Automation is essential for the modern business, although not every firm succeeds with the implementation and not every firm has embarked on the path towards automation.
The latest McKinsey Global Survey shows that while the majority of companies recognize the value of automation, few have manifested automation’s potential. The majority of respondents reported that they could automate at least 25 percent of their organizations’ tasks over the next five years, but that less than 20 percent have scaled automation technologies across multiple parts of their business.
It also stands that the success of implementing new technologies defines the longevity of any business. These points are reiterated by Ali Payani in communication with Digital Journal.
Payani is makes these points as companies continue to grapple with a seemingly unending pandemic, record-high inflation and continuing global evolution amid the Great Reset.
In terms of the scope across businesses, Payani finds: “Automation can range from marketing automation, or staffing automation, the possibilities are quite endless. The more tech-forward you are, the more expansive your efforts will be and the greater the rewards for workers, consumers and communities alike.”
Payani is the co-founder of LookinLA, a growth agency that specializes in digital transformation. In making his points, Payani says: “Automation can be a buzzword that people write off to their own demise, this is not simply about updating some technologies, but fundamentally transforming the way we do business and serve customers, clients and the markets.”
He adds: “The degree to which you successfully make use of automation will be the degree of success you see with your strategies and goals.”
There are signs that the advantages of automation are sinking in. Payani explains that according to a recent survey by Vic.ai, which is an AI platform for autonomous accounting, 81 percent of CFOs see “the potential of automation to optimize processes and resources and capture data insights across the finance function.” The survey showed that 58 percent of CFOs will boost investments in automation over the coming year.
However, Payani points out, automation is not just one way to increase data insights and better understand finances, for automation can also improve the worker experience. This is especially critical as employees have become more empowered in the so-called Great Resignation.
A Stanford study revealed productivity sharply declines when workers are forced to put in more than 50 hours per week. Payani adds that another study showed in 2016 nearly a million workers died from a stroke or heart disease from being overworked.
Summarizing these findings, Payani notes: “We can see that not only does automation cut down on menial tasks and free up time for workers to be innovative and creative, it cuts down on burnout and needless hours at the office or communicating over Zoom.”
The important message is: “Employers, especially with millennials and younger workers, need to be competitive when it comes to honing a positive employee experience and company culture.”
