LOS ANGELES—Automation is not an option and the success of implementing new technologies will define the longevity of any business or operation including nonprofits and public sector entities. That’s what Ali Payani is urging clients and industry leaders he meets with as companies continue to grapple with a seemingly unending pandemic, record-high inflation and continuing global evolution amid the Great Reset.
“Automation can be a buzzword that people write off to their own demise, this is not simply about updating some technologies, but fundamentally transforming the way we do business and serve customers, clients and the markets,” said Payani. Payani co-founded LookinLA, a leading growth agency that specializes in digital transformation, strategic consulting and communications. “The degree to which you successfully make use of automation will be the degree of success you see with your strategies and goals.”
CFOs are taking note. According to a recent survey by Vic.ai, which is an AI platform for autonomous accounting, 81% of CFOs see “the potential of automation to optimize processes and resources and capture data insights across the finance function.” The survey showed that 58% of CFOs will boost investments in automation over the coming year.
But automation isn’t just one way to increase data insights and better understand finances, automation can improve the worker experience. This is especially critical as employees have become more empowered in the so-called Great Resignation.
A Stanford study revealed productivity sharply declines when workers are forced to put in more than 50 hours per week. And, another study showed in 2016 nearly a million workers died from a stroke or heart disease from being overworked.
“We can see that not only does automation cut down on menial tasks and free up time for workers to be innovative and creative, it cuts down on burnout and needless hours at the office or communicating over Zoom,” added Payani. “Employers, especially with millennials and younger workers, need to be competitive when it comes to honing a positive employee experience and company culture.”
LookinLA has helped its clients manage automation and digital transformation and the results helped companies expand even amid the pandemic. The company’s team of specialists advise clients to be tech-forward and digital-first because there is no choice but to embrace the constantly evolving global marketplace.
“Automation can range from marketing automation, or staffing automation, the possibilities are quite endless,” said Payani. “The more tech-forward you are, the more expansive your efforts will be and the greater the rewards for workers, consumers and communities alike.”
The latest McKinsey Global Survey shows that while the majority of companies recognize the value of automation, few have manifested automation’s potential. The majority of respondents reported that they could automate at least 25 percent of their organizations’ tasks over the next five years, but that less than 20 percent have scaled automation technologies across multiple parts of their business.