April 18, 2023 By: Debabrata Debnath
The adoption of Automation by numerous businesses to boost results, save costs, and enhance efficiency has become an important topic in recent years. The trend towards automation is set to continue in 2023 and beyond, with more industries jumping on board. In this blog, we will explore the impact of automation on several industries, including Retail, Insurance, and Healthcare.
Automation in Retail: Keeping up with Omnichannel Demands
The emergence of e-commerce and the move towards omnichannel retail have significantly changed the retail sector in recent years. Many retailers have resorted to automation to keep up with these shifting consumer needs. In 2021, the value of the global retail automation market was estimated to be 12.2 billion dollars. According to Next Move Strategy Consultancy, the market would reach 33 billion US dollars by 2030.
Automation can assist businesses in streamlining their supply chains, saving money on labour, and enhancing consumer satisfaction. Automation has reportedly helped retailers boost sales, eliminate out-of-stock situations, and enhance inventory management. By analyzing consumer data to make pertinent product recommendations, retailers are also utilizing automation to tailor the customer experience.
Automation in Insurance: Increasing Efficiency and Cutting Costs
The insurance industry is no stranger to automation, with many insurers leveraging technology to improve efficiency and reduce costs. According to a report by Nasscom, there are four key automation trends expected to impact the insurance industry in 2023: Intelligent Process Automation, Robotic Process Automation, Chatbots, and Voice assistants.
Insurance companies can automate monotonous operations like claims processing and underwriting with the aid of intelligent process automation and robotic process automation. Voice assistants and chatbots can enhance client experiences by offering prompt and effective service.
Automation in Healthcare: Enhancing Medical Diagnosis and Supply Chains
Another sector that will profit from automation in 2023 and beyond is the healthcare sector. Precedence Research estimates that the global market for healthcare automation was worth USD 37.8 billion in 2021 and would likely reach USD 91.6 billion by 2030 with a CAGR of 10.33% from 2022 to 2030. Automation can help healthcare providers improve medical diagnosis, optimize supply chains, and reduce costs.
According to a report by Startechup, automation is already being used in healthcare to improve patient outcomes and reduce human error, one of the main causes of death and injury in the healthcare industry. For instance, Computerised Provider Order Entry (CPOE) decreases pharmaceutical prescription and administration errors.
Automation enables healthcare professionals to operate more productively and effectively. For example, artificial intelligence (AI) can help medical professionals diagnose illnesses more accurately by analyzing patient data and medical history. This technology can also help hospitals optimize their supply chains by predicting demand for medical supplies and reducing waste. Automation can also help healthcare providers streamline administrative tasks, such as scheduling appointments and managing patient records, freeing up more time for medical professionals to focus on patient care.
Automation is set to transform many industries in 2023 and beyond, improving efficiency, reducing costs, and enhancing customer experiences. The retail industry is leveraging automation to keep up with omnichannel demands, while the insurance industry is using technology to improve efficiency and reduce costs. The healthcare industry is benefiting from automation in areas such as medical diagnosis and supply chain optimization.
JK Tech is a leading provider of Intelligent Automation services that enable businesses to streamline their operations and drive growth. With a focus on industry-specific solutions and advanced technologies like Machine Learning and AI, JK Tech is dedicated to helping organizations optimize their workflows, improve productivity, and achieve their digital transformation goals. Through our Intelligent Automation Centre of Excellence, we offer a range of resources and expertise to support organizations in enhancing their automation capabilities and realizing the full potential of Intelligent Automation. With a commitment to innovation and customer success, JK Tech is well-positioned to continue making a significant impact in the digital future.