TL;DR:
- Businesses are rapidly adopting intelligent automation to combat productivity challenges.
- Foundry’s survey reveals an investment surge, averaging $5.6 million in 2023 (17% YoY growth).
- Generative AI is gaining traction – 45% plan investments in generative AI-powered automation.
- AI, especially generative AI, is recognized as pivotal for successful process automation.
- Virtual assistants are leading intelligent automation use cases, showcasing generative AI’s rise.
- Automation pivotal to boosting productivity amid sluggish economic growth.
- 78% prioritize productivity gains through automation; 86% emphasize end-to-end process automation.
- Unified automation platform essential for scaling productivity gains (84% consensus).
- Citizen development is key to scaling automation, supported by 82%.
- “Automation Now and Next” report offers unprecedented insights into the automation landscape.
Main AI News:
As businesses grapple with the imperative of enhancing productivity, the sway of generative AI in the realm of intelligent automation has risen to prominence. These dynamics come to the fore in the “Automation Now and Next: State of Intelligent Automation Report 2023,” a comprehensive study commissioned by Automation Anywhere, a trailblazer in AI-powered intelligent automation solutions.
Surveying a diverse cohort of 1,000 automation leaders hailing from various industries and global regions, Foundry, the research agency, unveils a notable surge in investments directed toward intelligent automation. The fiscal year 2023 has witnessed a substantial average investment of $5.6 million, marking a substantial 17% upswing from the preceding year. Of particular significance is the vigorous traction that Generative AI has gained, as revealed by the study. A resounding 45% of the surveyed participants articulate their intent to channel investments into generative AI-powered automation within the impending 12 months, underscoring the pivotal role generative AI is poised to play in fortifying organizational productivity.
Ankur Kothari, the Co-Founder and Chief Customer & Strategy Officer of Automation Anywhere, succinctly encapsulates the significance of this trajectory: “Productivity is the bedrock of economic advancement and the next phase of global evolution. The unfolding productivity conundrum necessitates the intervention of intelligent automation, including AI and generative AI, to provide a salient resolution. 2023 Now and Next report aptly resonates with our enduring belief that intelligent automation stands as the definitive answer to the ongoing workforce challenges that confront organizations on a global scale.“
The Ascendancy of AI in Orchestrating Automation Triumph
The strategic incorporation of AI, particularly generative AI, is irrefutably acknowledged by industry luminaries as a pivotal linchpin for efficacious process automation. The burgeoning potential of AI to catalyze metamorphic business transformations, amplify productivity, and adeptly mitigate latent risks becomes manifestly apparent. The monetary underpinnings of these convictions are corroborated by a substantial portion of enterprises that have already allocated substantial resources to these paradigms, with continuous future commitments anticipated.
A pivotal revelation encapsulated in the report is the unanimous acknowledgment of AI/ML and generative AI as linchpin technologies, signified by a resounding 88% consensus among the survey participants. Moreover, 63% of the respondents have already transitioned from contemplation to implementation with AI/ML, and a commendable 40% have substantively integrated generative AI into their operational fabric. Looking ahead, 72% of organizations are gearing up to invest in AI/ML-driven automation within the forthcoming year, indicating a steadfast commitment to harnessing these capabilities. A prominent exemplar of generative AI’s ascension is the preeminence of virtual assistants as the most prominent application within the realm of intelligent automation, corroborating the paradigm shift.
Enhancing Employee Well-being through Astute Automation
The symbiotic interplay between automation and employee well-being surfaces as a notable byproduct of these technological strides. Tedious and repetitive tasks, erstwhile within the domain of human endeavor, are ceded to the adept capabilities of automation. Consequently, employee satisfaction charts an upward trajectory, as echoed by a Chief Technology Officer within the healthcare domain. In this transformative juncture, employee engagement burgeons, and an objective metric of their contentment materializes through comprehensive surveys.
A Call to Amplify Productivity through Automation
Persisting economic headwinds have cast a palpable shadow on organizational productivity and growth. To sustain erstwhile growth trajectories, McKinsey’s prognostications underscore a compelling need for substantial augmentation in workplace productivity. It is against this backdrop that automation assumes the mantle of the most potent instrumentality for accelerating productivity. Concurring voices within the industry emphasize the centrality of productivity enhancement as the foremost driver of their automation imperatives.
Emanating from the survey’s canvas is the robust consensus of 78% of respondents, affirming that the pursuit of productivity gains constitutes their primary automation objective. The evolution from rudimentary task automation to comprehensive, end-to-end process automation surfaces as an imperative for 86% of the participants, a shift necessitated by the pursuit of productivity objectives. The potency of a unified automation platform looms large, with an average of 84% of respondents asserting the indispensability of an integrated platform to holistically amplify enterprise-wide productivity.
Strategic Imperatives: Scaling Intelligent Automation Holistically
Organizational blueprints now prominently incorporate the blueprint of scaling automation initiatives throughout the enterprise ecosystem. Core to this trajectory is the principle of citizen development, a concept founded on leveraging business application users to expedite automation adoption. A marriage between technological prowess and business vision is envisaged as the conduit to achieve scale while harmonizing with overarching business objectives.
Manifested in the survey’s findings is a unified call of 85% of participants, advocating for the alignment of automations with strategic business imperatives. Concurrently, a spirited 82% lend their active support to citizen development, reinforcing the foundation for automation scaling. Notably, 41% of these enterprises broadly champion citizen development, with an additional 40% endorsing it within select domains. Barriers to security and governance come to the fore, with 49% of respondents flagging these concerns as potential hurdles in the citizen development journey.
Capturing the Landscape of Intelligent Automation
An exceptional insight into contemporary trends unfurls within the pages of “Automation Now and Next: State of Intelligent Automation Report.” This fourth edition of the report, focusing on the confluence of automation and artificial intelligence/machine learning, offers an invaluable lens into the present and future of automation deployments. As organizations navigate the shifting sands of automation strategies, this report emerges as an indispensable guidepost.
Conclusion:
The landscape of business automation is undergoing a seismic shift, propelled by the ascendancy of generative AI. The rapid investment surge in intelligent automation, coupled with the recognition of AI’s pivotal role, underscores a market eager to address productivity challenges. As virtual assistants and end-to-end process automation take center stage, the market is poised for transformative growth. The synergy of unified platforms and citizen development strategies reaffirms the industry’s commitment to scaling automation enterprise-wide. Automation Anywhere’s report serves as a strategic compass, guiding businesses toward the confluence of technology and strategic vision in an era defined by intelligent automation.
