Most companies are investing in automation as a means to gain a competitive edge because of the outsized results it can deliver, ranging from workforce optimization to improved workflows, more efficient use of resources, better customer service and more. For those organizations not heavily investing in or exploring automation, they run the risk of falling behind their peers and to more nimble market entrants. Beyond gaining a competitive advantage, companies are also investing in automation just to keep up with the growing regulatory burdens, higher rates of fraud and the demand for a better customer experience.
Unfortunately, many companies are not satisfied with their performance as their ability to drive automation is often stymied by the reliance on single point solutions that automate only a part of a business process. Deploying mostly end-to-end solutions, as part of the quest in becoming a fully automated enterprise, is difficult work as it involves not only deploying solutions that are scalable and flexible enough to adapt to an organization’s need, it also requires a company to upgrade its workforce, reorganize its business processes, follow best practices and set the right KPIs to accurately measure success. While the obstacles are not insignificant, the rewards from getting it right outweigh the challenges on the road to becoming a fully automated enterprise.
- About six out of 10 report having already implemented automation technologies, at least to a moderate extent, creating a competitive advantage gap with the laggards.
- In the next 12 months, almost three-quarters of companies plan to invest in new automation technology. More than one-third report that the pandemic has caused them to accelerate or explore their activities on becoming a fully automated enterprise.
- In the last five years, half of the automation implementations have involved single point solutions that automate only a part of a business process, potentially slowing down the journey to becoming a fully automated enterprise.
- Satisfaction with automation performance is mediocre with six out of 10 rating themselves as excellent or good and the remaining rating themselves as fair or poor. One quarter reports that their company has suffered an automation initiative failure.
- Top challenges related to automation involve upgrading legacy systems, recruiting new and training existing staff with new skills and reorganizing business processes before implementation can begin. Given this level of major organizational surgery, C-suite sponsorship is critical to ensuring success in automation initiatives.
Why read this report?
This report provides insights on the level of automation adoption across banking and insurance industries, the levels of success achieved, challenges encountered and best practices employed