With the on-going pandemic in the past two years, enterprises need to adapt and transform their businesses. This has led digitalization as a powerful option for enterprises to improve overall work efficiency and productivity. The global digital transformation market is expected to reach a value of USD 2744.68 billion by 2026. In this article, we explore the benefits of Enterprise Digitalization and how Gleematic plays the role as Cognitive Automation to help enterprises embark their digitalization journey.
Understanding Enterprise Digitalization
By implementing disruptive technology such as artificial intelligence (AI), data analysis and big data, enterprises may transform their business models, operations and work processes into digital formats, this process is what we call ‘Enterprise Digitalization’. It is the process of using new technologies to transform old business practices, unlocking it’s potential to make smarter and faster business decisions. The ease of making smarter business decisions is supported by the technology’s capabilities that allow enterprises to collect data simultaneously and identify the pattern of the large amount of that data.
Digitalization helps to improve and transform business operations through digitized data, which is achieved by leveraging smart technologies to transform and understand the data better. Some examples of the disruptive technology:
- Machine Learning (ML) and Artificial Intelligence (AI) enables system to mimic human behaviour as it improves by learning to process complex data and information.
- Cognitive Automation allows enterprises to automate significantly labour-intensive tasks. This can improve work productivity, prevent human-error and save business costs.
Although this practice does rely more heavily on the digital technologies than before, it does not mean that it will replace human workers. Human workers will be more empowered with the help of these technologies, enabling them to have more time to work on more value-added tasks.
The main objective of this digitalization is for the enterprises to survive. In this highly competitive market, enterprises are racing to implement technologies in order to remain competitive, improve their productivity and efficiency, and boost their profitability. There are many options to start this digitalization, however automation is one of the most effective way to implement it. With automation, enterprises will learn that they are on the right track of digitalization journey and soon they will adjust their competitive values.
Benefits of Enterprise Digitalization
For enterprises, common drivers of digitalization are mainly cost-related and focus on improving business operations. However, let’s see the benefits from more specified perspective, here are top benefits of enterprise digitalization:
- Enhanced Data Collection
In this highly competitive market, the demand grows rapidly and whoever can quickly understand and fulfill the market needs win. That is why enterprises should not rely on manual processes to handle data, given that there are too many data to process that we begin to ask where to start. The process in collecting data is important to evaluate, underlining the method and the efficiency it brings.
Using automation-driven digitalization, enterprises can collect data simultaneously. Regardless of the source or type of data, the cognitive bots can collect and collate them accurately. For example, a certain process needs to collect data from paper documents. Usually, staff would need to do data-entry manually, moving the data from the paper documents to the computer to be stored in the systems. In digitalization, cognitive bots can do Intelligent Document Extraction where it can extract data from any type of documents regardless of their format. Else, if the data is stored in website or platform, cognitive bots can access it then do data scraping. Cognitive bots can understand and identify which data is qualified. This capability allows the staff to have a seamless data collection with promising accuracy as cognitive bots don’t recognize errors unlike human-staff.
- Data-driven Insights
As digitalization allows enterprise to collect data simultaneously with accuracy guaranteed, enterprise can optimize data to generate customer-driven insights. Using A.I. Machine Learning, cognitive bots can identify the trend and pattern of data that is fed to it. This helps the enterprise to have the data analyzed and optimized to generate insights that the enterprise would like to explore. Thus, this will unlock the key to a better understanding of the market trend and what the customer needs.
- Streamlined Processes
Every enterprise must be looking for an innovative method to improve how they run their business operations. Using automation-driven digitalization, enterprise can have all of their processes streamlined through workflow automation. Processes that usually consume time and energy, now can run automatically, allowing the human-staff to have more resources for other value-added tasks. Moreover, automation delivers highly reliable outcomes.
- Improved Productivity and Business Efficiency
Productivity is about the scale of outcome that an enterprise can make with given inputs. Efficiency correlates with time, energy, and cost utilized to produce desired outcomes. Having the right digitalization tools that automate repetitive and mundane tasks can help enterprise to improve productivity and business efficiency. This happens to the fact that automation gives opportunity to the enterprise to allocate their resources to other valuable segments.
- Improved Quality
As the cognitive bots automate the process, it’s unlikely for the errors to occur. The cognitive bots work intelligently and they don’t recognize errors unlike human. Human is prone to errors, especially if the task is super time-consuming and painful. As automation is reliable 24/7, regardless of how repetitive the task is, errors can be avoided.
- Smarter Decision-making Process
With the help of A.I. Machine Learning, it is possible to understand and analyze data better. A.I. Machine Learning has the ability to identify the pattern and trend of a certain data set. Thus, it can provide recommendation for the human-staff for complex decision-making tasks from large amount of data. Human-staff only needs to feed them with historical data, and let the cognitive bots understand it so that it can eventually give output.
- Better Customer Engagement
With the ease of data collection and analytics, enterprise can better understand what their customers need, especially the newest trend alive in the market. Using the right automation tools, enterprise can engage their customers better among the saturated business environment. For an example, automation that has the capability of doing data-analytics and is powered with artificial intelligence.
See how to use digitalization tools to pave the way to better customer engagement.
- Key to Greater Innovation
Data-driven insights are the key to greater innovation. This will help the enterprise to tackle the conundrum of what is the game changer. This will improve the competitive values of the enterprise itself.
- Reducing Operational Cost
Every enterprise will always look for a reduced operational cost, with the same output or even better. Automation is proven to save more time and most importantly, cost. This is due to the fact that manual processes are slower than automated processes, not to mention the errors that can happen. According to research done by IDC, inefficient processes would cost enterprise up to 30% of their annual revenue. Based on Forrester, digitalization has the potential to save up to 90% on operational expenses.
- Employee Benefits
If enterprise place their employees to focus on manual and tedious tasks, this will block them from growing. Employees won’t be able to learn and develop professionally. High volume and repetitive tasks can be mundane and stressful for human workers to complete. As the digitalization takes place, it offers smarter working environment for employees. Upon decreasing the work load and stress of the human workers, this gives enterprises the opportunity to train and upskill their employees for other higher value-added work. Employees will also be more motivated and satisfied with the improved working environment.
It is important to evaluate the best automation-driven digitalization tools that can help your enterprise achieve above benefits. Learn These 10 Essential Questions for Your RPA Vendor to Make The Best Deals.