Intelligence automation will catapult the Indian economy from $ 2.7 trillion to $ 5 trillion over 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 billion for fiscal year 25 at the projected current growth rates, with stable macroeconomic variables. However, the Automation Anywhere study reveals that the addition of 16 percent of incremental automation in all industry sectors, including BFSI, telecommunications, retail-CPG, oil and gas, logistics and transportation, can potentially contribute $ 365 one billion more to the economy, to reach $ 5 billion by 2024-25.
Efficiency in operations.
The study, which was presented at the IAMAI India Digital Summit 2020, examined the economic impact of automation and discovered that large-scale adoption of automation technologies, such as RPA, artificial intelligence (AI), natural language processing (NLP) and machine learning (ML): it will boost efficiency and create new jobs in the market, as developers and architects for smart automation, which will result in economic growth in the coming years. Automation is already driving efficiency for businesses, resulting in dramatic productivity gains in the back office and better customer experiences in the front.
“Our research shows that smart automation and RPA, in particular, will make companies more efficient by automating end-to-end business processes, allowing organizations to become true digital companies,” said Kamalanand Nithianandan, Partner, Advisory Services, EY India.
“As more organizations adopt intelligent automation at scale, this will eventually create more highly qualified jobs that will provide more economic opportunities for all,” Nithianandan added.
Banking, insurance and financial services have emerged as key adopters of the intelligent automation industry, as they experience the benefits of reducing the costs of commercial transactions and providing a differentiated customer experience. Telecommunications, retail consumer goods, oil and gas, logistics and transportation organizations have also increased their efforts to automate core business functions.
According to the study, the public sector and government institutions are implementing automation to allow the digital transformation of citizens’ contact points, which will ultimately reduce paperwork and improve the life of a citizen, a key objective to foster growth economically.
“As an Indian heritage company, Automation Anywhere is in a unique position to generate an impact, as our complete smart platform allows companies to close the gap between the main office and the administrative office, making companies more efficient and agile, “said Milan Sheth, Executive Vice President President, IMEA, Automation anywhere.