With just a month more to bid goodbye to 2022, what strikes you hard when you look back at 2022? Is it inflation, recession, layoffs, or all three? According to Global Data’s News Database, around 60 companies in the technology sector announced layoffs in August 2022. Furthermore, the rising inflation, interest rates, geopolitical tensions, and fears of a possible recession negatively impact the business sentiment across all sectors, leading to cutting costs by laying off employees. It also states that the number of ‘active jobs,’ defined as the open positions on a company’s recruitment page, has been declining since June 2022. Will digital workers be the key to skillfully handling the current situation? Let’s find out.
In August 2022, Apple, Microsoft, Xiaomi, Nutanix, Wix.com, and Snap announced layoffs. Notably, Microsoft, one of the technology giants, laid off 1% of its workforce due to the economic slowdown and planned to lay off another 200 employees from its consumer research and development (R&D) team as part of its realignment structure. The company’s job postings fell by 47% in August 2022 compared to January 2022. According to the IMF, global growth will slow from 6.0% in 2021 to 3.2% in 2022 and 2.7% in 2023. Except for the global financial crisis, this is the slowest growth recorded since 2001.
How are you planning to withstand this rough patch? Technological improvements open doors to innovation and provide the ability to tackle any situation. This is where digital workers come into the picture. Digital employees are not here to replace employees but to augment and decrease their workload.
Employees + Digital Workers
Here we talk about a unified power of employees + digital workers (DigitalClerx). Digital workers can either automate or augment your activities. It totally depends on the level of support you require. Be it anything from context understanding to data extraction. Digital workforce can perform them for you in less time, less resources, and most importantly less cost.
- Automation is for repetitive and time-consuming tasks, freeing up employees’ time for more critical tasks. For example, Automation of data extraction to fill out claim forms.
- Augmentation is helpful for more complex tasks that can benefit from the insights of digital workers. A digital worker, for example, can speed up processes by providing insights from the historical data for decisions or be your Accounts Payable (AP) specialist.
Digital workers are unique that they can be designed to meet the needs of a specific business. The roles that digital employees play vary greatly depending on the needs of a company. Though firms assume that Digital workforce frequently play back-of-the-house roles, they have various capabilities that allow businesses to expand and flourish despite the circumstances. Digital workforce can perform specific job roles, not just tasks. A digital worker can model and emulate human job roles and can perform end-to-end activities seamlessly using the advanced capabilities of Automation and Artificial Intelligence (AI). They are not pre-programmed models. They can understand, decide, and act on specific requests.
Business Benefits of Digital workers
You can embed a digital worker as your teammate or your task assistant within your automated workflow. Since it is a plug-and-play solution, you can easily collaborate. The advantage of using no-code platforms is that employees can use the system, even if they have no coding or workflow experience. Then, if a business requires further Automation of bespoke tasks via their digital worker, it is possible. As they can learn from the data, interruptions won’t be necessary for slight inclusions. Here are the possible business benefits you can experience when you incorporate digital employees in your system.
High performance
Are you short of employees?
Do you have strict deadlines coming up for a project?
Digital workers are your rescue. With fewer employees, you can sustain your business performance. As virtual employees complete most of the repetitive tasks, employees can now spend their valuable time concentrating on other important tasks.
Cloud-based
No matter what type of work culture you follow, Digital workers can increase the collaborative nature of the enterprise. Intelligent Automation technology’s cloud-based platform is a crucial feature. Anyone, anywhere, can access any information, making it simple to work remotely in our new age of work.
High Accuracy
Adopting digital employees into your ecosystem enables you to witness highly accurate tasks. They help you avoid disaster that arises due to poor accuracy. Firms are aware of the importance accuracy holds to making major business decisions.
Reduced process cycle time.
Digital workers can complete repetitive tasks in less time than human employees. This is because AI technology allows virtual employees to learn more on the go. This significantly reduces the process cycle time. For example, in invoice processing, when virtual employees process the invoices, they only take 50% of the time that human employees take. Which means they are two times productive as humans. Intelligent workflow automation makes digital workers significantly faster than traditional automation technologies such as Robotic Process Automation (RPA).
Real-time Integration
With Intelligent Automation, you can integrate tools and applications in real-time. You can also integrate Digital workers with real-time applications.
Increased Flexibility and Growth
Digital employees enable businesses to operate around the clock without requiring employees to work long shifts. Traditionally, business growth could slow during the holidays when many employees are on vacation. Digital employees, however, allow the workplace to function even when employees are not present.
Reduced Operational Costs
Digital workforce can help you reduce costs by 80%. As a business’s structure changes, digital workforce can significantly reduce costs. Fewer processes result in fewer to no errors and shorter cycle times, saving money. Furthermore, when businesses automate using their existing workforce, they require significantly less external support, which is another way to cut costs, with employees delivering digital process automation.
As you grow in digital transformation, it is essential to understand that digital workers are not here to replace human employees but to assist and augment them. This will help enterprises deliver better results and mitigate risks while increasing compliance, growth, and business performance. With the combined efforts of human and digital employees, the future of enterprises looks promising despite the external circumstances.
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