The world is changing rapidly, and so is the way businesses operate and succeed. With the start of the new year, here are a few trends companies must watch out for in 2022 – Automation, Artificial Intelligence and Autonomy.
Automation is the shift from manual human efforts to technological efforts of doing mundane business tasks. From manufacturing to day-to-day administration and operative tasks, automation leverages technology effectively to reduce manual work.
As businesses get more complex, automation can help free up employee bandwidth from repetitive tasks to contribute more time and effort in core revenue-generating activities. By reducing the time needed to complete basic tasks, automation boosts productivity. It allows valuable human resources to utilise their spare time in critical areas like decision making, pattern recognition, innovation, and execution.
Automation helps in easier governance of systems with better tools and security standards, streamlining paperwork and procedures, eliminating delays, and making the workflow more efficient. It also increases reliability and accuracy as they are executed timely and prone to lessor human errors.
However, automation comes at a cost. To make a financially prudent decision, business owners must compare the cost of automation against the monetary savings and qualitative benefits it generates.
Additional Read – How digitization has transformed financial services
2. Artificial Intelligence
Artificial Intelligence is revolutionising every business function across industries. It is the primary driver of emerging technologies like big data, robotics and IoT, and will continue to transform business operations in the foreseeable future.
Artificial intelligence helps companies streamline processes and innovate service offerings and has a wide range of applications from smart devices, chatbots, and cars to predictive analytics. AI helps deliver personalised experiences to customers and helps brands target the right messaging to the right users at the right time. By aiding forecast and trend predictions, AI enables a business to be resilient and better prepared for future threats and disruptions.
2022 will see a rise in use cases and applicability of AI across functions and industries.
Additional Read – How are Businesses Using Artificial Intelligence to Progress?
Employees are the most valuable asset for an organisation, and their wellbeing and satisfaction are of paramount importance. With the great resignation underway, several talented professionals are leaving organisations searching for more autonomy, flexibility, and job satisfaction. The talent drain is a massive cost for companies as the bottom lines get significantly impacted by higher employee attrition rates.
To engage and retain the best talent, companies must offer autonomy and flexibility to keep employees engaged and challenged at the workplace. Autonomy in the organisation is the amount of discretion and independence provided to the employees in determining how the work is to be done.
Higher autonomy at the workplace increases job satisfaction and motivation to perform better on the job. Greater autonomy helps empower employees across hierarchies to own their work and deliver better results, contributing immensely to business growth and success. Lower independence may lead to dissatisfaction towards the work and cause disengagement.
Autonomy is also helpful in promoting the culture of working smartly rather than long hours, which leads the organisation nowhere. Flexible working hours allows the employees to focus on delivering on the tasks assigned rather than waste hours to fulfil time commitments.
To take your business to the next level, make sure to focus on the 3 As – Automation, Artificial Intelligence and Autonomy in 2022 and beyond.
If you are looking to invest in the latest technology to upgrade your business and make it future-ready, make sure to plan your finances prudently for the long term. Reach out to Tata Capital to know more about our diverse loan offerings to support these investments and meet your specific financing needs with the structured products offering.