Increasing productivity is critical for businesses to stay competitive. Automation can streamline processes, lower human error, and free up staff for strategic projects.
Already, generative AI is a differentiator. Bain & Company’s June 2024 “Automation Scorecard” reported the findings from the firm’s survey of 893 global executives on using gen AI to save costs and drive productivity.
The report segregated responses into two categories: “leaders” plan to invest nearly four times more in generative AI than “laggards.”
Artificial intelligence and machine learning can spot patterns and trends humans might overlook, enabling quicker and more informed decision-making. According to PwC’s January 2024 “Global CEO Survey,” CEOs expect generative AI to substantially improve productivity, revenue, and bottom-line profits.
The Bain & Company report addressed company-wide automation in areas such as human resources, finance, marketing, and sales — citing potential time savings in marketing initiatives, sales follow-ups, and payroll processing. Accordingly, over 60% of “Leaders” and “Laggards” plan to “significantly” or “somewhat” increase automation investments in the next 12 months.
Automation helps companies of all sizes, not just global enterprise brands. A May 2024 survey from Brightpearl by Sage, an ecommerce software provider, addressed potential gains in automation when it queried roughly 1,000 employees of U.S. retailers — online and brick-and-mortar with annual revenue of $1 million to $100 million. On average, respondents spent approximately six hours per week on manual, repetitive tasks, impacting their overall productivity.
