The COVID-19 pandemic is having a profound impact on businesses of all sizes and in all industries. One trend that has emerged in the wake of the crisis is the increased adoption of digitization and automation.
In surveys of top executives, more than two-thirds say their companies have accelerated their adoption of digitization and automation since the onset of the crisis. Institutions (including banks, insurance companies, and other large corporate enterprises) are therefore deploying automation and AI solutions at an unprecedented rate in order to mitigate risk and improve efficiency.
Digitization and Automation In The Era of COVID-19
The globe has swiftly gone into isolation as a result of COVID-19. The most efficient technique to limit the virus’ spread until a vaccine can be developed is to social distance oneself from others. As a consequence, anything that depends on human interaction–which is to say, virtually everything in our lives–must be changed in order for it to continue.
This has included a sharp and sudden increase in the use of technology as we attempt to maintain some level of ‘normalcy.’ Such is the case for many businesses who have had to rely on intelligent automation solutions to keep their operations running. This is because intelligent automation can help these businesses to improve efficiency, mitigate risk, and drive growth–all of which are essential in the current climate.
Intelligent automation is a broad term that covers a range of technologies, including artificial intelligence (AI), robotic process automation (RPA), and machine learning. These technologies can be used to automate manual processes, reduce the need for human intervention, and improve decision-making. In other words, intelligent automation can help businesses to do more with less.
Why is Intelligent automation so crucial in the current pandemic climate?
The current pandemic has put immense pressure on businesses. Many are struggling to survive, let alone thrive. In this environment, intelligent automation can help businesses to improve efficiency, mitigate risk, and drive growth–all of which are essential.
There are many benefits of intelligent automation, but in the current climate, there are three that stand out:
1 Improve Efficiency
Automating manual processes can free up employees’ time so that they can focus on higher-value tasks. This is particularly important at a time when businesses are under pressure to do more with less.
2 Reduce Costs
Automating processes can also help to reduce costs by eliminating the need for manual labor. In addition, intelligent automation can help organizations to avoid errors and mistakes that can be costly.
3 Improve Decision-Making
Intelligent automation can help businesses to make better decisions by providing access to data and insights that would otherwise be unavailable. This is particularly important in a time of uncertainty when businesses need to be able to make decisions quickly and accurately.
The pandemic is a real-world test case for the efficacy of automated decision-making in business. Many firms have been forced to quickly adapt their procedures and operations to meet the pandemic’s demands. As a result, intelligent automation has grown increasingly common across sectors.
In healthcare, for example, intelligent automation is being used to track and manage patient data, as well as to identify potential outbreaks. In the financial sector, intelligent automation is being used to process an unprecedented volume of transactions and to help prevent fraud. Automation is also playing a critical role in supply chain management, as businesses seek to ensure the continuity of their operations.
The benefits of intelligent automation are clear. But it is important to remember that automation is not without risk. In particular, there is the potential for automation to lead to job losses. To mitigate this risk, businesses must take a strategic approach to automation, ensuring that it is deployed in a way that complements and enhances the workforce rather than replaces it.
The COVID-19 pandemic has been a catalyst for intelligent automation. But it is important to remember that automation is not without risk. Businesses must take a strategic approach to automation, ensuring that it is deployed in a way that complements and enhances the workforce rather than replaces it. Only then can businesses reap the full benefits of intelligent automation.