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Why Automate Business

Why Automate Business

Manu George

Wed, April 21

 

As AI and automation technologies are evolving, many business fronts are already benefiting from them. That's why so many business leaders feel the need.

 

Why Businesses Need Automation for Success

 

 

According to one of the world's largest accounting firm EY, 84% of business leaders say that companies aiming for success will need to implement large-scale automation technology by 2022. I'm answering. The advantages of promoting business automation are the following synergistic effects. First, automation will free some resources that were related to business. This gives employees more time to do the work they do and allows them to work on more valuable, ROI- driven work.

 

How important is the automation of operations to the general enterprise?

Automation already plays a key role in streamlining business processes for companies. Companies that cannot adapt to this trend will gradually lose their competitiveness in the market. If a task follows standard procedures and appears to be frequently repeated, there is always an opportunity for automation. Machines, computers, and databases have provided a lot of automation over the last few decades, but these technologies still have great potential. In addition, AI can now help solve new levels of problem-solving, so the effects of business automation will be even greater.

 

How efficient can automation be?

Most business processes involve many simple but time-consuming tasks such as finding keywords in a document. The value of such a task is low compared to the ability of the human resources put into it. Introducing AI technology and automating this type of task has the following dual effects: First, it improves the efficiency and consistency of the processing of such tasks and also eliminates the possibility of human error, which improves the quality of the processing results. It frees up the human capital that was previously allocated to handle those tasks, freeing employees to focus on more complex parts of the process and value decisions, creating more business value. That's why.

 

What benefits does AI bring?

Today's AI is still “weak” and “narrow-use” technology, and this is likely to continue for the next five years. In other words, the introduction of AI into business remains the direction of achieving limited specific tasks such as searching for keywords in a series of documents and filling in prescribed forms, but there is no big change. I can't. That said, the capabilities of AI today meet the great needs of the business sector. AI can automate many repetitive tasks even today, freeing up staff for more meaningful tasks. This will improve the efficiency and accuracy of the process, and from a broader perspective, it will allow people to be assigned to high-value tasks, helping to reduce operational costs and opportunity costs. Let's

 

What criteria should be used to evaluate the return on investment of automation and AI?

The return on investment can be measured by identifying the benefits that automation and AI can bring to existing processes and setting key performance indicators and specific benchmarks. However, in part, there may be some metrics that are less clearly measurable, such as task switching. After the actual automation and introduction of AI , it will be possible to evaluate the return on investment by proactively tracking and analyzing reports of changes in key indicators.

 

Will automation and AI lead to unemployment?

It's likely that more skills will be needed to leverage such technology to stay competitive in the market, rather than take jobs away from AI. In addition, humans will always play a meaningful role in the business processes enhanced by AI. That's because AI lacks the ability to provide creative ideas. Of course, it is quite possible that AI will create a new kind of work.

 

What kind of employment opportunities will emerge?

Already in the new area of ​​legal services, there are emerging IT companies that specialize in legal matters that use AI and machine learning to assist lawyers in their work. Also, a law firm could set up its own engineering department or product team. With the latest trends in these technologies, the number of data analyst jobs will continue to increase. And those data analysts will need the ability to work with legal and business datasets and provide actionable insights that can help improve legal practices.

 

Author Info
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Manu George

Business Strategist | R & D | Blogger | Techie

Techie and Business Strategist with a showed history of working in the creative innovation items and administrations. Solid business improvement proficient ..

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