation to stabilize the workforce, fuel economic growth and build business resilience, according to a new report. Introduction to the automation economy.

The Automation Economy – this week’s focus at Imagine and in response to the third edition of Automation Anywhere’s Automation Now & Next report – will accelerate the way companies scale automation and sustain performance. Of the 1,000 global organizations surveyed in the report, more than a third say automation will lead them out of global crises.

“Today’s leaders need to look beyond their current business processes and how automation can empower them and others to take bolder steps and rethink work,” said Mihir Shukla, CEO and co-founder of Automation Anywhere. “The reality is we just don’t have enough knowledge workers to get the job done, and there’s a lot more to do. It doesn’t matter what you produce, but more importantly how you will do the job and deliver the product to your customers?”

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A fireside chat with Automation Anywhere

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Intelligent automation is a must-have for certain industries, not just a nice-to-have. In financial services, automated processes can include managing loan payments, auto loan applications, managing bank accounts, and more. In a case study published by Automation Anywhere, a data company needed data to be converted from one system to another. The projected time for a vendor to complete this process was two years, but the migration was completed in just 12 weeks, with automation and bots running 24/7.

In healthcare, automation can improve patient outcomes by supporting medical advances, managing patient intake, scheduling, claims and billing, and freeing up staff to ensure patients receive the care they need. In retail, automation services can make ERP and supply chain processes more efficient and include generating and distributing reports, paying invoices, and checking payment status against service level agreements (SLAs).

The C-Suite sees automation as an important tool in the business toolbox that can revitalize their workforce and improve employee retention. Because when employees don’t have to focus on routine manual tasks, they can focus more on other aspects of their work. In the Automation Anywhere report, around 40% of respondents believed that more than half of all employees could benefit from just a single bot to help them with their daily work.

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Additionally, a whopping 94% of respondents said moving employees to higher-value jobs is a top priority for the year ahead.

According to Shukla, for almost twenty years he has been on a mission to unleash human potential by helping every company in every industry around the world build a digital workforce and thrive with automation.

Collaborating with a digital colleague is natural for companies looking to address key challenges, but it’s also a useful strategy for attracting employees to a new breed of colleague. Automation Anywhere has hundreds of digital workers deployed internally across multiple departments. “Our employees are not only more productive with bots – they are also happier,” says Shukla. “Employees and customers quickly not only rely on their digital workers, but engage with them, give them friendly nicknames and want to communicate with them in more personal ways.”

Shukla goes on to say that Automation Anywhere delivers on that promise to customers. “When we empower human workers to offload manual tasks to automation, we unleash their potential to move on to the next big idea of ​​building deeper customer relationships and driving business growth.”

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It’s a future that many business leaders are embracing in order to gain a competitive edge. A quarter of respondents to the Automation Anywhere report said they are increasing automation funding by at least 25% to accelerate automation implementations. Sitting on their hands just isn’t an option anymore, especially as more companies are eagerly focusing on building a resilient workforce, supported by both human and digital workers.

Digital transformation continues to accelerate rapidly across all areas of the business, and adapting to an ever-evolving culture of technological change can be overwhelming. But to fuel growth, the adoption of the Automation Economy can be a harbinger of positive outcomes in the future. Executives can continue to help run current operations using the status quo model, or they can choose the bold and rewarding path of making calculated bets and exploring new technologies and solutions to scale automation across the organization.