Process automation is everywhere. All businesses require efficiency and productivity, which results in reducing repetitive tasks and optimizing existing processes. This allows workers the freedom to focus on bringing real value to the table and pursue high-value endeavors.
Today, process automation is essential for an organization to stay competitive. And, knowing the state of the industry is extremely important. We have compiled some of the most important statistics for 2022 to tell you where business process automation is headed.
The Growing Popularity of Automation
A large number of businesses are moving towards automation because of the countless advantages it gives them. With fierce competition in the markets across the boards, you need an edge to maintain excellent performance standards. Automation can help with that’s why it’s so popular. Here’s what’s happening in 2022:
- About 66% of businesses have automated at least one business process.
- About 80% of businesses are speeding up process automation while 50% of them are planning to automate all repetitive tasks.
- It is expected that about 69% of all managerial work will be completely automated by 2024.
- About 33% (one-third) of tasks in a majority of existing jobs today can be automated.
- 50% of business leaders believe that they can successfully automate up to 30% of their workload.
Automation in Productivity Enhancement
Eliminating repetitive tasks from a typical workday, reducing the chances of human error, and ensuring consistency is only the tip of the iceberg. All businesses that use business process automation agree that it significantly enhances the overall productivity of the organization. Here’s what they think:
- 73% of IT leaders believe automation saves about 50% of the time. Similarly, 51% also add that automation can also reduce the overall costs by 10 to 50%.
- About 30% of business leaders report reduced labor costs due to process automation.
- Over half of all automation tools target efficiency. Moreover, 78% of business leaders believe that automation enhances the overall productivity of the organization.
- About 42% of business leaders agree that workflow automation saves time and frees up their employees to pursue other things rather than repetitive tasks. Another survey indicates that this sentiment is not limited to repetitive tasks only. About 85% of business leaders believe that automation allows employees to focus on goals that matter to the company.
- 50% of organizations believe that automation reduces or eliminates the chances of human error.
The Effect on Employment Opportunities
New technology always brings fear of being replaced. However, there is another side of the coin too. It also creates new opportunities and marketable skills. Here are the latest trends:
- The fear of automation is common. A recent survey revealed that about 37% of professionals believe that they’ll lose their jobs because of automation.
- By 2030, automated solutions can take away 20 million jobs from the manufacturing sector.
- The most at-risk industries in terms of job replacement are storage, logistics, and manufacturing.
- In the United States alone, about 25% of all jobs are disrupted because of automation.
- By the end of 2022, about 54% of the workforce will require upskilling to keep up with the industrial demands.
There are several positive aspects as well when it comes to the effect of automation on the job market. Here are a few facts that indicate the improvement in the job market because of business process automation:
- Automation has streamlined HR processes significantly. The highest RIO because of automation is in the HR department.
- About 61% of leaders believe that process automation makes it easier to pick the right talent for the job.
- Automation can sustain industrial growth by 1.4% of global GDP every year, resulting in more jobs for the right workers.
- About 33% of occupations available today didn’t exist 25 years ago.
- 70% of professionals see automation as a chance to get a better, high-paying job if they upskill themselves.
Process Automation and Functional Departments
What makes business process automation so special is the versatility it brings to the table. It’s not limited to a particular function or industry. From marketing to finance, sales, and beyond. Automation technologies are disrupting the way work gets done everywhere.
- Sales departments report about a 15% increase in productivity and a 12% decrease in marketing costs through automation.
- Sales automation improves the performance of B2B channels by an average of 10% every year.
- About 67% of marketers rely on automation for consistent performance and demand generation.
- Marketing automation spending is expected to reach about $25 billion by 2023.
- In the finance sector, bot interaction will achieve a success rate of 90% by the end of 2022.
- Mckinsey expects automation tools to handle up to 25% of banking tasks.
- In cyber security, automation can improve detection to reduce the chances of security threats by a whopping 70%.
- 68% of global businesses are looking for ways to improve their cyber security through automation.
- A report indicates that automating 64% of manufacturing tasks can save billions of working hours for the industry.
Automation is everywhere and it will continue to grow. The concept of business process automation is not limited to enterprises. It can be implemented across various teams, functions, and organizations irrespective of size or industry.
A comprehensive work platform like Kissflow not only helps you automate your business processes but vastly improves the way you work. You can now do away with multiple solutions for multiple problems—do more and diverse work within a single platform. It is the ideal solution for organizations looking to ease the tensions between business and IT while significantly improving productivity, reducing human errors, and consistently driving customer retention.