When it comes to surviving in an unpredictable market, being able to adapt is key. It’s no secret that the Covid-19 pandemic has drastically changed the economy, and businesses everywhere have been feeling the pressure. However, with intelligent automation, there may be a way for companies of all sizes to outlast this recession and come out on top! Automation offers countless benefits like improved efficiency, reduced costs, and enhanced scalability — but how can you properly leverage these advantages during times of economic uncertainty? In this blog post, Mark R Graham discusses how your business can benefit from using intelligent automation strategies during downturns in order to be prepared ahead of time. Read on to learn more about becoming recession-ready through automated solutions!
Mark R Graham On How To Be Recession Ready With Intelligent Automation
In order to remain recession-ready and stay ahead of the curve, businesses must implement intelligent automation strategies. According to Mark R Graham, by using artificial intelligence (AI) capabilities combined with process optimization techniques, companies can create an automated system that increases efficiency and reduces costs. Intelligent automation requires more than just automating processes; it includes utilizing the data generated by these processes to provide insights and inform decision-making.
The benefits of intelligent automation are numerous – from cost savings to improved customer satisfaction. For example, AI-powered bots can automate mundane tasks such as data entry or answering service inquiries. This frees up employees’ time so they can focus on more important work instead of tedious manual labor. Automation also helps identify opportunities for cost savings and improved efficiency. For example, by analyzing data from customer interactions and behavior, companies can develop more effective strategies to optimize their operations and reduce waste.
Intelligent automation also enables businesses to respond quickly to changes in the marketplace. By leveraging AI’s predictive capabilities, businesses can anticipate customer needs and adjust their operations accordingly. This helps them remain competitive, stay ahead of industry trends, and maintain a high level of customer satisfaction during times of economic instability or recession.
Data shows that intelligent automation has already had a significant impact on many industries, says Mark R Graham. According to McKinsey & Company, digital technologies have improved labor productivity by 0.8-1.4% annually over the past five years in the US alone – equivalent to an additional $2 trillion in output. Additionally, a survey by Deloitte found that 75% of leaders believe intelligent automation will play an important role in their company’s digital transformation efforts.
One example of how intelligent automation has helped businesses during times of economic uncertainty is the case of a major retail bank in Europe. When COVID-19 hit, the bank had to quickly adjust its operations to meet customer needs while dealing with massive numbers of inquiries and requests for assistance. To stay ahead of the curve, they implemented AI-powered bots to respond quickly to customers and redirect them to relevant information or services. By leveraging this intelligent automation strategy, they were able to reduce incoming calls by 68%, freeing up time for employees to focus on more complex tasks.
Mark R Graham’s Concluding Thoughts
Overall, intelligent automation is an invaluable tool for businesses looking to stay recession-ready. By leveraging AI and data-driven insights, companies can optimize their operations and quickly respond to changes in the market while reducing costs and increasing efficiency. This, as per Mark R Graham, helps them remain competitive and improve customer satisfaction even during times of economic uncertainty or recession – something that is increasingly becoming a necessity in today’s digital world.