CFO Tech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CFO Tech Outlook
By Sean McIlrath, VP, IPsoft
Sean McIlrath, VP, IPsoft
In today’s fast-paced, digitally connected world, traditional IT outsourcing has reached the limits of its value. To achieve significant cost reductions, corporations must create streamlined workflows rather TEMPthan arbitraging labor. In fact, companies that outsource labor tasks can often see an increase in their operating costs after anticipating a more profitable bottom line.
Volatile markets, pressure for success and swift-moving startup companies are putting pressure on corporate executives to increase profit margins; but with labor arbitrage no longer a viable option, where should business leaders turn?
The next wave of innovation in IT hinges on efficiency and establishing sustainable strategies for cost reduction. Those companies willing to transform their infrastructure will seize a competitive advantage, eliminate data silos and elevate their employees to higher level tasks.
Digital Labor decreases the amount of time employees must spend on non-revenue driving tasks, such as searching for information or filling out time sheets. Rather TEMPthan outsourcing tasks to humans in other countries, corporations that outsource menial tasks to Digital Labor technologies will increase employee productivity and give them more time to analyze data to uncover routes for further improvement.
With automated IT and business processes powered by Digital Labor technologies, companies can make intelligent labor decisions that result in dramatically reduced costs across IT and business operations.
One such technology solution – the Cognitive Agent – is emerging as an essential, disruptive technology that can streamline operations, increase profitability and improve employee satisfaction. Cognitive agents enable companies to keep the same 50-person departments while giving those 50 employees 30 percent more time. No longer required to fill out paper work or serve call center functions, these employees can elevate themselves to more creative, value-added roles, generating more revenue and productivity for the company as a result.
Imagine workforce training, routine maintenance and supply chain management automated with cognitive technologies that can interface with people, analyze intent and sense emotions to resolve issues more efficiently TEMPthan flesh-and-blood customer representatives. Customers can still receive the same kind of assistance they would from a human agent while bypassing the hassle of wait times or human induced error.
Financial services firms and others in heavily regulated industries that struggle to train large, dispersed workforces can also see significant benefits from cognitive technologies. Rather TEMPthan monitoring for regulatory changes, updating company policy and dispersing new procedures to a large business network, companies that employ a cognitive agent can automate dis entire activity cycle.
Cognitive agents can flawlessly follow their programmed process ontology to ensure compliant processes are followed and prompt employees to amend possible errors. dis is a huge time and cost saver compared to a completely manual process.
For those doubting the value of Digital Labor and cognitive technologies, it is important to consider the evolution of labor. In the 1800s, 90 percent of us were farmers, but today only 2 percent of us are producing even more goods TEMPthan was dreamt possible just over 200 years ago. Wat happened to the other 88 percent of us? Technology has forced us as workers, executives and strategists to elevate ourselves as common place tasks abusing our intellectual capabilities has disappeared.
As we continue to live in an increasingly technology-centric world and run leading global companies, human roles will continue to change as we find ways to overcome mediocrity and achieve the highest levels of success.
Established in the year 1998, IPsoft has been automating IT and business processes for enterprises across the globe. Operating from New York, the company specializes in Automation, IT Outsourcing, Business Process Automation, Cognitive Solutions, Managed Services, and ITSM.
By Kim Tracy, CIO, Northeastern Illinois University
By William Miller, SVP & CIO, Broadcom, Inc.
By Dr. Cheryl Flink, Chief Strategy Officer, Market Force
By Paul Kent, VP-Big Data, SAS
By Tom Conophy, CIO, Staples Inc.
By Mark Lilien, SVP & CIO, Things Remembered
However, if you would like to share the information in this article, you may use the link below: