| Given that, it would be safe to assume Australian companies would be taking full advantage of the power of tech tools but there is evidence to suggest many are failing to do so. As revealed in a report recently released by the Australian Productivity Commission2, the country is doing well on basic technology and data uptake but falling behind on advanced uses, which could limit future productivity growth.
“Technologies such as artificial intelligence, robotic automation and big-data analytics could revolutionise how businesses operate and help lift Australia’s productivity growth by reducing costs, improving the quality of goods and services, and increasing product choice for consumers,” wrote Productivity Commissioner Dr Stephen King.
“Businesses of all sizes should be encouraged to invest in digital technologies.”
There is no doubt that organisations that fail to harness the full potential of their data forego productivity gains. Robotic Process Automation (RPA) enables organisations to make better decisions, reduce errors and engage their staff with higher-value work. As an example, research firm Gartner found the average amount of avoidable rework in accounting departments can take up to 30% of a full-time employee’s overall time, which equates to savings of 25,000 hours per year at a cost of U.S. $878,000 for an organisation with 40 full-time accounting staff3.
So why isn’t everyone embracing RPA and digital transformation initiatives? One study found the blame lies with CEOs or boards of directors (37%), senior executive teams (32%) and department heads (26%)4 but sometimes the hesitation is a simple failure to recognise the ongoing ROI of the initial outlay to get it in place.
What we do know is any department or function can be truly transformed by expert deployment of RPA technology. Companies that simplify and then automate core business processes will achieve superior productivity and to help them get started, here are three areas to find quick wins.
Deploying digital technologies such as artificial intelligence, robotic automation and data analytics can clearly help companies realise their latent productivity. Better still, doing so will help address Australia’s national productivity challenges at a time when the issue is of national importance.
Embedding technology throughout a business can help executives rethink customer journeys, empower staff and streamline processes. Discover how Innovior is conceptualising, building and scaling innovative digital processes to deliver business excellence.