To stay ahead of the competition and realize continued success, regardless of industry, business leaders are under increasing pressure to continue to find ways to reduce operating costs as much as possible. Intelligent automation provides the ideal solution while also improving productivity and efficiency, which can ultimately lead to higher profits over time. Here’s how.
First, let’s consider the actual concept behind intelligent automation. This is essentially the term given to technology which involves the use of software powered by artificial intelligence (AI) and machine learning to perform certain business processes and functions, typically in the IT realm. The more sophisticated the automation platform, the more high-volume workflows it can perform, thereby making it all the more impactful to both the IT department as well as the business as a whole. And with AI in the mix, the platform can evolve independently to support continuous process improvement and help business leaders make smarter, more data-drive decisions.
Intelligent automation is poised to make a significant and lasting impact on the business world, particularly because it will reduce the need to outsource work. While outsourcing was once considered the most effective way to manage costs while still producing a high-level output, AI powered automation will make this practice all but obsolete soon enough. That’s because it’s even more practical. Rather than having to pay outside workers, all tasks can be moved back in-house and handled electronically. Subsequently, this reduces errors and enhances security. It also allows for better scalability.
In terms of actual savings, intelligent automation has been proven to cut business process costs by anywhere from 25% to 40% on average. In the IT field, automation can bring about a savings of as much as 40-55%. That’s because the efficiency and productivity of multiple software robots can take the place of one full-time employee. Eventually, as more decision makers begin to recognize the benefits and embrace intelligent automation, this 3:1 ratio will continue to improve, as will efficiency, productivity and cost savings.
The ultimate adoption and growth of intelligent automation will require a more wide-spread shift in mindset amongst key decision makers. Rather than viewing business growth in terms of full-time human workers, the view will need to change to growth by transactions and customer experiences. For some organizations that have already made this evolution, the sky is the limit. One major commercial bank that began using automation for the 5,000 databases it supports realized a 60% cost savings within just 6 months.
As we move forward, it’s becoming more and more evident that automation will have a significant and permanent impact on the way businesses are run. Your organization can remain ahead of the curve and positioned for future savings and success by embracing intelligent automation sooner rather than later.