As digitization accelerates, technologies like artificial intelligence, robotics and machine learning are becoming increasingly vital to business decisions. CFOs may not be asking about these platforms specifically, but they are wondering about how to boost productivity and enhance workflow in an economy that demands both. In this environment, business leaders are beginning to view automation as the silver bullet for eliminating the productivity gap once and for all.
Automation has powerful implications
For some CFOs, concepts like AI and machine learning seem very big – almost too big for their business. In reality, these terms simply refer to newer ways of accomplishing tasks your business is currently performing. Only they do them much quicker and without error, allowing you to get more work done quicker than ever before.
All of these technologies boil down to automation, or the ability to digitize manual tasks for optimal performance. Automation has already transformed the manufacturing industry and made huge inroads into logistics, retail and even banking. It is now challenging the need for business process outsourcing (BPO) and transforming back-office work environments in profound ways. From professional services to healthcare, automation is changing how people work, and giving more incentive for businesses to keep their functions in-house.
How automation can transform your business
The evidence is pretty clear on this: technology has a huge impact on productivity. Published research from the McKinsey Global Institute recently showed that productivity growth from automation could reach 1.4% annually over the next 50 years. That’s double the productivity rate of the I.T. revolution of the 90s and nearly four times bigger than productivity growth from early robots. You can apply the same ratio to your business to begin quantifying the benefits of automation.
Leveraging automation has been shown to increase operational agility, lower operational costs and redeploy expensive resources on revenue-generating activities. In other words, automation can ensure the brains of your business are helping it grow rather than get sidetracked with repetitive tasks. In the business world, this is a huge opportunity cost that many can’t afford.
The Digital Journey
Many businesses are already on the digital journey, and experts say it will be another few years before automation’s effect on the economy will be fully apparent. As the opportunity to automate continues to expand, businesses will have a bigger incentive to tap into the value the digital economy has to offer. Automation is a proven concept, and with the tools available today, can help businesses improve performance, boost worker morale and maximize shareholder value.
Consider starting with accounts receivable
At YayPay, we focus exclusively on accounts receivable (A/R) automation by helping businesses collect payments from their customers faster. Companies using YayPay software are reducing their outstanding receivables by up to 30% while accelerating cashflow. See the benefits for yourself.
 IDC. Automation Services Accelerate Customer Transformation While Derisking the Journey.