According to a new study, one in three businesses are now looking into investing in automation as a top priority since staff shortages have continued to slow down - meaning that the firms facing recruitment issues are more likely going to have automation high up on their agenda. In this blog, we delve into the benefits that automated technology can bring to a business.
According to a report conducted by HSBC, unemployment remains close to a staggering 50-year low of 3.8%, and those firms that are currently facing recruitment problems are most likely to be considering automation.
This survey that consisted of 670 companies in the UK had found that 40% of them are feeling negatively about their current staffing levels and availability. These findings add to the growing concerns about people losing their jobs to automation. Similar to another study conducted by Arden University, which has suggested that almost a third of jobs in the UK are at risk of becoming redundant by 2030 due to automation and changing workforce.
Any increase in automation in the workplace is understandably followed by concerns over the potential loss of human jobs. However, the consensus among the experts is that automation is more likely to augment the human roles rather than replacing them. To those jobs that it does replace - they'll be more likely to be in roles that are highly repetitive or dangerous.
Automation is becoming an extremely attractive option for businesses that are experiencing a time where job vacancies and operational costs are high - but why are they wanting to use automated technology?
As suggested by its name, automated technology helps companies to manage repetitive and predictable tasks automatically, allowing them to create a fixed routine. Automated technology can also help businesses to become more efficient, increase accuracy, and improves the overall user experience - this will help to save time whilst driving down costs so that companies can use their time and monetary savings to focus on other things that can benefit them.
The Benefits
Here are some of the other benefits that you should consider when introducing automated technology to your business:
Efficiency - Automation can make a big impact on the overall efficiency of your organisation in many ways, such as the following:
Faster processing: In comparison to humans, automated technology can get through many completed processes, which means that you can handle more transactions quicker than previously. An increase in processing time will also positively impact the customer experience, shortening the time it takes to respond to requests.
Improved Accuracy: Using automated technology can help to remove most of the human error from processes as it's designed specifically for this reason.
24/7 Operating: Automated technology doesn't need to sleep, and its energy levels will remain the same - meaning that you can offer around the clock service, keeping business tasks and operations running at any hour.
Analytics: Automation can collect data on everything it does, putting them into reports that are full of extremely useful analytics that you can use to identify issues in your processes to make the correct changes.
Enhanced Reliability - Optimising the performance of machinery is essential when you're looking to meet your customers’ expectations and delivering a quality end products. In order to do so, companies will need predictive maintenance and forethought to anticipate any issues before they happen and disrupt operations.
Implementing these processes allow organisations to make a critical shift - instead of correcting an operational malfunction during or after it's occurred, business leaders can then embrace a preventative mindset by using these tools that are able to blend sensor technology and cutting-edge software for predictive assessments. Using these tools, manufacturers can identify issues before they can impact the bottom line.
Digital Transformation Journey - There are plenty of businesses that are looking for ways to improve their operational visibility in an effort to make more proactive and informed decisions. No matter the size of the business, having this type of technology will keep you in line with your competitors, whilst providing you with efficient results for you and your team.
To gain clear visibility into technical operations, a business will need to be prepared for what's to come, meaning that the key decision makers will have to remain ahead of the game to execute tasks with precision and efficiency. Automation tools make this possible by empowering leaders to make data-driven decisions with the most accuracy. Implementing automation technology is one of the most impactful and beneficial choices an organisation can make when starting their digital transformation journey.
Cost Efficient - Automation saves money in multiple ways in your business. Firstly, it takes away the repetitive, 'boring' tasks from workers so they're able to focus on their own more important tasks as well as the ones that require human thinking and creativity. This saves money by removing a lot of wasted time for your employees who will now have the time to tackle the more challenging issues within the business.
You will also be able to reduce the parts of your paid wages that go towards these challenging tasks, and in some cases, completely replace them - meaning that you can also re-invest that money into different jobs that will have a larger impact on the business.
Increasing Employee Satisfaction & Retention - Introducing automated tech into your business is a great way to remove the repetitive work, allowing your team to focus on the things that can challenge them, which will help them to think creatively and critically like we previously discussed.
This will most likely increase efficiency with your employees, raise workplace morale, whilst even boosting productivity amongst your team. Employees can sometimes be hesitant about the introduction of automated tech; however, they don't need to if you can reassure them about the beneficial aspect of how it will affect their day-to-day work. Automated technology can contribute towards your employee satisfaction and retention as long as it's introduced in the correct way, along with plenty of reassurance.
There are many benefits that come with the implementation of automation in your business - whether that's freeing up your human workforce to streamlining processes, together they can make automation a great win for any business.
However, preparing to make such a big investment can take a significant amount of time and attention, as companies must internally assess their own performances and identify any weaknesses in their current workflows. Once the challenges have been identified, businesses are then able to develop a plan that can meet the overall business goals - only after careful planning and assessment should businesses then invest and experience the benefits of automation.
Let us know your thoughts on the matter - is automation key for businesses right now?