Today’s topic is about how the business world is changing and how this change is driving the adoption of new technologies. This crisis as already forced businesses to rethink. They have to learn new ways to manage internal and external processes manage their workforce. These structural changes have happened quickly. The businesses that are able to adapt to this new normal are going through permanent changes. This change will eventually increase their competitiveness and resilience. Some of these behavioral and structural changes pave a fruitful playground for process automation. Let’s dig deeper, why?
The Crisis Is Permanently Changing The Way We Work
All businesses are forced to find new ways to deliver the products and services to clients. Remote working has been on the rise for quite some time now. However, only 29% of Americans can work remotely from home. This means majority of the businesses in service related work are struggling in much different ways. Improving remote communication and education tools as well as virtual events was phase one of the crisis. Especially, for businesses where remote work is an option, such as IT related workforce. This also means investments into cloud based systems is on the rise.
Global Supply Chains Are Getting Closer To Home
The crisis revealed a major issue in the world wide supply chain. I am sure you have noticed some shortage in your near by grocery store when the pandemic began. The problem is bigger than it firstly seems like. For instance, the manufacturing and processing industries now had to reinvent their material supplies and supply chains. This change is driving manufacturing and retail businesses source materials closer to final consumer. Hence, it is protecting their business from global disruptions and to diversify for lower risk portfolio. The new normal has created higher demand for process automation. Particularly with technologies such as big data, AI and cloud.
Recovery Means Not Going Back to Old Normal for Many Businesses
History shows us that recovering from past recessions starts with jobless recoveries. The unemployment recovery has been fastest in middle-skill routine jobs. This is because of investments in higher productivity and effectiveness. This translated to automation and investments into technology. This time around the trends are similar. Businesses are increasingly forced to reinvent the work processes. Therefore, process automation is key to increased productivity. They will invest more in advancing technologies. These include cognitive capabilities and AI, industrial robotics, service robots, and RPA or robotic process automation.
Read more about Business Process Automation.
This increased automation will hasten the automation trends that were already in progress before this crisis started. Routine jobs such as sales, administration, and support jobs were already under pressure. Industrial robotics, drone-based delivery, and AI-controlled service robots will put more pressure on the recovery of manual, routine jobs in manufacturing, logistics, and retail.
3 Reasons Why Businesses Can’t Delay Automation
The pressure to increase automation has never been higher for many businesses. Therefore, every business needs to jump aboard and update their automation roadmap:
- Firstly, Technology is matured enough to enable fast and full scale cost effective process automation. AI and RPA have already introduced the world to digital workforces that can take on routine back- and front-office functions. The costs have gone down with no-code and low-code platforms and more sophisticated tools.
- Contingency Planning and Risk Management models will heavily rely on automation and intelligent, AI based systems. Analytical approaches to risk management, will become an integral part of corporate risk management. For instance, AI-based mining of external signals including unstructured data.
- Digital Labor can’t get sick and are much more productive than humans. Businesses need to plan their automated processes to get the best from both worlds, human and machine to weather future crisis with less risk. This means adaptiveness and resilience built into the process.
Recent recessions have thought us that recovery starts with increased employment in businesses that have invested and implemented into higher level of automation. Be among those companies and you are more likely to surface as a winner after this crisis.
This increased level of automation will protect your business from future disruptions and helps with contingency and risk planning. It will make your business more resilient. Automation doesn’t mean less people, it means more happy and productive work force focused on the stuff that matters.
We at Texas Software help businesses with Business Process Automation planning and implementation. Reach out and let’s talk more.