Introduction
Business automation and artificial intelligence (AI) are rapidly transforming the way organizations operate. By leveraging the power of technology, companies can streamline their processes, reduce costs, and enhance productivity. The COVID-19 pandemic has further accelerated this trend, as organizations look for ways to stay agile and resilient in the face of unprecedented challenges.
However, there is a common concern that the adoption of automation and AI will lead to job losses. While it’s true that some jobs may be impacted, research shows that the vast majority of occupations require cognitive abilities that cannot be fully automated. Instead, the adoption of automation technologies can free up employees to focus on higher value tasks and improve overall productivity.
In this blog post, we’ll explore the benefits of business automation and AI, and address some of the common misconceptions around these technologies. We’ll also examine real-world examples of organizations that have successfully implemented automation and AI to drive business value.
The benefits of Business Automation and AI
Business automation and AI bring significant benefits to companies that implement them. At DataSkill we’ve seen how those companies who embrace Digitization and Automation are able to outperform their competitors. In fact, a recent IDC paper sponsored by IBM showed that companies with AI-Powered Automation Solutions were 34% more efficient in IT operations and had 30% higher developer productivity. And when IBM commissioned Forrester Consulting to conduct a Total Economic Impact study, they found that the composite organization experienced 80% improvement in productivity in three years.
So, what are the key benefits that are driving Business Automation and AI:
- Increased efficiency and productivity: Automation can perform tasks faster and with more consistency than humans, reducing errors and freeing up employees to focus on higher-level tasks. AI can also improve efficiency by analyzing data and providing insights that humans might miss.
- Cost savings: By automating tasks, businesses can reduce labor costs and streamline their operations. AI can also help identify areas where costs can be reduced, such as energy consumption or material waste.
- Improved accuracy: Automation can reduce the risk of human error and improve the accuracy of tasks such as data entry or inventory management. AI can also provide more accurate predictions and insights based on data analysis.
- Enhanced customer experience: Automation can help businesses respond to customer inquiries more quickly and accurately, improving customer satisfaction. AI can also provide personalized recommendations and improve the overall customer experience.
- Increased agility: Automation and AI can help businesses quickly adapt to changing market conditions and customer needs. They can also help businesses identify new opportunities and optimize their operations in real-time.
Overall, business automation and AI can help businesses become more efficient, productive, and profitable while also improving the customer experience.
Misconceptions
One of the most significant misconceptions is that automation and AI will lead to widespread job loss. While it’s true that some jobs may be impacted, research shows that the vast majority of occupations require cognitive abilities that cannot be fully automated. There are more than 2,000 activities that make up 800 full-time occupations that are part of knowledge work. And only 5% of these full-time occupations could be fully automated using existing technology. Rather than replacing jobs, the adoption of automation technologies can free up employees to focus on higher value tasks and improve overall productivity. This redeployment of the workforce is key to business growth as current talent and skill shortages are already impacting the economy and “The Future of Work” study by the Global Talent Crunch anticipates that the situation will worsen. They estimate that by 2030 demand will outstrip supply with 85M jobs unfulfilled due to a lack of skill workers.
Another misconception is that implementing automation and AI is too expensive and complicated for small and medium-sized businesses (SMBs). However, with the advancements in technology and cloud-based solutions, automation and AI have become more accessible and affordable than ever before. Additionally, many of the benefits associated with implementing automation (as discussed previously) provide cost savings. IBM commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying IBM Cloud Pak for Business Automation. They found that a composite organization (based on interviews with six decision-makers) could achieve a ROI of 395% after three years following an investment in IBM Cloud Pak for Business Automation.
Finally, there is a misconception that automation and AI are only applicable to certain industries or functions, such as manufacturing or IT. However, automation and AI can benefit virtually any industry or function, from healthcare to finance to customer service. The key is to identify the areas where automation and AI can add value and to develop a strategy for implementing these technologies in a way that aligns with the organization’s goals and objectives.
IBM Cloud Pak for Business Automation
In today’s fast-paced business environment, we have seen that companies need to operate efficiently to stay competitive. To achieve this, organizations are increasingly turning to automation technology to streamline their operations and improve efficiency. IBM Cloud Pak for Business Automation is one such solution that offers a comprehensive set of tools and services to help organizations automate their business processes. In this section, we will take a closer look at IBM Cloud Pak for Business Automation and explore its various components and capabilities.
