4 Activities Ready for AI Based Automation Technology for Business
The rise of artificial intelligence and robotics has enabled incredible opportunities to increasingly improve automation of physical and knowledge-based work across the spectrum of jobs. According to a McKinsey Global Institute report, 45% of activities people do on the job today can be handled by current automation technology for business.
This does not mean full occupations will become extinct. Today, fewer than 5% of jobs can be fully automated. It does, however, mean that AI automation will compel companies and employees to redefine roles.
With AI, employees can perform their jobs more efficiently and in less time. This reduces labor costs but, when looking across business processes, it can also ensure higher output quality and improved reliability of results which can produce a three to 10 time return on investment in the technology.
Aside from costs and the time saved, automating tasks frees up employees to focus on value-added activities that will differentiate their company in today’s ever-changing market. This includes work that is creative, strategic or requires elements of sensing or dealing with emotions – human characteristics that have proven too difficult to automate.
With such benefits, what business activities is AI more likely to automate? Initially, many think of low-skill and low-wage roles, but AI can help with tasks currently completed by the highest-rung officials.
Below are four business activities that can be automated:
Information and data review
Time spent reading status reports, analyzing data and collecting information before making operational or staff decisions is the kind of task AI automation technology for business can address. The same is true for tasks that burden lawyers, auditors and financial analysts, among other professionals who are required to analyze information in order to make suggestions or decisions. By automating the collection and analysis of information, these workers can focus their time and attention on providing valuable counsel and advice to their clients.
Order-to-cash cycle processes
Business activities related to the order process – that is receiving, fulfilling, updating, shipping and invoicing orders – are prime candidates for AI based smart automation. In the same vein, processes related to procurement – inventory, ordering, tracking and paying for products and services – can also be performed through automation technology for business. Doing so will improve efficiencies and reduce errors, all of which can equate to bottom-line savings for the company.
IT back office processes
Many IT departments are already taking advantage of the benefits AI offers. This includes processes within data centers as well as those related to batch processing. However, many other enterprise IT tasks, such as software updates, password resets and troubleshooting, can become automated by using artificial intelligence. In doing so, these processes will be completed in a timely manner that will lessen the downtime of employees and free up IT professionals to focus on strategic activities that will progress the company.
Just as IT departments have repeated processes they perform manually, so do employees in departments across the organization. This includes project management updates, producing sales reports, tracking and billing time, and other tasks being performed not by one department or one individual, but numerous employees at any given time. By automating these processes with AI based automation technology for business, companies can scale and magnify savings and efficiencies across the organization.
By automating processes as exemplified in these four categories, companies can achieve significant results that can yield positive financial and operational impacts. It can also free up employees’ time to focus on work that matters to the company’s clients and customers and their personal career progression.