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Intelligent automation will catapult the Indian economy from $2.7 trillion to $5 trillion in the next five years, says a new study commissioned by Automation Anywhere, a global provider of robotic process automation (RPA).
According to IMF estimates, India’s GDP is expected to reach $4.6 trillion by FY25 at the current projected growth rates, with macro-economic variables being stable. However, Automation Anywhere’s study reveals that addition of 16 per cent of incremental automation across industry sectors, including BFSI, telecom, retail-cpg, oil and gas, logistics and transportation, can potentially contribute $365 billion more to the economy, to reach $5 trillion by 2024 -25.
Efficiency in operations
The study, which was presented at 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 (AI), natural language processing (NLP) and machine learning (ML) — will drive efficiencies and create new jobs in the market, such as developers and architects for intelligent automation, resulting in economic growth in the next few years. Automation is already driving efficiencies for enterprises, resulting in dramatic productivity gains in the back office and enhanced customer experiences in the front.
“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,” Nithianandan added.
Improved experience
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.
According to the study, the public sector and government institutions are deploying automation to enable the digital transformation of citizen touch-points, which will ultimately reduce paperwork and improve the life of a citizen — a key goal in fenhancing economic growth.
“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.
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