6 reasons why intelligent automation is critical to both your business growth and teams’ personal happiness.

Introduction:

Large enterprises rely on a variety of intertwined activities. A large part of these processes has relied on human effort and intelligence to operate. ?To date, back-office teams have been trusted to complete transactions accurately and quickly. But, with the great resignation underway, everyone realizes that it’s tough to recruit skilled workers and even tougher to keep them. When the best employees leave, an organization loses a great deal of knowledge that has been built up over the years. It can take six months plus to on-board a new employee and train them to the same level as the person who left. Organizations need to spend time determining how skill shortages could impact them and address gaps using automation.

There appears to be a never-ending demand from management to lower costs ‘year on year’, while keeping the same level of service, or even improve the service level. It is almost impossible to scale only by recruiting new workers and even harder to scale operations while improving service levels at the same time.

Digitization continues to upend businesses and their processes. For example, traditional banks are facing strong competition from fintech start-ups and insurance companies are facing intense competition from new players. These players run digital risk scoring and application approval processes and enjoy much lower costs of operation. Digitization is unlocking completely new ways to run processes and unlock hidden value.

The time to react and respond to customer demands is shrinking. The urgency to shape a ‘wow’ customer experience is increasing. The demand for frictionless customer experience is growing loudly. ??Internally, employees are demanding they are tasked with more intelligent and analytical work and less mundane, repeating and boring tasks.

The only way for an enterprise to meet all these dizzying demands is by designing, digitizing and automating processes.

Here are 6 reasons why intelligent automation is must for your organization:

1.???Humans cannot make data driven decisions as fast as machines. They cannot pull data from many sources, stitch a story together, plot a variety of scenarios and determine the best solution as rapidly as a machine. There is too much data and too much noise for people to make these decisions effectively and timely. Automation is a must! ?Embedding data driven decision making into an automated process is key to scaling processes quickly and accurately.

2.???Hyper personalization at scale, without machine science, is impossible. Every customer engages with an enterprise differently. Every individual interaction has a different context and demand set. Customers expect personalisation. An enterprise must use knowledge from prior customer interactions and engage their customers as individuals. ?Only machines can understand and interpret a customer’s behaviour and engage at scale in a personalised way.

3.???Customers expect location independent 24/7 digital service. Whether it’s a bank or a healthcare institution, customers expect to engage at a time and place of their choosing. They expect a seamless and high-quality service that is friction free. It is impossible to provide that level of service 365 days 24x7 using humans alone.

There is an increasing shortage of skilled labour willing to cover 7 days a week, 24 hours a day. The only way to meet 24/7 service delivery expectations is to intelligently digitize and automate processes.

4.???People cannot consistently and exhaustively deliver at the same speed as a digital worker or algorithm. Working on hundreds and thousands of transactions can induce fatigue, making the outcome of the process error prone.

5.???Customers no longer accept mistakes and are less willing to accept simple human errors in a computer age. Accuracy and speed matters. People make mistakes, robots don’t. Customers expect and demand that organizations get it right first time, every time. It is simply impossible for people to deliver a superlative level of quality work over hundreds or thousands of transactions every day.

6.???Employees want to do more interesting, intellectually challenging work. They don’t want mundane work that can lead to repetitive strain and stress. Employees want to do work that inspires and challenges them intellectually. Digital workers and algorithms, on the contrary, love repetitive, well defined, mundane and high-volume work.

Conclusion:

Intelligent automation is critical to both your business growth and your teams’ personal happiness. Digital and intelligent automation technologies are an answer to scaling a business, avoiding unnecessary recruitment or training costs, consistently completing accurate high-volume transaction processing and improving both employee and customer experience.