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Digital technology, while evoking a spectrum of emotions like love, fear, and anxiety, also presents significant challenges and opportunities for business leaders. This was humorously highlighted by Jeopardy's Ken Jennings during his iconic match against IBM's Watson, where he quipped about welcoming "our new computer overlords." Today's reality involves grappling with issues like cybersecurity and privacy, yet there's a strong case for optimism. Embracing digital technology, particularly through the use of software robotics, is advantageous. These "digital workers" are adept at various tasks and, while they may disrupt certain jobs, their impact is not necessarily dystopian. They can enhance the job satisfaction and efficiency of human workers, aligning with the goal of becoming more data-driven and cognitive.
Historically, automation has revolutionized industries from textile production to robotic manufacturing. In the last decade or so, the integration of artificial intelligence (AI) with industrial machines has furthered this transformation. The autonomous vehicle (AV) market is a prime example, encompassing not just industrial applications but also public transportation, hinting at a future trillion-dollar industry. Automation is also reshaping modern office environments, as highlighted in Craig Le Clair's 2019 book "Invisible Robots in the Quiet of the Night."
McKinsey estimates that up to 375 million workers globally might need to switch occupations due to digital advancements. The Covid pandemic has accelerated this trend, encouraging a shift to more flexible home office setups. Automation offers opportunities for reinvention and enhancement in office operations, bringing innovation and enrichment to work life. Companies that had already adopted digital automation before the pandemic demonstrated greater resilience. These automated solutions perform various tasks like closing books, offering price quotes, and customer interaction, often allowing human workers to intervene and add value when needed.
The rise of robotic process automation (RPA), AI/ML, and analytics is leading to what some term "hyper-automation." We refer to it as "automation singularity," a concept reliant on a new kind of non-human workforce that operates continuously but depends on data. While economic uncertainties may slow some automation trends in 2023, Forrester predicts that data-driven automation will continue to grow. This includes task mining and process discovery, which can lead to redesigned customer journeys and identify automation opportunities.
However, automation also presents challenges. The initial cost, the need for specialized skills, cybersecurity and privacy risks, and potential disruptions to traditional employment structures are significant concerns. Despite these, automation is proving valuable across various sectors like finance, banking, telecom, and retail, benefiting consumers and enhancing the digital-human workforce.
For some employees, the fear and anxiety associated with technology, as seen with the reaction to ChatGPT, will persist. Nonetheless, technology continues to reshape careers. Automation should be viewed not as a threat but as an alignment with the goals of a cognitive enterprise, capable of self-learning, self-governing, and self-healing operations.
In conclusion, welcoming digital workers and integrating them into business operations can enhance corporate intelligence and lead human teams to greater efficiency, value, and job satisfaction.
