Automation is an established concept across every industry, yet only some businesses are comfortable implementing it. According to a 2018 McKinsey survey, nearly 38% of respondents said their organizations needed to start implementing automation for any business process, while 57% said they were at least in the pilot stage. These numbers imply that many business leaders are interested in automation but need more clarification.
Myth 1: Automation Is Costly
Automation is costly. That is only half true because the business ROI with the help of automation consistently exceeds the initial investment. Businesses get many benefits from a single investment and save ample resources for the cost of one. Automating repetitive tasks saves time, so the stakeholders can focus more on innovation by exploring more verticals in organizational growth.
A study found that companies that adopted automation for their businesses “experienced nearly six times more likely revenue growth of more than 15% versus companies without automation.”
Myth 2: Automation And Artificial Intelligence(AI) Are The Same
Although “AI” and “Automation” are interchangeable, they are entirely different concepts.
Automation is a set of logic efficiently designed to complete repetitive tasks at high speed.
Whereas AI, on the other hand, is an advanced technology. It can predict, perform high-end functions, and help businesses with massive data decision-making activities.
Automation is combined with AI and can exponentially shape business landscapes by analyzing data volumes at unprecedented speed to deliver advanced predictive analytics.
Myth 3: Automation Will Make Most Job Roles Replaceable
Automation performs most of the repetitive tasks, but businesses still need to eliminate some roles, or millions of people will be jobless. On the contrary, a World Economic Forum study predicts that automation would boost the job market by introducing nearly 97 million jobs in the global markets.
Automation is a programmed logic that runs on a system and does not have any reasoning capabilities of its own. Automation can only perform repetitive tasks performed by humans but will never be able to replace them. Hence, humans would always be required to update the automation logic with the latest business needs and bug-fixing.
Myth 4: Automation Is A One-Time Task
Like any other business function, automation is never a one-time task. With technology, you can only be sure of the next thing. A better way of keeping up with this change would be to stay relevant in the technology market. Always keep on analyzing your market:
• Customers: Analyze popular automation technology to serve their requirements.
• Sales: It is a repertoire of valuable information that could leverage a clear picture of what is popular in the market and revisit business solutions.
For automation to work, businesses need to revisit the process regularly and tweak it to increase the cost-value ratio.
Considering human intervention, which still matters, and organizational factors in the development and deployment of automation, we can enhance the benefits of automation and continue to advance, barring all the myths.