Posted on: Oct 24, 2023
1. Technology revolution – what is it? Are we already in the “Jetsons era”?
“Technology revolution” is a term usually used to describe a short period of time in which one or more technologies are being replaced by another one. The technology revolution that is currently taking place is called “The Fourth Industrial Revolution” and represents the dynamic change in the way of people’s living, working and even thinking. People no longer find scenes from the “Jetsons” sitcom as something unreal or as science fiction. It has become obvious that robots and artificial intelligence will be – sooner or later – a part of our everyday life.
When it comes to the Global Business Services sector, technology automation and digitalization are currently the main priorities in the majority of companies. According to the research from the McKinsey Global Institute, 40% of the jobs within financial functions of the global companies are likely to be either partially or fully automated in the next decade.
2. Robotic Process Automation, Artificial Intelligence – what is the difference?
Robotic Process Automation (RPA) is software which can take over the operational execution of rules-based business processes. The difference between RPA and Artificial Intelligence (AI) is significant, as RPA works basing on structured logic and is only able to help people to perform repetitive, manual, often time-consuming tasks, while AI is able to develop its own logic and automate end-to-end tasks without human’s supervision. It can be used to perform tasks which are usually associated with human cognitive functions, such as learning, interacting, reasoning, and perceiving.
3. Where RPA and AI are perfect match? Which process, or activities could be automated?
When it comes to RPA in Global Business Services world, the operational execution of various tasks can be performed faster and more precisely. Not each aspect of the entire process can be automated using RPA, but if the process is standardized, simple actions such as backing up files, sending reminder emails, accounting reconciliation, user termination, etc., can and should be handled by robots.
AI tools are more complicated to build, but might be capable of performing more complex activities, such as invoice processing or data entry.
4. What is next? Will robots replace people?
It is safe to say that the presence of technology automation and digitalization as well the usage of RPA and AI will be significantly increased in Global Business Services sector in upcoming years. Many processes and tasks currently performed by humans will be automated and it will lead to many structural changes within the organizations. Proper change management will be crucial during this time, but wisely implemented technology automation will be beneficial both for organizations and its employees.
The fear of change is a human thing, but it should be presented as an opportunity for the people to develop their talents, for upskilling, for taking part in new, more exciting initiatives. It might eventually increase the overall job satisfaction, as there will be no need to repeat the same, boring, schematic activities. With the need for new skills, there will also be need of additional trainings and development initiatives, which will allow people to discover their talents and to pursue the new paths. Technology automation can simplify different tasks, but no robot can replace human’s creativity, judgement, and emotional intelligence.