It’s no secret that organisations are diving headfirst into investing in automation, seeing its potential to make things more efficient through cutting down manual work to focus on more impactful work.
Superannuation funds are seizing this momentum, with 73.2% investing in data transformation, 69.6% in automation, and 21.4% in AI/Machine Learning (1).
But here’s the truth: Automation doesn’t always deliver the efficiency we anticipate.
To truly benefit from it, we need to take a step back and view it holistically. It’s not about quick wins; it’s about making things within an organisation work together smoothly – from customers through to suppliers, considering costs at every step, focusing on delivering customer needs, and being able to adapt to change effectively.
As Bill Gates aptly put it, “Automation applied to inefficient operations magnifies inefficiency”.
So, why doesn’t automation always lead to efficiency?
- Data transformation – Automation relies on things on reliable data. But when we automate critical processes, we can compromise the accuracy, availability, and reliability of our data.
- Suppliers – You need your suppliers and partners to be successful. It’s not just about cutting costs; it’s about working cohesively with suppliers to make the process efficient at every stage. Your supplier’s process is still your process.
- Customer experience – Customers drive success. Automating the customer journey isn’t just about saving money, it’s about making their experience better to create loyalty and lasting relationships.
- Employee experience – Employees shape the future. It’s not about saving time with automation, it’s about empowering employees to innovate in an environment that welcomes new ideas and creating centaur teams (2).
- Technology costs – Automation may seem straightforward, but carries additional, and hidden costs that we need to consider when automating.
In short, automation isn’t a magic fix for efficiency. It’s a powerful tool that needs careful consideration and planning to produce productivity over disorder.
Remember – automation today is the standard of tomorrow.
- How the super industry is being transformed – Association of Superannuation Funds of Australia
- See Leadership in a modern member services organisation – 21 Lessons for the 21st Century By Yuval Noah Harari
Written by Shane De Silva
For more information please feel free to contact Shane at sdesilva@iqgroup.com.au
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