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THE IMPACT OF AUTOMATION ON BUSINESS AND WORKFLOW

In the past few years, advancement in robotics, artificial intelligence, and machine learning have transformed workplaces and business processes. We are living in a new automation age where computers and robots are not only efficient enough to perform routine physical work activities but are also capable of accomplishing activities that include cognitive capabilities.

According to McKinsey research, almost 49 percent of the activities that people are paid to do in the global economy has the potential to be automated by adapting new innovative and advanced technology. While less than 5 percent of occupations can be completely automated, about 60 percent have at least 30 percent of activities that can technically be automated.

Furthermore, Gartner defines that intelligent automation services as a broader term for a plethora of skills, strategies, tools and techniques that businesses are using to eliminate the need of labour and increase the predictability and reliability of services while ensuring a reduction of cost of delivery. It is believed that automation of activities can help businesses to improve performance, reduce errors and improve speed and quality. In some cases, with the help of automation services, businesses can achieve outcomes that can go beyond human capabilities.

At a microeconomic level, businesses can achieve a competitive advantage with the use of automation technologies. And at the macroeconomic level, it is estimated that automation could raise productivity growth on a global scale by as much as 0.8 to 1.4 percent annually. In addition, automation will have a massive effect across geographies and sectors. Countries like China, India, Japan and the United States account for almost two-thirds the number of employees who are associated with occupations that are technically automatable by adapting new technologies. Industries like manufacturing and agriculture include a lot of physical activities that have high technical potential to be automated.

But automation will not happen overnight. According to McKinsey, there are 5 key factors that will accelerate automation across the globe.

  1. Technical feasibility
  2. Cost of developing and deploying solutions
  3. Labour market dynamics
  4. Economic conditions
  5. Regulatory and social acceptance

Thus, automation will play an essential role in boosting the global economy in the coming years. It will contribute immensely to GDP per capita growth and bring more efficiency at workplaces. However, we will see significant shifts in workplace activities over the next century. So, policymakers, business leaders and workers should take serious measures which will help them to explore the opportunities offered by automation.

3i Infotech provides advanced business process automation services that can help you to achieve your business goals.

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