Home Tech Future of Automation: 7 Ways the Business World Will Be Transformed

Future of Automation: 7 Ways the Business World Will Be Transformed

by Purva Jagtap
Future of Automation: 7 Ways the Business World Will Be Transformed

Reports show that humans complete 71% of tasks hours. However, the statistic is expected to drop by 13% by 2022. This is following the continuous rise in robots taking over tedious tasks across all industries.

Automation is no longer a luxury for well-established organizations. It is becoming a necessity. And soon, nearly all businesses, regardless of their sizes, will have machines handling a few tasks here and there.

But how will this transform businesses? Keep reading to understand the future of automation.

What Is Automation?

To understand the future of automation in the workplace, you first need to understand what automation is.

Automation can be termed as the use of technology applications to minimize human input. It is the creation and use of technology to produce goods and services with little human intervention.

Automation aims to save time and maximize productivity. It does so by letting machines handle tedious and repetitive tasks. This way, the human workforce can focus on doing what they do best, without spending too much time on less valuable yet time-consuming tasks.

Automation has shown a lot of benefits to the business world. Besides improving the speed of handling tasks, it eliminates human errors to maximize accuracy. Moreover, it promotes reliability and efficiency when handling tasks.

Automation is no longer used in the manufacturing sector only. It has penetrated the transportation, defense, utilities, and operations areas.

What’s the Future of Automation?

Robots and artificial intelligence are the future and are expected to transform businesses for the better in various ways. Here is an idea of the scope of automation in future and the ways businesses will be transformed.

Better Customer Services

Customers are every business’ priority. And with technological advancements, consumers are becoming more demanding in terms of quality and speedy services.

Automation will undoubtedly improve how customers are handled by first eliminating the risk of errors. Moreover, the use of machines increases production time, which means quicker and more accurate services.

By eliminating the repetitive and low-value tasks from the customer service team, it is clear that automation lets the service providers focus on where their intervention adds the most value.

The rise of chatbots or conversational AI has transformed the way consumers engage with businesses. Initially, consumers had to wait for hours for someone to get back to them after sending in their inquiries. Chatbots enhance instant responses with 24/7 availability.

Although the bots cannot answer all questions, as they are only programmed to respond to specific inquiries, they keep customers engaged and satisfied.

Automation Will Improve Collaboration

Every business owner’s dream is to see their business grow. But there is a consequential challenge that comes with this ambition. As your business expands, it gets harder to keep things running efficiently. This puts project teams under a lot of pressure, but things get easier with automation tools.

Automation promotes collaboration among departments, thus maximizing production while minimizing material consumption. Reports show that businesses with a collaborative culture are up to 5.5 times more productive and automation is about to help companies make the most out of the idea.

For instance, the accounts payable department relies on collaboration to ensure correct invoice payouts. Collaboration tools bring transparency across all business aspects, such as keeping track of deliveries, accounts reconciliation, and purchase order issuing.

What’s more? Automation tools make it easier for different project teams to communicate and share ideas without necessarily being in one place. The use of software enables the teams to view each other’s progress and make suggestions.

Teamwork is the key to success. And that’s precisely what automation promises.

Increased Productivity

Automation is not killing jobs. On the contrary, it is enhancing them. Robots and software have become the right-hand assistance to workers and aim to maximize productivity and efficiency. This is true, especially in warehouses.

For starters, automation creates a safer working environment by letting machines handle risky tasks. For example, integrating the Internet of Things in warehouses allows you to detect any potential malfunctions before the worst happens.

Moreover, robots can handle any endangering tasks, not to forget that you can use data analysis to predict and minimize errors. Creating a safe working environment eliminates the chances of injuries. Consequently, there will be fewer cases of absenteeism. 

Furthermore, automation eliminates tedious tasks. This allows workers to focus on their core duties, thus increased productivity. By eliminating human errors, automation reduces the need to do the same task over and over.

Streamlined Accounting Processes

The future of accounting after automation seems brighter with streamlined processes, efficiency, and accuracy. Thanks to accounting firm software, accountants no longer have to spend hours or days on data entry. The systems allow them to feed and manage data in the accounting system in minutes.

Accountants can entrust intensive processes to machines. The idea eliminates human errors while enabling real time updates. So, you will always know your numbers.

Application programming interfaces enable software to interact with business accounting systems. This is unlike before, where connecting systems required coding.

With reliable accounting firm software, you can extract data from invoices and receipts, even in the form of images and PDFs. Even better, you can download transactions directly into the accounting system. You can easily extract data from tax documents and import the information into tax returns.

Carrying out accounting tasks is now as simple as setting rules in your software and leaving it to handle the rest. Some systems apply machine learning and artificial intelligence to expand their functionality beyond how you program them.

With machine learning, the software can identify the pattern in data entry and help you make wiser decisions while eliminating human errors.

Automaton Will Increase Returns on Investment

With the reduced cost of production and improved production, automation will undoubtedly help organizations meet their revenue goals. Automation can help businesses to yield two types of ROI; hard ROI and soft ROI.

The former can be measured by determining how much your business can save with automation. For instance, check how much time you can spare per task by incorporating machines.

Hard ROI also entails the money saved by increasing production speed and how much work you can complete in a day or specific period following automation.

For instance, if you integrate a chatbot into your site, check how much time it saves the customer service representative by engaging with customers.

Soft ROI, on the other hand, features tangible gains. For instance, if you automate inventory management, your employees will have more time to focus on more valuable parts of their work.

This improves job satisfaction while allowing the workers to be more productive. Increased production is equivalent to more revenue.

Besides, automation improves customer satisfaction. With this, you will register an increase in customer retention. A 5% rise in customer retention results in a 95% increase in business profitability, which boosts your ROI.

Minimal Human Errors

Humans are always bound to make errors. But automation comes in to monitor operations and minimize errors. In return, the idea ensures consistency, increased security, and compliance.

Most of the automation systems use machine learning to identify risky operations. Moreover, the software can study patterns and establish when things are not right, especially in data entry.

You can count on automation systems for accurate product measurements. It is hard for the human brain to offer accurate information and maintain consistency, especially after many hours of work. Robots, on the other hand, move in a fixed position.

Robots do not apply hand-eye coordination to give products’ measurements. They also do not get tired, thus no chances of errors.

By eliminating human errors, automation helps you to reduce losses during data entry. In addition, it helps you to maintain quality products during manufacture through consistency in product measurement.

Take an example of the Amazon Web Service s3 outage that resulted from human error. The liable individual was supposed to remove some servers. But they incorrectly removed extra servers connecting other subsystems.

The error resulted in downtime that lasted for hours, an issue that could have been avoided easily through automation.

A Shift in Operational Focus

The future of process automation features a technology that optimizes the supply chain. Businesses will focus more on offering customers products at the best prices, rather than striving to get products to customers faster than competitors.

Automation has allowed businesses to deliver products with minimum delay. Therefore, that will no longer be a concern.

It is time businesses think of other efficient ways to retain consumers. One way is by offering the best prices and manufacturing the best quality goods.

Improve Your Business Efficiency and Productivity with Automation

Automation and the future of work are now. And it is time for businesses to embrace technology. The idea will streamline processes, increase productivity, and maximize accuracy.

Now you understand the future of automation and how it will change business for the better. Take your time to research and understand which software is right for your business. Determine what you wish to achieve through automation. Learn how the systems work, and integrate them into processes.

Keep scrolling through our site for more tips and guides.

Related Articles

Leave a Comment