Figure 1: Innovation lighthouse
Moving from tactical to strategic benefits for competitive edge
Much like other disruptive technologies, automation and AI are making their way into every enterprise. Automating operations is no longer a choice for enterprises. However, the benefit of automation that enterprises are seeing today is just the tip of the iceberg. Leveraging a well-thought-out approach to aligning resources and investments underpinned by a robust roadmap can help enterprises gain strategic benefits.
Here are three ways in which automation can give you a competitive advantage:
Improve customer experience
In a study conducted by PwC, 27% consumers stated that they were not sure if their last customer service interaction was with an actual human or a chatbot. Clearly, bots are learning quickly! By handling the routine queries, automation frees up your high-level resources to function at higher levels and involve themselves with strategic functions.
Increase efficiency and savings
With more routine tasks getting automated, companies can expect to reduce the number of full-time employees. Bots also minimize the risks associated with human errors and the resulting operational risks. By leveraging existing systems, RPA bots also help optimize the company’s current infrastructure.
Improve internal processes and drive compliance
Companies will be forced to define distinct governance procedures to leverage AI and RPA. This in turn will foster a stronger culture of internal reporting, on-boarding and other internal activities. Being rule-based, it will also foster stronger adherence with changes to the regulatory environment, thereby reducing the risks and costs associated with non-compliance.