Singapore companies are approaching a breaking point and urgently require intelligent automation, according to a new report by ServiceNow.
Almost all the respondents (97 percent) agree that intelligent automation could increase productivity.
Fifty-four percent have begun to use intelligent automation in one or more business processes, and 90 percent plan to investigate or use intelligent automation.
Nearly half of them (48 percent) say they will need greater automation by 2018 to handle the volume of tasks being generated.
By 2020, 90 percent of Singapore companies will hit that breaking point.
More than three-quarters (89 percent) of the respondents agree that data from mobile devices and the Internet of Things (IoT) contribute to the overload.
"There is no doubt that we are entering into a new era of automation," said Jimmy Fitzgerald, vice president and general manager, Asia-Pacific and Japan. "The future of intelligent automation is an opportunity to free employees from mundane and repetitive activities - allowing employees to unleash their creativity, letting them build stronger and more productive working relationships."
Financial growth and greater productivity
According to ServiceNow's report, highly automated companies are six times more likely to experience revenue growth of more than 15 percent, versus companies with low automation.
However, only 39 percent of business processes are usually automated, which means that companies are spending two full days or 16 hours a week on manual administrative tasks.
Only 38 percent of companies are automating the HR delivery of employee services, while 28 percent are using automation to resolve customer issues. As for IT services, nearly half of them (46 percent) are automated.
Eighty-four percent of executives believe automation could lead to job creation. However, 86 percent of executives said that employees are worried that automation will eliminate jobs.
"Contrary to popular belief, automation will create more meaningful jobs and a large majority of Singapore executives understand this. Companies will then need to develop and evolve their teams' skills to help them thrive in an automated world," added Fitzgerald.
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