A new study has indicated that 69% of business leaders plan to adopt intelligent automation to address spiralling cost pressures caused by surging inflation and commodity prices.

The recent geopolitical conflict in Eastern Europe has significantly disrupted commodities markets, compounding already heightened inflation levels and seeing price points rise in 2022 and beyond. To understand the true impact for businesses, SS&C Blue Prism commissioned a study of business leaders, which found that 73% of enterprise organizations have seen significant cost increases in the last year, with manufacturing hit the hardest.

The “Productivity Squared” research interviewed over 1,000 business decision-makers1 and found that over the past 12 months, the average cost of doing business has risen by 9%. However, the study also found that these economic shifts are heralding a new era of work.

Industries are reshaping operations and are looking for alternatives to protect their futures and those of their employees and customers. In the face of drastically reduced margins, 78% of business leaders are turning to the power of advanced technologies, like artificial intelligence (AI) and intelligent automation (IA), to help address the rising costs of business operations, talent shortage issues and economic shocks.

Despite almost half of businesses surveyed (47%) predicting that geopolitical events will negatively impact their growth, organizations remain positive and financially healthy, with the overwhelming majority (88%) expecting growth in 2022 and 2023. Digital transformation helped many businesses maintain growth during the pandemic-induced remote working model, with two-thirds (67%) reporting productivity increases in the last 12 to 18 months.

Still, half of companies (50%) say maintaining current productivity levels is an issue and 71% are struggling with talent attraction and retention as the labor market continues to reel from the “Great Resignation.” In the face of such conditions, decision-makers (69%) are planning to utilize IA strategies to relieve productivity pain points and find opportunity amidst strife. However, only 11% are certain about their organization’s strategy, showing concerns about poor implementation (59%), coordination strategy (40%) and legacy technologies (27%).

Credited Source
Automation / Avarice Laboratories