In a recent report from KPMG revealed that businesses are increasing their investments in various technologies such robotic process automation (RPA), machine learning, and artificial intelligence, with such markets anticipated to reach $232 billion, particularly by 2025. This figure is an increment from $12.4 billion presently.
Despite the increased investment in such technologies companies are still facing several obstacles when it comes to adopting such technologies and benefiting from them.
The KMPG report identified some of the impediments including challenges defining ROI and goals, lack of talent and fears on how such revolutionary technologies would impact jobs. As a result, it outlined five steps that companies can follow to boost their readiness in meeting the high expectations for automation technologies.
1. Recognizing that Using Intelligent Automation is Transformative and Created on the Use of Data Sources and New Machines
In this step, the report noted that companies would require fully new plans and structures for both business models and operating models in an attempt to leverage such technologies. This undertaking calls for planning whereby you begin with project prioritizing that can grow in one or two years. Furthermore, C-level support is also necessary for success.
2. Come up with a Comprehensive Technique of Automating the Service Delivery Model
This technique ought to include self-service, business partnering, centers of expertise, outsourcing providers, and shared service centers. In this case, companies have to approach automation spending in all various technology platforms while creating a connection between other AI applications as well as with analytics and data. What’s more, creating solid use cases will also not only help in guaranteeing investment value but also in maintaining expectations between investment ability and deployment promises.
3. Measure Value Versus Risk
Here, the KPMG report recommended the creation of 2×2 structures on automation projects that display the trade-offs existing between reducing risk and preserving value in comparison to those that are building value and enhancing the quality of the commodity. In addition, the report said that the results that your enterprise seeks could help determine which process and technology to choose as well as the speed to use in deploying them in a bid to meet specific business objectives.
4. Factor in the Operating Model in all Forms
According to the report, organizational structure and governance, technology and operational infrastructure, as well as culture and people, are all important when it comes to the deployment of automation solutions.
It also highlighted the importance of such factors on key business processes. Furthermore, the KPMG report noted that the implementation of such technologies entails that incentive and measurement systems would need to change in a bid to align them with the disruption of the operating model.
5. Disruption should Begin from Within
The report recommended the disruption of business from within while maintaining uninterrupted operations. For instance, businesses in fintech establish different entity structures in an attempt to continue operations in their industry while disrupting.
According to Todd Lohr, the US intelligent automation leader and KPMG’s principal, asserted in the report that companies ought to consider other investment strategies including alliances and divestitures in an attempt to disrupt against themselves.