Over half of UK businesses plan to adopt intelligent automation to address spiralling costs

The latest geopolitical battle in Eastern Europe has considerably disrupted commodities markets, compounding already heightened inflation ranges and seeing value factors rise in 2022 and past.

To perceive the true influence for businesses, SS&C Blue Prism commissioned a research of enterprise leaders, which discovered that 73% of enterprise organizations have seen important price will increase within the final yr, with manufacturing hit the toughest.

The analysis interviewed over 1,000 enterprise decision-makers and located that over the previous 12 months, the typical price of doing enterprise has risen by 9%. However, the research additionally discovered that these financial shifts are heralding a brand new period of work.

Industries are reshaping operations and are searching for options to shield their futures and people of their staff and prospects. In the face of drastically decreased margins, 78% of enterprise leaders are turning to the ability of superior applied sciences, like synthetic intelligence (AI) and IA, to assist address the rising costs of enterprise operations, expertise scarcity points and financial shocks.

Despite nearly half of businesses surveyed predicting that geopolitical occasions will negatively influence their development, organizations stay optimistic and financially wholesome, with the overwhelming majority anticipating development in 2022 and 2023. Digital transformation helped many businesses preserve development through the pandemic-induced distant working mannequin, with two-thirds reporting productiveness will increase within the final 12 to 18 months.

Still, half of corporations say sustaining present productiveness ranges is a matter and 71% are battling expertise attraction and retention because the labor market continues to reel from the “Great Resignation”. In the face of such situations, decision-makers are planning to make the most of IA methods to relieve productiveness ache factors and discover alternative amidst strife. However, solely 11% are sure about their group’s technique, exhibiting considerations about poor implementation, coordination technique and legacy applied sciences.

“This study shows the importance of automation to the future of industry. It’s not only about achieving competitive edge, but also about long-term viability. It’s about automating what you can and using people where you should – embracing the “power of two” to result in your group’s objectives and ship the very best to your staff, prospects and stakeholders. The future of work is a collaboration between human staff and digital staff, leveraging the ability of IA to drive innovation, development and achievement. This research is simply additional proof that what’s coming is not only an incremental improve in productiveness, it’s productiveness squared,” feedback Eric Tyree, SVP of AI and Innovation, SS&C Blue Prism.

For these corporations that do put in place a profitable technique, the rewards of IA implementation could be important. Santander Group is only one instance of a corporation that was ready to cut back its worker onboarding course of – from six weeks to solely two days. This saved the corporate numerous hours and improved worker satisfaction, which boosted expertise retention and attraction. Global dairy firm Fonterra additionally discovered success when it automated 38 dairy stock checks, lowering the method time by 92% and addressing the corporate’s provide chain waste points due to lengthy stock checks.

With the appropriate automation accomplice, IA could be a launchpad for innovation and unification. It can facilitate worker upskilling whereas selling course of efficiencies – addressing expertise obstacles with out holding up progress. As human staff are upskilled, automation could be extra deeply built-in. This empowers human staff to focus more and more on fulfilling work, driving productiveness beneficial properties as digital and human staff ship on firm objectives and aspirations. The agility that provides a corporation means it may be ready to face any challenges or adjustments.