The current geopolitical war within Eastern Europe has significantly disrupted the market for commodities, adding to already higher inflation levels, and has seen prices rise by 2022 and beyond.
To better understand the effects on businesses, SS&C Blue Prism commissioned to study the business leaders who revealed seventy-three percent of enterprises companies have experienced significant price increases over the past year, with manufacturing being hit the most.
The research surveyed over 1,000 business decision-makers , and concluded that over the last twelve months, the average cost of running a business has increased by 9percent. The study discovered that these changes in the economy have brought about a new age of work.
Industries are restructuring their operations and looking for ways to secure their futures, as well as the futures of their employees and clients. In the face of dramatically diminished margins 78 percent of business executives are turning to the potential of cutting-edge technologies, such as artificial intelligence (AI) and IA to address the increasing costs of running a business, the talent shortages and economic fluctuations.
Although nearly half of companies polled believe that geopolitical developments can negatively impact their growth, companies remain optimistic and financially stable and the majority expecting to grow in 2022-2023. Digital transformation has helped many companies to grow through the pandemic-induced remote working model, with nearly two-thirds having seen productivity increase within the last twelve to 18 months.
Yet, half of firms believe that maintaining their current productivity is a problem and 71% of companies are struggling with retention and recruitment of talent in the midst of continuing to shake off”the “Great Resignation”. In light of these challenges, executives are planning to implement IA strategies to ease problems with productivity and discover an opportunity in the midst of chaos. But only 11% of them are confident of their company’s plan and have concerns over inadequate implementation, coordination strategies and the use of outdated technology.
“This study demonstrates the significance of automation for the future of the industry. It’s not just about getting a competitive advantage however, it’s also about sustainability over the long term. It’s about automating everything you can, and putting people in the places you need to by taking advantage of”the “power of two” to help your business achieve its goals and offer the best service to your customers, employees and others. Work in the future will be an integration of humans and digital workers, harnessing the capabilities of IA to spur creativity, growth and satisfaction. This study provides another proof that what’s to come isn’t just an improvement in productivity. It’s productivity in the square,” remarks Eric Tyree, SVP of AI and Innovation, SS&C Blue Prism.
If companies implement an effective plan that is successful, the results of IA implementation could be huge. Santander Group is just one instance of an organization that was able reduce the time required for employee onboarding from six weeks down to just two days. The company saved numerous hours and enhanced satisfaction of employees, which increased retention of talent and attracted. Fonterra is a global dairy business. Fonterra also had the right solution when it automated 38 inventory checks for dairy products which cut the times by 92%, and solving the supply chain waste problems due to lengthy inventory check-ups.