So far, this series has looked at how Intelligent Automation makes businesses more efficient and contributes towards ESG goals.
With many benefits on offer, it seems like a no-brainer. But like every digital transformation project, we understand that change can carry risk and comes at an expense.
On the other hand, have you stopped to consider the cost of NOT doing anything?
We speak to the leading membership group Manchester Digital and fellow businesses about the actual cost of not investing in technology.
Don’t get left behind
According to Gartner, 89% of all companies have already adopted a digital-first business strategy or are planning to do so.
This seems to have accelerated post-Covid as digital transformation has become a thing of necessity, rather than a ‘nice to have’.
By integrating AI, for example, organisations have reduced the risk of human error and increased control over their processes.
Agile Automations CEO Martin Keelagher explains: “A robotic workforce does the same thing day after day with the same level of competency.
“That’s especially useful now as organisations have new working patterns and a significant variation in their workforce.”
And this trend is also reflected in Greater Manchester, a top 20 European digital city, where many businesses are already digital-first.
What do the experts say?
Well, Katie Gallagher, managing director of Manchester Digital, agrees.
She said: “Artificial Intelligence is an area of tech that is growing quickly, and there is much potential to transform business functions and operations.
“The Government has an AI strategy and aims for the UK to become a leading force in the AI sector.
“The Covid pandemic demonstrated just how important a digital-first strategy should be for any business looking to future-proof their business.”
So, if you haven’t already, now is the time to get on board with digital transformation.
Keeping your customers happy
By the end of 2022, around 70% of customer engagements will be driven by intelligent systems.
From chatbots to multi-factor identification, introducing new technology means a faster and safer service for your customers.
And with the proliferation of tech, customers now expect a seamless, digital, experience.
Keelagher said: “Improving customer experience is one of the main drivers behind the race to invest in technology.
“Implementing AI and ML is all about increasing efficiency – for the end user as much as the businesses.”
Conversely, not investing in technology can frustrate your customer base or lead them to look for an alternative option.
Finding the right sponsor
One barrier to investing in technology may be identifying the right internal sponsor for a project.
In a recent survey by Prophet, 28% of digital transformation initiatives are owned or sponsored by CIOs. With 23% of CEOs increasingly playing a leadership role.
It’s great to see digital so high up on the agenda but if the project owner is too busy it can cause long delays and unsatisfactory outcomes.
We recommend working with a digital partner who can consult on the project as well as implement the technology.
This will lead to greater understanding internally as the project is explained and set out by a collaborative partner while freeing business leaders up from the overall pressure of delivery.
If a lack of an owner/sponsor is stopping you from investing in technology start considering the alternatives now.
So, in conclusion…
Digital transformation is being adopted across the business world and it’s only going to accelerate.
We’ve seen that the cost of not going digital-first stretches beyond financial repercussions, as you risk isolating your customer base and a missed chance to upskill employees.
