How Automation Generation Is Boosting Profitability And Productivity?

The year 2023 has been historic for artificial intelligence (AI). With its capacity to develop code, produce content, and increase user productivity, OpenAI's ChatGPT has cemented its position as a vital tool for numerous people.

Although ChatGPT is a remarkable tool, it is only one use case for a large language model (LLM). Robust LLMs are used by AI-powered automation systems to handle a variety of jobs, freeing up human workers to focus on more innovative and productive projects.

There are large economic benefits associated with this increased productivity. A just 0.8% increase in productivity growth, according to McKinsey, could generate $10 trillion in GDP. Business executives have an explicit mission to increase worker productivity because "corporate profits and shareholder returns are directly linked to productivity growth."

I'll go into more detail in this blog on how these developments in AI enable workers to accomplish more with less, which immediately boosts profitability.

Increasing productivity to maximize revenues

A new frontier in labor productivity is represented by generative AI and associated technologies. "Generative AI could enable labor productivity growth of 0.1 to 0.6 percent annually through 2040," according to a recent McKinsey paper. However, it is only the beginning; automation has already been used by several businesses, and by "combining generative AI with all other technologies, work automation could add 0.2 to 3.3 percentage points annually to productivity growth.”

Furthermore, higher involvement and productivity boost profitability. As a matter of fact, companies with highly engaged employees generate 21% more profit than those with disengaged employees. Additionally, their workers are far less inclined to flee—nearly 90% of workers claim that if they feel interested at work, they are less likely to quit.

The Climb of the Automation Generation

AI-powered automation solutions provide a lot of financial advantages, but they also improve the working environment and streamline processes for both employers and employees.

Employees are seeking for automation to aid with dull, repetitive jobs more and more, according to the UiPath 2023 Automation Generation research, which polled over 6,400 workers worldwide. This technology may also boost productivity, engagement, and employee happiness by taking away the tedious chores that employees detest from their workdays... Additionally, 56% of respondents stated they thought AI-powered automation solutions would enable them to do their jobs more effectively, and 44% of respondents indicated they would like to be more involved in the development of workplace automation that may improve their work-life balance.

The Automation Generation research supports the trend that younger people often adopt new technology first—nearly 70% of Gen Z have a positive opinion of automation powered by AI. However, 44% of Baby Boomers and more than half of Gen Xers agree that these technologies are valuable.

 

There is no age or demography that the Automation Generation cannot fit into. It shows a wide range of professionals who are making the most of their workdays by utilizing AI-powered automation.

These are just a few examples of how this group is using these resources to their advantage and that of their employers:

Providing more time to acquire new abilities

Allowing workers to acquire new skills is a tactical benefit for companies. According to a PwC survey, 93% of CEOs who implement upskilling programs report higher worker resilience, better talent acquisition and retention, and enhanced productivity.

Longer training sessions can also assist managers in filling talent shortages at a lower cost. "Skills gaps continue to be high as in-demand skills across jobs change," according to the World Economic Forum. Businesses predict that 40% of workers will need reskilling within six months on average, and 94% of CEOs say they want staff members to pick up new skills on the job. Many company executives are aware that retraining staff members can yield substantial mid- to long-term benefits at a reasonable cost.

Investing in greater time for "deep work"

Knowledge workers today find it simpler to interact during the workday thanks to digital technologies, but this has come at the sacrifice of unbroken moments of concentration. According to Asana research, 60% of knowledge workers' time is spent on coordinating as opposed to the strategic, professional tasks they were employed to complete. Teams who put emphasis on concentration at work have an advantage since they can outperform their rivals in their performance.

These advantages go beyond theory. Prominent businesses are already seeing a big return on their investments in automation driven by AI.

Among such businesses is Expion Health, which offers cost-management solutions to the healthcare sector. They had a ton of sensitive, unstructured data to manage, including price information, credentialing documents, and medical records. This data was extracted and processed automatically by Expion using a variety of UiPath Business Automation Platform technologies, such as UiPath Document Understanding.

Significant productivity gains were made possible by this approach, including a 600% increase in the number of cases they can manage. "The company is achieving a 99% success rate on claims processing and an overall 97% increase in productivity," according to Five Robots. 

AI-driven automation increases revenue for businesses' bottom lines

Leading businesses are operationalizing AI by fusing it with corporate automation, so it's no longer simply a catchphrase. For senior company executives, this is a critical realization since the combination is boosting profitability and productivity. 

The UiPath Business Automation Platform provides a complete solution for implementing AI-powered automation fast and reaping its benefits. Whether you need specialized AI, generative AI, or a combination of the two, UiPath offers scalable and trustworthy automation solutions that are customized to meet your specific business needs. With this method, AI gets the context it needs to produce a sizable return on investment. 

More information on how automation driven by AI is boosting productivity can be found in the entire Automation Generation paper. Get the report now to see it for yourself.