Most organizations have little readiness to transform their businesses with IA, according to a recent study by KPMG.
As intelligent automation (IA) is deployed across an increasingly wide range of organizations and geographies, leaders are seeing its enormous potential as a vehicle for business transformation. In response, many are taking steps to rethink channels and develop business strategies that incorporate bots, machine learning, and other IA technologies.
Yet most organizations have little readiness to transform their businesses with IA, according to a recent study by KPMG. Experience with clients across industries validates this research: even when corporate leaders recognize the scope of IA’s potential benefits, they often struggle to identify which technologies to use and where, how to get started, or how to realize a return on the investment. Efforts fail when they are led by the capabilities of the technology, rather than the needs of the business.
In many ways, the extraordinary speed at which IA is developing hinders organizations in their efforts to deploy it efficiently and effectively. Legacy, paper-based systems that have yet to be digitized are another barrier: integrating machine learning, for example, into systems that have no digital framework is all but impossible. Some companies are creating labor capacity with automation, but soon discover that the usefulness of that capacity is lost without a larger strategy designed to transform human roles, organizational processes, and governance methods, in cooperation with IA.
Like others in the C-suite and on the board, CFOs have a strategic role in their organizations’ efforts to transform and realize value with IA investments. That means understanding IA’s potential business impact, how it is disrupting the organization’s industry and markets, and the need for planning short- and long-term IA investments to sustain a competitive advantage. CFOs also need to understand how IA can be deployed within the finance function, both to improve overall its effectiveness and to enhance the insights finance is able to provide its business partners.
Across the organization, knowing IA’s place in business strategy has become a fundamental responsibility for every leader. For CFOs, who will ultimately be asked to fund the innovation behind its deployment, an understanding of IA is particularly important.
Find out how KPMG helps organizations drive value and avoid setbacks during intelligent automation deployment here.