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EIU Study Shows Adoption of Business Automation Tech is a C-Suite Priority Globally

UiPath and The Economist Intelligence Unit recently surveyed and found that over 90% of organizations already use technology to automate business processes. 73% stated that they are very or entirely satisfied with the benefits resulting from automation, and businesses in every industry surveyed find value in it. 88% believe that automation will accelerate human achievement and that automation is most effective when it complements humans, not replaces them says 79%. The study explores the current and future progress of automation in organizations around the world.

Automation is helping businesses in every industry around the world seek efficiencies that come from replacing manual tasks with machine-operated ones. But many organizations today are aiming even higher, with their sights set on adopting automation technology like AI and RPA for business growth and to encourage greater creativity, productivity and innovation from employees.

The number of  survey was 502 senior executives of mid and large enterprise, all with annual revenues over U.S. $250 million and half over U.S. $1 billion, among eight countries: Canada, France, Germany, India, Japan, Singapore, the United Kingdom and the United States – found that automation of business processes has made considerable headway and the future of automation looks bright:

India is the most satisfied with automation technologies

73% of global respondents are satisfied with their automation technologies. However, India in particular is the most satisfied with the benefits resulting from automating business processes (citing 86%t of respondents from the country). RPA is a high or essential priority to meet strategic business objectives in India (84%). 90% of respondents from the country expect their company’s financial results to improve as a result of automation, namely profitability, operating costs and revenue growth.

 

 

 

 

 

 

Automation is a C-Level priority and kickstarting businesses’ digital transformations 

84% of respondents report that the C-Suite is driving automation initiatives for their business, with automation responsibility rolling up to the CEO (22%), CTO (29%) and CIO (17%). Over 70% of C-suite respondents report that RPA and AI are a high or essential priority to meet their strategic objectives, mainly because they expect it will make them more competitive.

Automation technologies have instigated digital transformation at 94 % of surveyed organizations. Noted benefits of automation include:

  • An increase in customer satisfaction (92%)
  • Focused employee attention on less repetitive, mundane tasks (91%)
  • Increased capacity to handle volume (91%)
  • Efficient product and service marketing (90%)
  • An increase in customer engagement (88%)
  • New revenue sourcing (85%)

Key challenges:
Like any new technology, there will be factors holding companies back from complete implementation. For automation, data privacy and security concerns top the list especially emphasized by public companies and healthcare executives.

Executives also cite deployment of technology, lack of relevant talent and skills, and employee resistance as barriers for business-wide automation adoption. The skills gap is felt most acutely in Asia, particularly Japan, while change resistance is most prominent in the U.K. Further more 42% of executives believe providing education and reskilling opportunities are very important to smooth implementation.

Few More insights from the study:

66% of organizations in the US make extensive use of automation which is highest in terms of automation maturity,closely followed by Germany 57%, France 60% and Canada 28%.

In terms of implementation manufacturing industries outpaces other industries with 61% citing extensive use in manufacturing.The lowest being government and public sector institutions with only 35% extensively using it.

Automation of functions is most extensive in IT, operations and production, customer service and finance.  However, in two years, those surveyed believe customer service, marketing and R&D functions will be important to automate.

69% of respondents find software automation to be a high priority compared to 56% for physical robots. This is seen most often in all markets except for Japan, where it is considered equal in priority.

Impact of Automation 

 

 

 

 

 

 

 

(Image Courtesy: www.forbesindia.com)

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