Global Coronavirus pandemic has on-going mass unemployment and is going to leave a long-term economic impact. Many prominent businesses, including McKinsey & Company, believe that post-pandemic world would be one we had never seen before.
After conducting a survey of 800 executives worldwide, Bain & Company, a McKinsey competitor, predicted a doubling of automation activities among companies over the next two years to keep business running.
The forced shift to remote operations made the urgency to adopt automation more clear than ever to maintain business continuity.
While McKinsey stated that half of the current jobs are automatable with existing technology, two years back, Bain predicted that business process automation could eliminate up to a quarter job by the end of this decade.
But according to the most recent research, implementation of Intelligence Automation can help employees and bots to co-work, which in turn reported 20 percent cost saving over the past two years.
Bain emphasizes that companies lack rigorous automation agenda risk falling behind, while those which address execution barriers will get a competitive edge.
Key principles for companies executing their Automation plans:
- Ground automation in customer experience and corporate strategy
- Focus on what follows the implementation
- Treat automation as a significant change to be actively managed from the start.
Proper execution of automation can allow utilization of budget for more high-impact, strategic work, let up-skilled employees take on more ambitious roles, and improve the consumer experience.
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