Why AI and automation will liberate employees, not replace them
AI has profound implications for various aspects of our lives, many of which are yet to be properly understood. We still have a lot to learn about AI’s potential, and leaders should remain aware of its benefits and limitations to regulate it effectively and understand its best use cases.
On the surface of AI many archetypal fears and anxieties can bubble over, executives and employees alike must focus on the facts to understand the best implementation of AI, and where use cases currently exist.
In this blog, we will dig into the facts to understand why AI will liberate employees, rather than replace them – keep reading to learn more.
Will AI replace employees?
According to IMF, almost 40% of jobs globally are now susceptible to automation or augmentation by AI.
On their own, facts like this can sound frightening to people working in areas involving large amounts of manual work, but there is more to this story.
Korn Ferry reports that “by 2030, there will be a global human talent shortage of more than 85 million people” highlighting that “the biggest issue isn’t that robots are taking all the jobs—it’s that there aren’t enough humans to take them.”
Executive interest in talent shortage solutions and AI automation is no coincidence. An AI cannot replace the logic of a human employee, but organizations can wield automation capabilities to bridge talent gaps and improve productivity among current talent.
A recent McKinsey report suggests, that despite automating 60% of activities, less than 5% of jobs will be replaced - that’s a significant difference
How can AI work with employees?
This constant focus on the threat of automation and AI has distracted people from seeing the real benefits: improved productivity, an ability to maintain competition, and the ability to use time saved on strategic tasks.
Those in the C-suite are constantly being pushed for proactive data insight, forecasts, and to encourage key functions to be more strategic, particularly in finance. This requires a succinct data model and a solution to repetitive data entry.
Consider how much time is spent manually consolidating data into charts, spreadsheets, reports, and more, as well as the workload involved with ensuring this data is kept up to date.
Manual data keying and entry is something of the past – AI automation can complete these generic and low-value, but necessary, tasks with speed, efficiency, and accuracy.
Anyone with experience in these manual tasks will attest to how draining they are on productivity, being prone to human error as a result. AI automation doesn’t get tired, ensuring these key processes are completed most efficiently and accurately.
This allows professionals to use their human logic where it counts, on tasks that forecast data, anticipate potential obstacles, and develop proactive strategies.
This said, AI can still help develop strategy – data visualization, machine learning, and data projection are useful AI capabilities to help make data-led decisions – but this still requires human logic to implement and monitor strategy.
It’s clear that the alignment of technology with corporate goals is key here, but executives who implement AI must remain up to date on AI regulation and governance, much of which is still being developed.
Click to read ERP product brochure Gated
The capabilities of AI within Cloud-based ERP
It’s important to note that the implementation of AI in ERP and back-office operations requires digital and Cloud-based systems. AI is yet another reason why Cloud migration must be a priority for the modern organization, to reap the benefits of modern digital capabilities.
Moreover, those still using legacy financial systems like Excel will be left in the wake of innovation and productivity that AI will bring to digitally mature organizations; those organizations that use AI will naturally become more competitive thanks to its innovation and productivity gains.
Here are some of the capabilities of AI for a Cloud-based ERP system:
- Advanced Reporting Capabilities – When data is integrated in the Cloud, and a flow of data is created between functions, AI can easily create advanced and detailed reports across multiple datasets in mere clicks, a process that could take hours in legacy systems.
- Near Real-time updates – Data consolidation is its own task, but reports and other data views need to be constantly updated with the most recent data to draw meaningful decisions. AI can provide real-time updates as it creates reports and ensures existing data views are consistently updated with the latest data.
- AI is an enabler of strategy – As we mentioned, automation frees up time for employees to use their abilities to forecast data and develop data-led strategies. AI can also enable strategic thinking through forward-thinking forecasts, data visualization, and utilize machine learning to present strategic cases for professionals to qualify.
- Extensibility – AI in combination with Cloud capabilities can enable a continuous stream of innovation. Through low and no-code tools, as well as smart assistants, employees without coding ability or training can become citizen developers and extend or enhance their ERP system with bespoke solutions created using natural language commands.
- Improved User Experience – Certain teams will welcome AI capabilities for the user experience it brings, allowing them to shed manual tasks and re-focus on strategy. In many cases this will alleviate the need to visit the ERP interface entirely as many tasks can be highlighted and addressed through a smart assistant.
How to liberate your employees with AI
With organizations generating more data than ever, an increasing need for succinct data practices to handle increased reporting compliance and growing talent shortages organizations need capabilities that boost productivity - it’s clear why AI automation is such a hot topic.
IMF points out that advanced economies are better prepared for AI adoption but must still prioritize innovation, integration, and regulation to cultivate its safe and responsible use.
Organizations should not rely solely on the claims of AI providers but rather evaluate their options critically. CIOs and those implementing AI need to reason with their employees, ensure they are trained and comfortable with automation capabilities, but also ensure they have a clear use case for AI.
At Unit4 we have years of experience onboarding ERP, aiding digital transformation across many industries. As a result, we can embrace the potential innovation that AI brings, but also ensure these smart solutions focus on what matters – your people.
To learn more, visit our product pages or talk to sales today to learn how our solutions utilize AI and automation. Alternately, visit our dedicated AI page, learn more about our approach to AI, and how we innovate at Unit4, in this detailed AI Whitepaper.
