Wider economic conditions and other similar factors can affect the projection, but it is widely estimated that by the year 2055, half of the work or business processes will get automated. It is suggested by a report published by McKinsey Global Institute (opens in new tab).
Automation solutions are the new face of technology that has the potential to determine the future of businesses. And, this fact forces business leaders worldwide, to mull over their new business policies and growth strategies. Whether they accept or not, business automation solutions are the need of the hour and it would be difficult for the business leaders to gain the competitive advantage without incorporating automation into their business system.
It is a fact that a change in business technology brings along excitement, which stands to be true with the development of advanced automation solutions.
Automation has proved its potential and now it’s time for the business leaders to realise it.
Why automated workflow transcends human performance?
Basically, automation is in direct competition with humans. The truth is - be it accuracy or be it productivity, automation solutions outperform the humans and lead businesses through successful innings. Automated machines are programmed to take commands and complete tasks with utmost accuracy and precision. They reduce the need to depend on humans and keep them safe, especially when the task involves a high amount of risk. This further help businesses in sharply reducing their error rate, which tends to be high when tasks are completed manually.
Humans get tired after a certain timeframe, but the machines are programmed to work continuously. Even more, there is no deterioration in quality. Automation helps machine in optimum production and thus it helps businesses in achieving the organisational goals. In short, automation means - producing more - utilising less resources - maximising profit margin.
However, other side of the fact is that these technological solutions cannot perform alone, without humans. Company workforce will always play a key role in business functioning of a company but may be their job profile will change and in such a situation business leaders will have to take the lead.
Business leaders will have to guide the workforce
In such a situation where advanced technological solutions like automation is driving companies, business leaders share a greater responsibility. They need to educate and train the company workforce and help them in realising the power of this new face of technology. Having known about the great potential of business automation solutions, employees will be not able to put in their maximum effort professionally but they will be also able to manage a perfect work and personal life balance.
Leads to organised business workflow
Having incorporated automation solutions into their business framework, business leaders can organise every single business process in their organisation. Entire company resources including the raw materials, tasks, workforce, cost & finance etc. - automation solutions can organise the complete business workflow.
With the business processes automated, business leaders can analyse and predict the risks. Therefore, it aids to the decision making abilities of a business leader, thus saving their businesses against ant loss.
On the other hand, automation solutions become more essential as it help business organisations in making optimum use of data. There are automation solutions that analyse and prepare the financial reports for the business leaders, which enable the business leaders in taking effective decisions quickly. Automated data management generates value for the company and adds to the efficient business performance.
Impact of automation on economy
Having known about the potential of automation, business leaders can soon realise about the benefits that an economy can harness from it. The various advanced automation solutions empower the business leaders to better understand the forces that drive a transformational change in the global economy.
The governments also has an essential role to play in this technologically advanced age. They must collaborate with the companies in order to train the workforce as it is important to learn new skills to match with the latest job requirements. This will help the economies from fighting against economic issues like unemployment etc. Automation is capable enough to generate high-income jobs that will enhance people’s standard of living and will add to a sustained economic growth.
Automation effects on businesses & productivity
Business leaders across the world have gradually started to realise the power of automation, which continue to grow at a super-fast speed. According to the McKinsey Global Institute report (opens in new tab), automation has the potential to grow the world productivity level to 1.4 per cent from 0.8 percent annually.
Business leaders can in no way ignore the efficient performance level and outcome achieved through the automated business processes. From improving quality to speed, the advanced automation solutions are capable to increase the productivity beyond the human capacity.
Automation offers competitive advantage
According to a report (opens in new tab)drafted by the McKinsey Global Institute, automation gives companies and the business leaders a competitive advantage, but off-course, it has its own challenges to meet. Automation will bring changed roles for business leaders and it will also have a positive impact on the business workflow. Automation has the potential to lead business organisations through an organised workflow. On the other hand, streamlined business processes can help the business firms in standing out in the crowd. Put simply, automating is like hitting the rod when it is hot. It will make companies, a leader and their business sector and will give them an edge in the competition.
With automation leaders must change their approach
With automation solutions, the business leaders can not only help their companies in reducing errors but it can also in cutting the operational costs to a great margin. Put simply, it means a sound return-on-investment. Automation brings a paradigm shift in the way businesses used to function. With the drastically transforming technology, business leaders will have to play a role model for their company’s workforce. There is no doubt that automation can add to the convenience of doing business for owners and managers but it will also demand them to be interactive and develop an engaging relationship with the company employees.
Kumar Anand, Senior Content Developer, Cordis (opens in new tab)
Image Credit: Cordis Technology