Not too long ago and if are of a certain age you may recall Britain’s car manufacturing plants employed thousands of employees. For example during the 1970’s Ford UK employed approximately 35,000. Today around 3,000. Yet all UK, car manufactures are producing more cars than ever.
How has this been possible?
Robots replaced people having to do mind dumping jobs. Doing so improved quality and output. Today’s car manufactures by in large produce a consistent standard of product.
What does manufacturing have to do with professional services firm?
Initial thoughts very little. However if organisations choose to adopt cloud technologies, they can redeploy their personnel to other more profitable tasks, yet still produce consistent and reliable administrative output.
What does this mean to business?
Back office automation is a reality. Admittedly the journey towards automation is still gathering pace but do not delude yourself by thinking the technology has little to do with your current or future working practices. Most of us during our lives experience deja-vous. For example once in while we engage with a firm and we are immediately hit by an emotion ‘if this firm doesn’t change very quickly, they will be out of business, and soon. ‘
Firms that do decide to incorporate back office automation may go on to develop a significant and sustainable competitive advantage. Their success may be attributed to their ability to embed the technology into the culture of the organisation. Doing so will virtually make it impossible to imitate.
Some employment forecasters are suggesting, automated workflows may reduce financial services firms, back office administration by a third or more, within twenty years. Don’t think this isn’t happening now it is. Artificial intelligence is already by in large controlling global financial transactions therefore it’s reasonable to assume such technologies will trickle down and they are.
Your competitors may have already begun their migration to back office automation.
You really should be asking yourself what will it cost you to ignore this revolution.