Automation 101 is a series where we’ll breakdown wonky, technical automation topics at the 8th grade level
As machines are quickly learning to complete the repetitive and time-consuming tasks that take up much of our workdays, workers are being freed up to think more creatively and ambitiously about their jobs. Instead of being tied down to tedious responsibilities, new worlds are opening up.
How is this going to transform and influence the future of work?
Changes in technology inevitably create a ripple effect across an entire organization. A South American insurance company, for example, recently upgraded its clunky manual process for reconciling claims by creating an intelligent processing system using natural language processing.
The system, capable of synthesizing thousands of pages of documents and spreadsheets, resulted in more than 90% reduction in time required to process. The employees previously charged with that responsibility were freed up to focus on more stimulating tasks that have the potential to scale the business.
Another example of how automation frees workers up to new possibilities comes from a German financial services company.
This organization saw a 60% increase in time efficiency by automating just 10 planned processes. After realizing a return on its investment in less than 12 months, the company plans to automate more back-office processes such as form creation, name changes, prefilling data, updating statuses and triggering investigations. Now teams can be redeployed into new parts of the business, exposed to new challenges and growth opportunities.
This is automation in action today. And just a few examples of how automation is impacting the labor force’s daily lives.
For more examples of how automation is transforming businesses today, read our recent study The Evolution of Process Automation.
In it, we survey over 3,000 C-suite executives to deepen our understanding of automation across markets and provide three easy steps to get started on your automation journey:
• Think big and create an automation foundation. • Start small and streamline expansion with an automation command center. • Work differently and optimize digital processes to rebalance the workload.
Interested in learning how your level of automation stacks up against the organizations we surveyed? Take our assessment.