Over the past two years, we have witnessed digital players entering vertical markets at an astonishing rate, introducing new offers, disrupting the way in which businesses interact with customers, and raising the bar for simplicity and personalization. Traditional businesses are looking to adapt to the rapid change.
A set of disruptive technologies is maturing in the business operations space, enabling companies to improve the way they create and deliver value. IPA is emerging from the back office to help enterprises build adaptive, resilient, and efficient operating models and deliver seamless experiences for customers and employees.
A collection of business-process improvements and modern technologies that combines fundamental process redesign with robotic process automation, artificial intelligence, machine learning, and cognitive technologies like optical character recognition and natural language processing are what McKinsey defines as IPA. It helps organizations to redesign processes and workflows in alignment with customer journeys for seamless experiences, digitize data for personalization and insights, and automate mundane tasks to achieve breakthrough increases in productivity.
The growth is exponential.
IPA is a Swiss Army knife. It's power to transform customer and employee experiences, CFOs appreciate its potential to grow efficiency exponentially, line-of-business leaders like the clear results it delivers, and chief information officers embrace it as a way to demonstrate business outcomes.
One U.S. health insurer found that it could process claims six times faster. An agricultural and food company improved its productivity by 75%. A leading global consumer credit- and debit-card services provider saved more than 160 million dollars by automating its accounts payable, accounts receivable, and purchase order workflows.
At its best, automation makes jobs more human, freeing up time for creativity and critical thinking, and empowering employees with new capabilities.
Successful automation adopters invest in talent and change management programs that address skill gaps and enable frontline employees to understand and embrace related technologies. The multiyear automation program, called Hands off the Wheel, elevated its employees' roles and responsibilities by reducing their focus on algorithms and freeing them to imagine and innovate.
There are five emerging themes of automation.
In order to understand how automation tools can handle repetitive tasks and create smarter process flows to deal with business complexity and drive resilience, Cognizant surveyed 4,000 global executives. The five key themes emerged from our research.
It is coming of age. The modern enterprise already uses automation. Respondents say that the key components of intelligent automation are artificial intelligence and analytics.
More and more work is being done by machines. Many organizations are taking advantage of automation to derive meaning from a lot of process data because the volume of work performed by intelligent machines is increasing rapidly. The volume of decisions executed by machines is expected to grow by 50% between 2021 and 2023. Organizations will move more process work to machines as automation approaches integrate artificial intelligence and other cognitive technologies.
For now, highly scaled automation deployment are rare. Only 8% of respondents have deployed automation at a large scale. Most organizations implement automation piecemeal because they don't want to integrate processes into a workflows. As enterprises see the value of implementing increasingly sophisticated automation toolsets across business functions and focus on supporting employees in the new way of work, this strategy will change.
The more processes you add, the better. Respondents who have augmented more business processes with automation are realizing more outcomes than those who have fewer. The areas of higher performance include operational efficiency, decision making, reduced risk, and a better customer experience.
Skills and organizational models are needed for scaling automation. Soft skills such as decision making, learning, and creativity will be in high demand as automation in the workplace grows. When automation moves beyond a series of isolated initiatives to the defining factor in a workflows, it will cause a radical shift in how the enterprise performs work.
A competitive advantage.
Forrester Research predicted that companies with advanced automation programs will destroy the competition. Many businesses are still taking 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299
To accelerate the journey to scale and gain a lasting advantage, organizations must elevate automation across functions and beyond IT as a strategic, board-level priority.
There is a step-by-step course for the future at cognizant.com/neuro.
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