How Digitizing & Automating Workflows Will Completely Change the Future of Work
While the public debates questions about AI and automation, one thing that virtually all enterprises and employees agree upon is the huge potential of streamlining complicated or repetitive internal business processes.
Customers want simpler digital experiences as well.
“By reinventing and automating key business workflows, as well as digitizing data, organizations can create experiences that meet the lofty expectations of employees and customers alike,” wrote a contributor to Digitally Cognizant.
The Benefits of Automating Workflows
Digitizing and automating workflows by helping eliminate the manual transfer of data can lead to happier customers and employees, while also providing serious additional benefits. According to OroCommerce, digitizing workflows can:
- Increase productivity by reducing the number of actions required to accomplish any given task
- Reduce paperwork
- Prevent human error
- Lower operational costs
- Ensure more consistent performance
A contributor at OroCommerce wrote, “Keeping some business routines undigitized might simply cause a mess or even have business critical impact.”
Four Statistics that Show the Business Value of Digitizing Workflows
Another key benefit of digitizing workflows is a healthier bottom line. Here are some statistics that illustrate this:
- Digitizing workflows can increase efficiency by 25 percent.
- Companies that go paperless save an average of $80 per year per employee. By automating workflows, businesses can effectively eliminate paper-based processes.
- By digitizing information-intensive processes companies can cut costs by up to 90 percent and improve turnaround time “by several orders of magnitude,” writes McKinsey & Company. According to this McKinsey report, “One bank digitized its mortgage-application and decision process, cutting the cost per new mortgage by 70 percent and slashing time to preliminary approval from several days to just one minute.”
- A report by Forrester indicated that workflow automation increased employee productivity by 8 to 15 percent
These are some of the reasons why 94 percent of senior leaders place digital transformation high on their list of priorities for 2019, with 51 percent planning to move forward on digital initiatives within the next month, according to TechRepublic.
What Will the Future of Work Look Like?
Work will look very different in the future — and these changes are coming quickly.
“The future of work is more agile, decentralized, autonomous, cross-functional, and integrated than most organizations can imagine,” wrote Greg Petroff, ServiceNow’s Head of Design in Forbes. “That which is analog must be digitized. That which is manual must be automated…. This changes everything—including workflow. And the question isn’t whether it will occur, but how.”
Petroff is right. Digital transformation is here. The problem is that most senior leaders cannot easily and consistently define what digital transformation really means.
EdCast and ServiceNow may be able to help you and your organization. Learn more about best practices in digitization and automating workflows across the enterprise by joining us for our free webinar, “Digitizing HR and IT Workflows to Unlock Employee Productivity.”