Automation has been driving the economy since the first Industrial Revolution.
The concept has always been naturally associated with new technologies and, from vehicles to manufacturing processes, has changed the world. Today, automation does not only refer to increasing efficiency in the physical world, but has also become an inextricably integrated part of the digital realm. With the development of digital labor, various technologies are pushing the boundaries and transforming business models. Read on to find out more about robotic process automation, chatbots and artificial intelligence!
Investment in the intelligent automation (IA) market—which includes artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA)—is growing rapidly. Overall spending is expected to reach US$232 billion by 2025 compared to an estimated US$12.4 billion today.
Organizations that can power up IA efforts radically improve operations, transform their business models, and become long-term winners. But piecemeal efforts that focus mainly on cutting the cost of legacy processes and reducing headcount — with, for example, siloed efforts to automate payroll, invoice processing and customer service enquiries — will not move the needle in this new world.
Indeed, companies recognize that what made a high performer in the 20th century is fundamentally different from what is needed for competitive advantage in the 21st century. Enterprises have new tools and processes available that did not exist before. Although there are challenges, growing evidence shows that taking a strategic approach to IA, by focusing early on creating new business and operating models, can yield 5x to 10x dividends.
While enterprises have high expectations of the impact of IA, they are not all yet ready to implement it from the top down and at scale. First, IA investment decisions need to be C-level strategy imperatives, and second, IA is about business and operating model transformation, not simply technology deployment.