Other parts of this series:
- Financial services firms have yet to tap the full potential of intelligent robotic process automation
- Managers set to benefit as robotic process automation systems learn how to give smart advice
- Managers hail intelligent machines but have doubts about their own skills
- Managers’ mistrust of intelligent machines could stall the rise of workforce automation
- Business leaders must inspire and equip their managers so they can work effectively alongside intelligent machines
Many financial services firms have looked to robotic process automation to boost the productivity and efficiency of their clerical and administrative staff. Several have achieved outstanding success. But the biggest impact of RPA is likely to be on another group of employees – management.
Increasingly sophisticated RPA systems, incorporating advances in cognitive computing and big data, can automate a wide range of highly complex tasks. They’re no longer limited to repetitive back-office activities. Co-ordinating processes, monitoring performance and scheduling resources and activities are just some the management functions that can now be automated. By delegating these routine, but time-consuming, activities to RPA systems, managers will have much more time to focus on strategic activities. This is good news for them as well as their employers. These managers are likely to be more productive and effective. They will probably find their work more interesting and stimulating. Job satisfaction is likely to rise and management churn to drop.
But that’s not all. There’s another benefit. A big one.
Advanced RPA systems can provide managers with vital support and guidance. This is where automation is going to have its biggest impact. These intelligent systems, or “intelligent machines”, are able to perform complex thinking and high-order reasoning. This enables them to quickly give managers advice that is well researched and thoroughly evaluated. Such assistance complements the manager’s expertise, experience and ethics. It takes into account opportunities to experiment and innovate as well as the importance of intuition.
The power of this intelligent assistance is enormous. As decision-making at all levels of management improves, the organization is likely to become more agile and innovative. It will respond quicker to opportunities and threats. Managers will become more accomplished and confident.
Our discussions with industry leaders, including financial services executives, reveals that the potential of intelligent machines is fast being recognized. They’re particularly excited by the ability of these systems to unleash the creativity within their organizations, secure new growth opportunities and further empower their workforces.
Such enthusiasm is likely to result in a strong uptick in the sale and installation of intelligent machines. Much of the success of these solutions will depend on how they’re received by the managers they’re intended to help. In my next blog post I’ll discuss our research into managers’ attitudes towards intelligent machines. There are some interesting findings. Until then have a look at these links. I think you’ll find them worthwhile.