With increased demands in both product output and compliance in almost every vertical of business, many companies have found themselves having to backwards-engineer internal procedures and ways of doing business, investing vast sums in staff & software, but still falling foul of legislative changes. As a result, many companies are subsequently punished with sizable fines and subsequent losses in reputation or stock value if they fail to adhere to these rules.
There is a parallel with the need for these specialised skills to remain compliant, with the understanding of the rapid changes in the legal frameworks around certain industries. Additionally, it’s important for businesses to fully understand the increased amounts of information to manage the day-to-day operation of any online company. According to the World Economic Forum “By 2022, no less than 54% of all employees will require significant upskilling” impacting businesses of all kinds.
Increased datasets and availability of new information often means having to retrain large scale workforces on a regular basis, to ensure they are as up to date in order to stay either compliant or able to make the best choices for the protection of their company and customers. Swift changes in rules can lead to gulfs in knowledge available to satisfy the needs of the business and those who police them, which may leads to a loss in productivity, time and revenue.
Many larger companies are investing enormously into their employees in order to avoid a potential ‘skills vacuum’, however many businesses don’t have the expendable income or time to match this, compounded by worries of recession and the impact of Covid-19. Upskilling increases employee retention, satisfaction and also impacts the bottom-line due to increased productivity. With this current climate, what can even the smallest companies do to ensure they are in a position to prosper?
In order to exploit the potential of automation, it’s important to understand what capabilities are on the market and how they can affectively improve your business output.
A study in 2019 by Capgemeni on this subject detailed 5 basic tenants to remain successful in this transition:
Software such as Scout™ has been created to augment the workflow, not replace it. For any output generated through automation, there will still need to be a decision-led process for checks and balances, especially in highly regulated fields such as banking, gaming or insurance.
This type of software is designed to remove the time-consuming manual aspects of data-sifting at any company, empowering them to make information-based decisions and actions swiftly, based on the variety of data available.