Why Investing In Technology Amid Uncertainty Is A Smart Move

12/11/2022 by Admin

CEO and co-founder of Automation Anywhere , the leading global provider of RPA technology to companies .

Several economic indicators suggest that we are entering a difficult time for companies. The global events of the past three years have had a significant and lasting impact on trade flows across all sectors and geographies. Surviving (or thriving) in this landscape will require technology-driven transformation.

Our recent global survey of more than 1,000 professionals made automation a must-have technology for organizations to overcome today's business and economic obstacles. The majority (95%) now see automation as a key component of their transformation strategies. Almost all (94%) say automation helps solve supply chain challenges, and 61% strongly agree it helps solve labor shortages. In fact, 92% indicated that they had changed their automation plans somewhat or significantly in response to global events in the past year. According to the 2022 Deloitte Global Intelligent Automation survey, 74% of respondents are implementing robotic process automation (RPA), Gartner, Inc. The global RPA software market is expected to grow by 17.5% in 2023.

Why is investing in technology the answer when basic forms of capital are scarce? In times of economic uncertainty, many leaders may take a direct view of operations and hold back on investment. However, this strategy does not fully address the three main priorities that drive business automation decisions, all of which are directly related to the challenges faced in today's business environment.

Consider these priorities.

1. Cost reduction. Unpredictable customer demands and product availability issues make it necessary to cut costs, and for many hinder the flow of working capital. While the first instinct is to hold back on technology investments to reduce costs, strategic locations can ensure the most efficient use of available resources.

2. Improve employee experiences. The Great Retirement prioritizes employee satisfaction, requiring organizations to create a great employee experience to attract and retain employees, even in the face of a potential recession. According to a McKinsey survey released in July 2022, "nearly three-quarters of workers surveyed said it would not be difficult to find a job with the same or better pay and the same or better benefits." Employers pay to create an experience for employees that they don't want to leave.

3. Improving business continuity. Organizations must keep their doors open to rapidly changing economic, political and environmental dynamics. Technology can provide the support needed to ensure business continuity in these turbulent times.

If technology-led transformation is what companies need to survive and even thrive in today's challenging landscape, how should one begin? Our analysis Transformation Strategies for Top Performers revealed four best practices for organizations focused on automation technology.

1. Invest in long-term automation solutions with a clear return on investment (ROI) as part of a comprehensive future business strategy . We define intelligent automation as a combination of RPA, AI and analytics technologies that accelerate digital transformation by automating business processes.

2. Find new business value through automation and realize that every employee can benefit from the efficiency it offers. Companies must begin to identify solutions, systems and processes that can best be managed through automation to free up employee time for more meaningful work.

3. Understand the value of automation as a way to increase business value and address or reduce business disruptions and operational risks . The most successful companies are constantly testing to identify new use cases and value-add opportunities for automation.

4. Use automation as a key technology to be more flexible, not just to automate tasks or meet goals or performance measures . Automation has the potential to improve overall business performance, an important consideration for staying ahead or ahead of the competition in uncertain economic times. To succeed with best practices, companies must take a proactive approach to engaging their leaders and employees. At the executive level, establish a clear vision and strategy, as well as expected outcomes, and then ensure that these are communicated throughout the organization. Also, put people first by giving employees what they need to succeed in this new way of doing business. Take the time and resources to understand their automation challenges and aspirations, then provide solutions and investments including re-education, upgrading, citizen-led development opportunities and personal journeys.

Within these lessons is a call to action for leaders. A lack of executive support and vision was cited as the second biggest challenge leaders faced in the past year in achieving their automation goals. Leaders are sought to help business units and teams understand the value and importance of implementing technology in today's landscape, including ensuring sustainability, increasing productivity and efficiency, and improving customer and workforce success.

Managers who understand the value of technology and have a transformative approach to its practical application can be leaders in today's challenging economy.

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