The impact of rising inflation on UK businesses is evident, with 73 per cent of business leaders stating that they have seen significant cost increases in the last year.
However, according to the research from SS&C Blue Prism, 78 per cent of leaders plan to harness automation to address the issues they are facing.
Why do you need automation?
Deciding to automate areas of business, such as using Artificial Intelligence (AI) is a large, and expensive, decision to make.
So, before you invest in automation it is vital to recognise the issues that your business has, along with whether automation is the right solution for you.
This also depends on which sector your business operates in.
If you run a manufacturing business and are experiencing staff shortages, automating some of your operations is likely to address the issue of productivity.
Whereas, if you are facing increased raw material costs, you may need to evaluate which other options are available.
Is this feasible?
As with any business investment, you must consult your business plan before taking action.
It is likely that your business will need to incur substantial costs to incorporate this technology before you see these decrease in the future.
So, you must look at your current cash flow position and decipher if your current financial position would allow you to take on this investment.
Alternatively, you may need to source finance to afford this move, so you must evaluate how much finance you need, as well as whether the benefits of this debt outweigh the costs.
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