Business Automation. A trend that is steadily turning into the norm for businesses. In 2020, About 80% of all businesses are planning on using chatbots for various purposes. Right now, every industry, in about every country with good internet access, is using artificial intelligence, machine learning along with new and upcoming technology to automate processes. Why? Because it is the future.
Well… If that is not enough to convince you, let’s look at some statistics.
(Source: pwc UK)
Let’s look at why the trend is heading towards automation.
It’s all about the money, isn’t it?
$15tn is definitely not an amount that can be taken lightly. With automation looking to create over 1 billion jobs by 2025, no wonder firms, as well as governments, are investing in automation.
Just to bring a little more reality to this fact, 2025 is 5 years away.
So, this New Year’s we invite you to take a look at how peopleHum can be a part of boosting revenue for your business.
There has been a shift to not just have a streamlined hiring process but to also improve the way to create employee engagement in the office. It is personally quite refreshing to see HR Executives shifting towards focusing on employees rather than just focusing on hiring and onboarding employees.
There has also been a very rapid rise in creating a company culture that is open, dynamic and a system that supports its employees. Funnily enough, to make this change, machines are being used. Of course, there is human expertise behind these machines but processes that are repetitive have turned towards automation. One of the best examples is automated hiring.
With automation, hiring is not only simplified, but it also gives you useful insights about your company. Successful companies don’t just get lucky. The CEOs and high-level executives make decisions based on data they get about their firm and the future they see for it.
This vision usually involves studying customer touchpoints and how they can improve their sales, but, in recent times this improvement has started to include the company itself. How they can improve employee engagement, how they can upskill the employees for the coming change towards automation and most importantly how they can make the work effective.
This article up to this point has talked about a lot of things affecting businesses and how automation is rising. Here, introducing some important concept to better understand automation itself is needed. So, here we go –
Business Process Automation
Business Process Automation a.k.a. BPM is the process by which businesses automate the processes that are repetitive in nature and require minimal human skills. You may wonder why this wasn’t happening before during the industrial revolution. To answer it simply, we did not have artificial intelligence available then.
Artificial intelligence, deep learning, machine learning and other technological advancements have made it possible for us to innovate in ways we weren’t able to before.
At this point, let us also introduce SaaS.
Software as a Service (SaaS)
This is a concept that is as emerging as artificial intelligence if not more. If you have noticed how one could purchase Microsoft office to own by paying a large one-time fee until a few years ago. Now people have to pay for MS Office services monthly or yearly, but, a smaller fee. The idea is that you have the licence to use the software as long as you pay for it. It’s not an owned product anymore. This has been a rising trend for a lot of companies and you can see SaaS-based ideas emerge for other software, tools, platforms etc. They are called Platform as a Service (PaaS), IT as a Service (ITaaS) and other such variations.
Now that you what these terms mean, let us understand how they relate to automation and how you can implement them in 2020.
The rise in automation has occurred due to artificial intelligence and technological developments. This coupled with developments in ITaaS has enabled people to set up the infrastructure to create platforms and software that are cloud-based.
Having these cloud-based services makes it possible for firms and enterprises to use these services to improve their own products, employees and many other factors that can have an impact on businesses.
For example, peopleHum is a PaaS that allows businesses to concentrate on their employees by getting data about employee performance and at the same time interconnecting teams to perform better together, and so much more!
The hiring process for any business is quite exhaustive. It starts by creating a job description and ends only after someone that fits the profile best is hired. Most of this process was done manually. In fact, before the internet, job descriptions were put out in the newspapers and walk-in interviews were set up. This cost a lot of money in advertising, campaigning and if there was no one who fits the profile best, days were wasted on trying to select the best candidate from a pool that was close-enough.
Now, apart from creating a job description, listing it on the internet and collecting information from there is automated. Next step would be reviewing resumes. Most times people scan through a resume to look for particular skills or words that make the candidate a good fit. Thankfully, this can also be done by a computer. The best part is that the computer can even give a score to the resumes submitted online and arrange it in descending order.
Scheduling an interview is even easier with integrations with google calendar. Once you select the time you want the candidate to come for an interview in your own calendar, an email can automatically go to them informing them of the time, place and all the other information they may need. The hiring manager didn’t even have to ask for an email ID because it was picked up automatically from the resume.
All of this helps you focus on the interview, where you can ask the best questions and hire the best candidate.
If you have any questions about automated hiring, comment below and I’ll answer them as soon as possible.
Useful Insights Based on Data
As I mentioned before, successful companies don’t just get lucky. They make decisions that are based on factual information, feedback, market response and other measurable methods.
Automation has made it easier to do this. The company itself generates so much data on a daily basis, it would be really naive to ignore all this information. Here automation is used to keep track of tasks being completed, performance levels of everyone from individuals to teams, interaction levels, social media presence and more.
The beautiful thing about mathematics is that it has created ways to calculate and give value to all these numbers. Software and platforms use the data along with math to give the best information about the company. Even more, machine learning makes it possible to make these numbers more accurate over time and give better insights.
They help in giving an indication to what’s going well, what’s not working and depending on what the information is, the company executives can take immediate action to tackle the pitfalls.
As automation is rising, there are one billion jobs being created but at the same time about 700 million labor-based jobs that are being displaced. This has led to a need in companies to upskill their employees so that they don’t have to invest in getting many new employees as hiring can be an expensive process.
How can you make teaching automated? Good question!
The goal of learning is so that it can be applied in real life. Once a person does their learning an employer can, in a sense, deem an employee upskilled if they pass a quiz.
There has also been a rise in websites like coursera and udemy that allow people to learn online and get certification for it. A lot of companies partner with these education services providers to help upskill an employee. All it takes a bit of time.
This process, at the core of it, is not automated because it requires active human participation for it to be successful. That said, it is expected of this feature because it deals with humans and not processes.
You can get data insights on who is interacting well as a team or which part of the firm is falling behind on its goals but, machines cannot (yet) force humans to change. This is where managers and executives perform.
Softwares can provide with the platform for people to engage on but it is going to be the supervisor’s job to create the need to engage.
(Source: Conference Board)
Technology has impacted us so much that in today’s date, most people would prefer texting to making a call. By 2025, 75% of the workforce is going to consist of millennials and gen Zs. This would mean that firms have to use technology to their advantage and can no longer rely on methods that were used by their predecessors.
People have been calling automation the next industrial revolution and there is more than just a little truth to that. By mid-2020s we are going to see a huge divide in skill-based jobs vs. labor-based jobs. The need for technical skills has already seen a dramatic increase in the last decade and that trend does not seem to go down. In fact, countries like the United States, are trying to push people towards studying STEM (Science, Technology, Engineering, Mathematics) conforming subjects because they agree that this is where the future is heading and that it is a good way to boost GDP in the long term.
Automation has had an impact on every industry there is with the support of artificial intelligence. The rise of cloud computing has made it possible for SaaS-based industries to rise and change the entire market. It has also made automation readily accessible for people coming from all backgrounds which in turn has opened doors for innovating further.
The second we believe that we are reaching a plateau in our innovating, the innovators out there surprise us and bring the world to a new stage, setting it up for further success.
With 2020 upon us, let us not think for one second that growth and improvement is not a priority for businesses. The accessibility of technology is helping us break ground in ways we have not thought before and the ripple effect of this action is being seen in all industries, from education to mining.