Intelligent automation will catapult Indian economy to US $5 trillion dollars in the next five years, up from $2.7 trillion dollars, according to a new study commissioned by Automation Anywhere.
Today, automation is driving efficiencies for enterprises, resulting in dramatic productivity gains in the back office and enhanced customer experiences in the front office. According to the study conducted by Ernst and Young India (EY,) the country will experience a significant boost to its economy to reach US $5 trillion by as early as 2024.
The research, presented on Wednesday at the IAMAI's India Digital Summit 2020, examined the economic impact of automation and found that large-scale adoption of automation technologies, such as RPA, artificial intelligence, natural language processing and machine learning will drive increased efficiencies and new jobs resulting in economic growth in the next few years.
"Our research shows that intelligent automation and RPA, in particular, will make businesses more efficient by automating business processes end-to-end, allowing organisations to become true digital enterprises,” said Kamalanand Nithianandan, Partner, Advisory Services, EY India. "As more organisations adopt intelligent automation at scale, this will eventually create more high-skilled jobs providing more economic opportunities for everyone."
According to the report, automation is driving intrinsic growth in every sector of the Indian economy and is influencing every activity of the workforce by creating higher skilled jobs, resulting in more opportunities for workers and higher economic output.
Banking, insurance and financial services have emerged as key industry adopters of intelligent automation as they experience the benefits of lowering costs of business transactions and providing a differentiated customer experience.
Telecom, retail-consumer packaged goods, oil and gas, logistics and transportation organisations have also increased efforts to automate core business functions, driven by mandates to cut costs and improve customer experiences. According to the research, public sector and government institutions are deploying automation to enable the digital transformation of citizen touchpoints, which will ultimately reduce paperwork and help citizens – a key goal in further enhancing economic growth across the country.
"As an Indian heritage company, Automation Anywhere is uniquely positioned to make an impact as our complete intelligent platform empowers businesses to bridge the gap between the front office and back office, making businesses more efficient and agile,” said Milan Sheth, Executive Vice President, IMEA, Automation Anywhere. “We are helping thousands of government and industry entities embark on their automation journeys to unlock business productivity, thereby enabling India to catapult its economic growth.”