Imagine your workforce operating on autopilot: customer queries swiftly addressed, transactions seamlessly completed, paperwork filed automatically. This hands-free future is arriving faster than you may think thanks to leaps in AI automation. From scheduling and data entry to compliance and analysis, businesses worldwide are implementing intelligent software to drive unprecedented efficiency.
“Mundane tasks that once bogged down human workers are increasingly being handed off to AI systems,” explains McKinsey senior partner Paul Willmott. “This is allowing companies to reduce costs while freeing up employees for more satisfying, strategic work.”
The scale of this monumental shift is staggering. Gartner forecasts that AI augmentation alone will create $2.9 trillion of business value in 2021. As Willmott puts it, “AI automation represents the next major productivity revolution – one every organization must embrace.”
Charting the Course
To navigate this transition, business leaders must chart the right course regarding how and where to implement AI automation in their workforce.
“You can’t just plug in AI technologies ad hoc and expect amazing results,” says Boston Consulting Group partner Michael Grebe. “Companies need an automation roadmap aligned with their overarching digital strategy.”
Grebe advises first identifying operational pain points, then determining if AI solutions exist to address them. “Prioritize automating repetitive tasks rather than those requiring human emotional intelligence – AI exceeds at the former not the latter.”
Startup Genome is one firm leaning heavily into AI automation – using chatbot Amy to instantly answer customer and employee questions, machine learning to rank client priorities, and robotic process automation to overhaul back-office paperwork.
The results? Response times down 75%, operating costs reduced 60%, employee productivity up over 50%.
“AI frees our people from drudgery so they can focus on creative, relationship driven work – that’s the ultimate goal,” says Startup Genome CEO Marc Penzel.
Financial services firm UBS is likewise automating a growing number of middle and back office functions by deploying AI chatbots, anti-money laundering detection software, and algorithmic trading systems.
“Mundane tasks are prime targets for automation – it’s about enhanced productivity and a better employee experience,” says UBS CIO Mike Dargan.
Smooth Sailing
To navigate AI implementation, experts stress the importance of clear communication, extensive training and organizational change management.
“Employees need to not only understand the benefits of AI automation but feel excited by its transformational potential,” says McKinsey’s Willmott.
His guidance? Be transparent about why automation is happening, provide ample upskilling resources, and repurpose displaced staff for more meaningful work.
Forrester Research VP Michele Goetz advises designating automation coordinators to continually assess if AI is enhancing operations as intended.
“AI systems require close governance to ensure accuracy, ethical usage and integration with existing workflows,” she says.
Striking the right balance, AI automation enables smoother operations and employee empowerment.
At insurance company Lemonade, bots handle over 70% of customer service inquiries, leaving staff to focus on relationship-building for complex claims. Associate satisfaction subsequently jumped to 94%.
“Employees relish focusing on creative problem solving rather than repetitive tasks,” says Lemonade COO Shai Wininger. “Our automation lets them do what humans do best.”
Calm Seas
Done thoughtfully, AI automation also promises to deliver unprecedented workplace efficiencies.
According to a McKinsey survey, companies are most commonly automating IT processes (54%), finance/accounting (47%), supply chain logistics (45%), and customer service (43%). These areas see some of the ripest impact.
For example, Japanese life insurer Fukoku Mutual now uses IBM’s Watson AI to calculate payouts for policyholder claims. The system reviews medical certificates, hospital records, and other documents to determine eligibility, slashing processing time 30% with 99% accuracy.
“Automating regulatory and compliance activities is a prime use case for AI – the benefits are undeniable,” says IBM’s Chief AI Ethics Officer Francesca Rossi.
Similarly, accounting firm PwC deploys machine learning to comb through loan agreements and balance sheets seeking fraud indicators and reporting inconsistencies. For one major financial client, this AI tool processed loan documents 3x faster than human auditors with 99% accuracy.
“Automating tedious yet high value tasks allows our workforce to be more advisory-focused and productive,” explains PwC’s bots and robotic automation leader Steve Hill.
Evolving Workplaces
Such sweeping changes require companies to rethink workforce models. For displaced workers, AI augmentation provides opportunities to upgrade skills and transition into new strategic roles.
“The key is constant communication, extensive retraining programs, and treating staff as partners in driving automation efforts,” says BCG’s Michael Grebe.
Enterprise software provider SAP emphasizes how its automation initiatives aim to make lives easier for 80,000 employees. Its Intelligent Robotic Assistant “CoPilot” handles repetitive data management while conversational AI answers HR, IT and facilities questions.
“Workers never have to start from scratch or reinvent the wheel again thanks to our automation,” says SAP CIO Bjoern Goerke.
For newly created roles, AI coordination and governance will grow increasingly crucial.
“A new breed of AI trainers, sustainers and auditors will oversee workplace automation,” predicts Gartner’s global head of AI Daryl Plummer. “Managing human-AI collaboration will become a discipline in itself.”
Fair Winds
While workplace disruption always brings growing pains, company leaders and workers alike see AI automation as a necessity for supercharging efficiency.
“This train has left the station,” says Forrester’s Michele Goetz. “Proactive companies are embracing automation as a strategic priority and competitive advantage.”
IDC predicts that half the global workforce will rely on AI automation by 2025. Leaders must stay ahead of this curve while upholding corporate values.
“Trust in automation requires transparency, governance, and empowering workers,” emphasizes the World Economic Forum’s head of artificial intelligence Alan Marcus. “Do those well and huge productivity gains await.”
Remaining Competitive
According to a recent McKinsey study, only 25% of companies have implemented process automation across business units so far. This signals major room for continued adoption.
“Companies not aggressively automating operations risk falling behind competitors who are,” warns BCG’s Michael Grebe. “The productivity gap will become a chasm.”
For example, while bank UBS automated middle office functions to cut costs 30%, rival Deutsche Bank lagged in adoption. UBS’s greater efficiency has since allowed it to invest more in innovation and weather market downturns better.
“Deutsche is playing catch-up after being slow to automate – they missed a trick,” says Bloomberg financial analyst William Elder.
Preparing Employees
With automation initiatives, communicating openly with employees and providing ample retraining is key according to Josh Bersin of HR research firm Bersin & Associates.
“Reskilling staff for higher value work should be a top priority,” he emphasizes. “Companies seen as putting automation ahead of people will struggle to retain talent.”
Technical skills training, soft skills coaching, and even psychological counseling may be necessary to support workers transitioning to new roles.
“This automation journey must be a partnership between companies and people to succeed,” says Bersin.
Smooth Sailing
With deliberate planning and training, AI automation promises to take workforces where manual processes alone never could. Mundane tasks give way for more innovation, creativity and unprecedented productivity.
“Workers absolutely can be empowered by automation when done right,” affirms McKinsey’s Paul Willmott. “But leaders must put people first.”
Clear skies ahead.
Key Takeaways:
– Global AI automation market to reach $2.9 trillion by 2021
– AI optimizing IT, finance, operations, freeing up workforce
– Automation roadmaps aligning tech with business strategy
– Communication, training essential to support workers
– New roles like AI trainers and auditors emerging
– Companies not automating risk competitive disadvantage
– Employees want transparent automation focused on uplifting work
– With planning and retraining, smooth seas ahead
The winds of change bring challenges but, navigated well, can fill a company’s sails like never before. With care and foresight, AI automation will take business operations to new horizons. Full steam ahead.
