Headlines paint a bleak picture of modern technology’s impact on the current workforce. As if COVID-19, a looming recession, and unstable economy weren’t enough – now robots are taking our jobs?!
It is true that in a world powered by tech and driven by the need to stay competitive, businesses have turned to automation as a solution towards success. The global business process automation market is expected to grow from $10.98 billion in 2021 to $12.51 billion in 2022 at a compound annual growth rate (CAGR) of 13.9%, and reach $20.92 billion in 2026 at a compound annual growth rate (CAGR) of 13.7%.
Automation is undoubtedly changing the workplace and the wider economy, but you shouldn’t wage war on the machines just yet.
At its core, automation is meant to complete repetitive and easily replicated tasks – freeing up human time and resources. This ranges from email marketing to monitoring industrial systems. While automation is helping professionals in every industry excel at their jobs, machines lack the uniquely human touch of catering to the needs of the individual.
In 2021, 57% of IT leaders claim automation technology has saved their departments between 10% and 50% on manual processing costs. This may set off your mental alarms, but rest assured that the time and costs saved by automation are not possible without the context of human experience that shapes each automated process. While automation tools can churn out a constant stream of results, it is the human guidance and response to these tools that ultimately drive improvements in growth, productivity, and operational efficiency.
Subject matter experts contribute an in-depth understanding of their industries, in addition to the human needs that persist at the heartbeat of every process. In the field of accounting, KnowLedger uses the Decisions intelligent process automation platform to automatically transfer portfolio data into general ledgers. Before introducing automation to their processes, skilled accountants were consumed by hours of manual data entry. Not to mention the additional time spent reviewing for manual errors. Decisions empowers KnowLedger to automatically integrate client portfolios and investment activity into general ledger journal entries, giving time back to accountants to do what they were trained for.
Instead of manually transferring reports, KnowLedger accountants now spend their time collaborating and reviewing data with their clients, reframing a client’s needs into unique, manageable workflows. With Decisions, KnowLedger has tripled their data management volume, while enhancing their customers’ experience and optimizing their staff’s skills. This level of personalized attention and operational efficiency is now achievable with the precise balance of automation technology and human expertise.
While the headlines may be signaling doomsday – there is a brighter future for those who embrace the digital transformations to come. At the intersection of human expertise and automation technology lies a recipe for success, founded upon simplifying processes and automating workflows through the context of human knowledge.
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