The IBM Cloud Pak for Business Automation is a set of integrated software that is designed to help organizations solve their toughest operational challenges with the broadest set of business automation capabilities. This Cloud Pak includes a range of components powered by AI and automation to automate all types of work. It features content services, document processing, workflow, process mining, robotic process automation and decision management.
IBM Cloud Pak for Business Automation offers a unified user experience for consistency across operations, reusable skills and assets that you can share between applications, and platform services that drive analytics and insight with operational intelligence. The platform can also coordinate its capabilities with your existing infrastructure. Its flexible model allows you to start small and scale up as your needs evolve.
Overall, the IBM Cloud Pak for Business Automation provides organizations with a comprehensive set of tools and services to help them automate their business processes and improve efficiency across their operations. At DataSkill, we believe that IBM Cloud Pak for Business Automation is an excellent choice for businesses looking to improve efficiency and accuracy. With this solution, you can enable customer-focused, agile, and efficient business processes and systems to help your organization stay ahead of the competition.
Examples of Business Automation in Use
As businesses strive to optimize their processes and stay competitive in today’s fast-paced world, automation has become increasingly prevalent. From streamlining workflows to reducing errors and cutting costs, automation can provide many benefits to businesses of all sizes. In this section, we will explore two examples of how Business Automation has been used to drive efficiency and success in different industries.
Document Processing
A large bank was faced with a common challenge in the banking industry – customers paying bills late, resulting in dissatisfaction and potentially even lost business. Despite various attempts to address the issue, a significant number of customers still felt out of control when it came to paying their bills on time.
To tackle this issue, the bank turned to IBM’s Content Analyzer on Cloud solution. The solution allowed customers to simply forward their emails containing their e-statements or take a photo of their paper statements. All of the information in these statements was automatically converted into parsed data and fed into the mobile banking engine. From there, the data was loaded up as a pre-authorized payment or future-dated bill payment, making the process of paying bills much easier for customers.
The results were significant – bill payments became six times faster, and 90% of customers were ready to adopt the new system. By automating the process of bill payment, the bank was able to provide a better customer experience, increase efficiency, and reduce the number of late payments. The solution provided a simple and easy-to-use interface that empowered customers to take control of their bill payments and eliminated the need for manual data entry.
Content Services
An Italian main railway operator faced a significant challenge due to its reliance on manual, paper-based methods for most of its operations. This resulted in long wait times for document processing and an increased risk of human error, especially in areas such as accounts payable and payroll. To address this issue, they turned to digitalization, leveraging IBM and SAP solutions to improve efficiency, service quality, and reduce costs.
IBM FileNet Content Manager was instrumental in enabling the rail operator to achieve its digital transformation goals. By leveraging the platform’s native content federation and migration capabilities, the company created a centralized repository for all electronic content, making digital documents easily accessible to users with a simple click of a button. This centralization of documents allowed for a significant reduction in processing times, improving operational efficiency and reducing the risk of errors.
Thanks to this solution, the rail operator has experienced a 30% boost in employee productivity and can now generate and process 400,000 invoices and 1 million payslips digitally every year. Moreover, the company achieved a full return on investment in just 18 months, highlighting the substantial value and ROI that digital transformation can deliver.
Overall, the partnership with IBM highlights the tremendous impact that digitalization can have on businesses in streamlining operations, improving efficiency, and enhancing customer satisfaction. The results of the digital transformation have been significant, highlighting how businesses can leverage technology to achieve their goals in today’s fast-paced digital landscape.
Conclusion
In conclusion, the adoption of automation and AI can bring significant benefits to organizations, including increased efficiency and productivity, cost savings, improved accuracy, enhanced customer experience, and increased agility. While there are misconceptions that these technologies will lead to widespread job losses, research shows that the majority of occupations require cognitive abilities that cannot be fully automated. Instead, the adoption of automation technologies can free up employees to focus on higher value tasks and improve overall productivity. The IBM Cloud Pak for Business Automation provides organizations with a comprehensive set of tools and services to help them automate their business processes and improve efficiency across their operations. With the right strategy and implementation, automation and AI can help organizations stay agile and competitive in today’s rapidly changing business environment.
Discover more about IBM Cloud Pak for Business Automation at www.DataSkill.com/spotlight