As technology has become a powerful driver for innovation, companies are on the verge of unearthing emerging technologies to trim down manual intervention through process automation. Organisations are adapting to intellectual engines built into software to take over routine tasks, making processes more efficient and agile within companies. It has become a more common phenomenon where small businesses are utilising emerging technology for process automation.
More recently, automation projects have taken off because companies are on the fast track to digitization with an objective to relieve employees for more productive tasks and high-value pursuits.
Automation is not a specific technology or a finite engagement, rather it is an ongoing process of deploying technology to automate manual workflows, reducing human efforts to the brim. An increase in erudite software workflow engines is helping organisations to automate almost any type of horizontal business process, including procurement planning, revenue projections, marketing, ERP, CRM, HR etc. Similarly, more advanced AI and machine learning, big data, and robotic process automation (RPA) capabilities are enabling boosting sector specific automation projects.
Global surveys conducted in 2020 has discovered that nearly 66% of the companies world-wide are piloting solutions to automate at least one business process compared to 57% earlier in 2019. In 2020, 31% of the companies have fully automated at least one function, which has grown more modestly, from 29% in 2018.
The tasks companies tend to automate first are routine processes that involve repetitive functions, such as routing customer queries and purchase orders, generating reports and automating routine steps in AP (Accounts Payable) processing. In fact, many companies start their BPA initiatives in finance, often with accounts payable automation.
A study conducted by research analysts highlights the nuances of technology investments, as firms that invested in automation at an early stage has tended to grow faster than their competitors because the investments allowed them to reduce costs that were not falling elsewhere in the sector.
Technology is genetically scalable and therefore, demonstrating a consistent trend towards innovations because of improvisation. Product life cycles showcases how economic returns go through a steep exponential growth phase and eventually, when it evens out, businesses are motivated to leverage technology to automate processes more effectively.
It is worth noting that the presence of institutional investors who are allocating funds for investment in automation focused companies that add a level of automation to manual legacy processes which bring modernisation without having to expel existing systems. Investors are significantly leverage automation, analytics and enterprise software solutions which has propelled sizeable investments in companies that provide such solutions to companies. Technology acceleration over years has provided adequate impetus for investors to consider deploying in this sector.
To conclude, it can be said that irrespective of the sector that a company belongs to, the ever-changing technology and efficiency focused software means automation could eventually handle more complex tasks with improved innovation.