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Business Process Services
November 24, 2020
In the bygone days, it was believed that technology transformation in the world of operations is not possible within the limited budgets allocated to them. It was misconstrued that it is nothing but a marketing game with new fancy words cropping up every few years. Though this is partially correct, because service providers must catch attention of the customers in this highly competitive market and so they try to reinvent the wheel. But we cannot ignore the fact that companies have kept these at a backburner for the longest time refusing to adopt these technologies. Since they always had a cheaper option – “Offshoring to a low cost destination”
With overall operating model going under a massive shift due to corona virus, the boundaries between physical and digital world are going to fade away. Technology would be infused in our daily lives in ways we could have never imagined. Due to the ongoing global crisis, fresh perspectives and strategic alignment towards digital transformation have found place in boardroom meetings. We have leapfrogged almost 5 years in terms of technology demand. As the most popular meme of lockdown goes –
Enterprises have realized that, dependency on human efforts alone to run operations is not sustainable and are thus looking for avenues, which can withstand risk and are crisis resilient. According to a recent HFS survey, 54% of enterprises state that they are going to increase spend on process automation in 2020 and beyond. Companies are ready to play offensive to create an actual business continuity plan.
Just before the COVID pandemic, clients had started to question the actual worth of RPA in terms of real savings and were putting up resistance to any discussion on AI/ML. We now observe a shift, only because expectations and focus have moved from saving costs to building a sustainable operating model resistant to crisis.
Due to this shift, in the upcoming Post COVID era service providers may witness boom in the following automation trends-
None of the above technologies is new. It has taken a virus to make companies realize the gap they ought to fill. Now we know that it’s less about innovation but more about adoption of sustainable technology that already exists. The Post-COVID race has begun and it will be worthwhile to see which organization thrives to stay in the game and which one loses the battle. As Warren buffet rightly pointed out “You only find out who is swimming naked when the tide goes out.”
About the Author
Vasudha Monga
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