In the last few years, the growth and need for automation were in a boom; the increased IT requirements and low available resources made it very demanding. Ever since the pandemic happened, every business has needed to implement automation techniques to improve their workflow with available forces. Here are some workflow automation statistics that is hitting 2024 and how it will affect the future.
Statistics and Trends for Business Adoption of Workflow Automation in 2024
What happens when a business refuses to take an advancement that all of its competitors take? They are going to lose their market share to the other players; this explains why automation is spreading like wildfire among all industries worldwide.
Need for Workflow Automation Statistics and Trends
Almost every business has adopted at least one automated process. It is one of the most discussed topics of this time, but did you ever think, why is it that important to adopt automation? What does it do to a business? Then here are some stats to clear your doubts. Also, you can Test Your Process’s Automation Potential here.
The worldwide industrial automation market was valued at USD 196.6 billion in 2021 and is expected to exceed USD 412.8 billion by 2030, growing at an anticipated CAGR of 8.59% from 2022 to 2030.
An Oxford report estimates that implementing automation in the manufacturing industry could increase $4.9 trillion every year by 2030. The market is estimated to increase at a 6.6% CAGR between 2023 and 2028.
When asked what business process automation is, 81% of the decision-makers polled in the State of Process Orchestration Report said they knew what it was. When given a definition, 90% said their business is doing it, with half (49%) stating they certainly are.
Gartner said investment in hyper-automation-enabling software solutions would exceed $720 billion.
According to an Accenture survey, using AI to automate or enhance operations would result in considerable profit increases across a wide range of businesses by 2035.
According to a McKinsey & Co. worldwide survey, 66% of organizations have experimented with business process automation in one or more business functions. This is a considerable increase of 9% over the previous year’s poll of 57%.
The challenge that Workflow Automation brings – Forecast and Statistics
As automation involves introducing IT into it, as usual, it brings up the need for knowledge in IT as a qualification benchmark which will affect the job of many, and many aspirants will get disqualified from this stage only. Here are some of the stats on the challenges of automation for 2024.
The above-mentioned workflow automation statistics are only depicting how important it is for a business to automate workflows in 2024. The benefits it serves are insurmountable in terms of resource-saving and efficiency. If you’re already automating your workflows, you can see possibilities and opportunities here, but if you aren’t, then you can foresee the industrial threat and how it’ll take off your competitive advantage over time. Today, wherever you are standing in your automation journey, it is high time to take that leap and invest your time in the company’s strategic growth.
Frequently Asked Questions (FAQs)
What is workflow automation?
Workflow automation refers to the use of technology to streamline and automate repetitive tasks, processes, and workflows within an organization. It involves the use of software or tools to automate manual steps, decision-making, and communication, resulting in increased efficiency and reduced manual effort.
How does workflow automation improve efficiency?
Workflow automation improves efficiency by eliminating manual and repetitive tasks, reducing human error, and streamlining processes. It enables the automatic routing of tasks, notifications, and approvals, saving time and allowing employees to focus on more valuable and strategic work.
What are the benefits of implementing workflow automation?
Implementing workflow automation offers several benefits, including increased productivity, reduced operational costs, improved accuracy, faster task completion, enhanced collaboration, better visibility into processes, and the ability to scale operations effectively.
What are some common use cases for workflow automation?
Common use cases for workflow automation include automating document approvals, employee onboarding and offboarding processes, purchase order processing, invoice management, customer support ticket routing, project management workflows, and marketing campaign coordination.
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