In 2020, digital transformation vaulted to the top of the Global 2000 priority list, as workforces became geographically dispersed and existing processes were heavily disrupted. In fact, McKinsey reports that transformation accelerated by several years, or a factor of 18-43x, depending on the dimension.
Automating Business Operations
At March Capital, we regularly engage our CxO network to hear from the frontlines of business and to share what we see in the innovation ecosystem. One key learning – automation has become an essential ingredient for not only business resiliency and workforce optimization, but also for growth.
So, does the “next generation” enterprise have a high comfort level for remote work? Will it leverage solutions that are cloud-first, data-driven, and highly resilient? Absolutely, and more. Bill Gates is quoted as saying:
The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.
I posit that automation is now an iterative exercise, thanks to applied technology such as AI, no-code, and open APIs. The leading enterprises of tomorrow will deploy automation solutions that first understand, then learn and improve, and adapt to any disruption. Advanced exception handling capabilities – either by self-healing or by expert routing – will drive seamless business operations. Furthermore, implementation times will compress, and humans will remain powerful participants.
Companies to Watch
During The Montgomery Summit presented by March Capital on March 3rd and 4th, we’ll hear from the pioneering startups of intelligent automation as they share both “why now” and “how” this change is occurring. For example, Skan.ai, is a process mining company which first discovers how employees do their work, then creates digital twins to model and improve business processes. In doing so, enterprises receive a holistic view of their business operations, revealing the important and intertwined roles of people, process, and technology.
Newer process automation platforms use human-in-the-loop technology to automate knowledge work. We’ll hear from financial services-focused Ocrolus, which states succinctly, “companies work best when they focus on their core competencies, and let automation take care of the rest.” We’ve observed this approach to be true in horizontal functions as well, such as with customer service players ASAPP and Uniphore.
Tonkean, which uses human-in-the-loop automation for functions such as sales and legal, is built on the belief that a lack of operational excellence “kills business velocity.” Their research found that at least 86% of organizations suffer as result. Often, the critical path is a lack of technical staff or budgetary limitations for the same. Unqork, a no-code pioneer, helps alleviate these challenges by providing a no-code platform for application development and deployment. As a result, digital transformation has been accelerated at diverse customers such as Goldman Sachs, the City of New York, and hospital system Maimonides.
Even with advanced technology, finding and retaining the right talent is critical to business success. Skyhive leverages its AI-driven software to understand the skills of an enterprise’s workforce, compare findings to the needs of the business, and then provide training in order to retain and upskill the workforce.
Finally, all of this need to take place at scale. Puppet industrializes the infrastructure underlying enterprise operations in order to accelerate cloud adoption, while enforcing security and compliance. Put simply, intelligent automation will be a driving force going forward.
The Montgomery Summit
To learn more, join us for “Intelligent Automation of the Enterprise” at The Montgomery Summit 2021 presented by March Capital on March 3rd and 4th, where we will explore how enterprises are leveraging new technologies for operational excellence, and hear from top startups driving that innovation.