Automation is changing how the planet works. We live in an augmented reality through our phones. Elon Musk’s company Neuralink takes this to the extreme, aiming for a reality that reflects how we currently live without the inconvenience of using hands or keyboards.
This is worldwide, industry-wide and skill-wide.
Automation has disrupted the low-skilled labour market in outsourcing services, increasing demand for high-skilled workers. This enables companies to hit higher targets with less human interference.
Whatever automation does, it raises the mark from which every human being and entity operates. Just like smartphones are in every corner of the planet, bringing people from no internet capacity to 2020 in the blink of an eye – the push of a power bottom – so automation can bring change to companies and industries whose greatest virtue was for so long throwing bodies at a problem cheaply. What will that mean?
No matter the industry, demand to overcome repetitive work and ineffective processes keeps growing. Automation and cybersecurity has become more profitable, given the markdown from software and machinery in some industries. Gartner reports worldwide spending on cybersecurity is forecast to reach $133.7 billion in 2022. In March, The Globe Newswire reported that the global robotic process automation (RPA) market would grow by over $7 billion by 2025, assuming a CAGR of 32.6 percent.
These numbers demonstrate a transformation in high-tech outsourcing services while the rest of the world capitalizes on emerging technology. Experts now even say automation and cybersecurity can drive up cost efficiency during recessions. No wonder the urge to replace low-skilled workers with software, machines and robots.
In a time of the trade wars and emerging markets, many companies now rely on outsourcing partners to hire high-skilled labour from high-tech locations overseas. These new hires can provide top service, at scale and at a lower price point.
High-level skills, in accountancy, STEM fields and anything universal, is replicable worldwide, in any education system. Now those costs will bear out.
The race for cost efficiency
Cost efficiency automation offers great prospects for venture capitalists. Romanian startup UiPath, which focuses on robotic automation process, secured $568 million in its Series D investment, with a valuation of $7 billion in 2018. Domiciled in New York, the startup increased revenue from $8 million to over $200 million since April 2017.
It’s clear that adapting to the current global ecosystem is crucial for all. During Covid-19, automation has shown no signs of slowing down. Some outsourcing partners are even advertising the agility and resilience of automation to continue reaching industries on different levels through the crisis.
Customer engagement solution 7.ai moved away from traditional outsourcing to AI-powered virtual agents and has been able to manage calls between its roughly 10,000 workers across the globe. Since the pandemic began, the company’s demand for automated products has increased 50 percent, far higher than the demand for human services.
A new world is upon us, where the most successful humans will have to be, undeniably, and completely, human.