Enterprises globally are taking proactive steps to prepare themselves to weather the economic turbulence and challenges posed by the recession. One promising solution that companies must not overlook is intelligent automation. With the ability to streamline operations, cut costs, improve efficiency, and allow a firm to stay competitive, intelligent automation has proven to be what businesses need to not only survive but thrive in these uncertain times. The intelligent automation market is projected to reach $37.63 billion by 2030, highlighting its growing necessity. [1]

The pandemic drove a significant increase in technology investments across companies, and as we move beyond the immediate crisis, it's clear that these investments are here to stay. Businesses will need to leverage these smart investments and embrace digital transformation as a key driver of business resilience and future growth.

Many firms are cutting costs and putting noncritical projects on hold. However, businesses that understand that digitalization can enable firms to be nimble and adaptable are investing in strategic automation initiatives that deliver real, tangible business outcomes.

It's critical to remain focused on strategic goals. By making wise investments in technology and solutions that streamline operations and drive efficiency, businesses can weather this economic uncertainty and position themselves for long-term success.

So, let’s explore why intelligent automation is such an important solution during such economic uncertainties.

Upskilling workforce

Intelligent automation offers significant advantages to businesses by providing an opportunity for employees to upskill or reskill. According to a Deloitte report in 2020, intelligent automation can cut business process costs by up to 40% by automating tasks that were previously done manually. [2] Companies can redirect the savings obtained from automation towards reskilling employees and providing greater business innovation and value. Automating routine tasks can also enable employees to focus on more complex and value-added work, leading to better outcomes and higher-quality outputs.

For example, a bank can automate its loan and credit application processing, saving considerable time in processing efforts. These employees can then focus on activities that help build better products and deliver a richer customer experience.

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Streamlining business operations

In today's fast-paced business environment, organisations face several challenges when it comes to streamlining operations. These challenges—repetitive tasks, process errors, duplication of effort, using multiple tools or technologies, and legacy technologies—hinder smooth operations, increase costs, and decrease efficiency. By developing a structured workflow for the tasks and identifying the key steps and roles of humans and bots in these processes, businesses can bring about synergistic and beneficial operations for an enterprise.

For example, by automating inventory management, businesses can avoid overstocking or understocking, which can lead to unnecessary costs or lost sales. Through automation, the company can track inventory levels, identify trends in demand, and automatically reorder products when they reach a certain threshold.

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Improving Productivity and Efficiency

Intelligent automation can help businesses focus on each of the tasks involved in the process and identify the best way to do them, ensuring they are done most efficiently. This enables enterprises to focus human effort on high-value and judgment-related tasks. With greater process efficiencies, enterprises can reduce the time to market and deliver an enhanced customer experience.

For example, healthcare providers that digitise the input and management of their medical records, schedule appointments, process insurance claims, etc. increase their employees’ productivity levels, which in turn allows them to deliver high-quality patient care and improve the patient's experience with the healthcare provider. More time spent with the patients means better communication between them and their healthcare provider, which in turn means the patients are well-informed about their healthcare options and can make more informed decisions. This can help healthcare providers stand out among their competitors.

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Staying Ahead of the Competition

Companies that invest in technology, such as IA, can rapidly adapt to market changes and stay ahead of the competition. IA enables firms or businesses to be more tactical and focus more on their strategic goals, while also enabling them to become more proactive in identifying opportunities and addressing challenges in real time.

For example, in the retail industry, businesses can use intelligent automation to analyse consumer behavior and market trends. By automating tasks such as data collection, purchasing pattern analysis, and reporting, retailers can gain insights into consumer preferences and adjust their marketing strategies accordingly. This enables them to remain adaptable and relevant in a constantly evolving market.

Ultimately, organisations shouldn’t underestimate intelligent automation; it is a powerful tool that enterprises can utilise to survive a recession that allows them to cut costs and increase their efficiency. Businesses can navigate through challenging times and emerge stronger and more competitive. Therefore, if you are looking to cut costs, investing in intelligent automation could be a smart move for your business. Make sure you’re ready for what 2023 has in store.

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[1] Intelligent Process Automation Market Size, Share, and Forecast to 2030 (straitsresearch.com)

[2] blue-prism-white-paper-final.pdf (deloitte.com)