Why automation is mission critical now

In an article published by Gartner, analysts note that their 2020 view of hyperautomation has changed in 2021 because COVID-19 has caused an acceleration of digital strategies. The conversation and interest in automation has only intensified as executives looked for better ways to strengthen business resilience, reduce risk, and deliver better insights.

“In a matter of weeks, automation went from a long-term goal to an urgent, critical need for many executives,” reiterates Bain & Co.

While the emergence of AI and machine learning have been a subject of fascination for technology enthusiasts for some time, we are witnessing the adoption of these technologies across industries at an unprecedented rate. Once an elite frontier for game changers and industry leaders, digital transformation is now an operational necessity. In the new normal, executives are accelerating process automation (60%),” reiterates IBM.

We can look at this from two strategic positions: short-term resiliency and long-term scalability.

Part 1: Short-term resiliency

Many leaders recognize that digital excellence will be critical to rebounding from the challenges presented in 2020. And, increasingly, they are seeking out new ways to drive transparency and intelligence across their extended supply chains, create more nimble processes for responding to supply disruptions, and building stronger relationships with suppliers no matter how small.

In fact, a PWC Pulse Survey stated that, “CFOs plan to apply automation to improve agility — a quality 72% of CFOs said their organizations expect to develop as a result of the pandemic.”

Today, though leaders have a renewed respect for the technologies and processes that supported them through the worst months of the pandemic and are seeking ways to accelerate digital transformation, progress remains elusive.

Part 2: Long-term scalability

Increasingly, automation will serve as the foundation for long-term strategic goals, helping businesses design better cash management processes, adopt emerging technologies faster, and support change management initiatives both in core risk categories and in business intelligence.

Leveraging technology is also a direct response to the rate at which technology is outpacing resource development. “Roles that are focused on mundane tasks, such as conducting inventory counts, can often prove hard for some businesses to fill. Industries like supply chain and retail could stand to benefit the most from automation, in order to keep up with increased demands and ensure the safety of their employees,” explains Forbes.com.

The ability for companies to implement automation throughout their organization are expansive and essential. To learn more about how technology can drive transformation in commodity management: process capture and transparency, process automation and customization, intelligent intervention and improvement, and designing and supporting processes for global execution, read our whitepaper, The “New Normal” Will Be Digital: How commodities-intensive businesses will drive digital success in 2021.