Depending on your business sector, the department you work in or your job function, innovation means different things to different people. Procurement professionals may view innovation as a long-term strategy, given the tremendous potential for delivering efficiencies and cost savings over time, while other business functions may see it differently. Their interest might be focused on enhancing performance and processes, delivering slicker workflows or increased speed to market.
In a maturing market, buyers are becoming increasingly aware that the umbrella term “intelligent automation” comprises a broad spectrum of functionality, ranging from teachable bots that execute repeatable and scripted tasks, to more advanced cognitive tools that apply pattern recognition and language processing capabilities to analyse data, make decisions and learn from experience.
Rick Sturge is EVP Business Development at Firstsource Solutions, with over two decades' experience in outsourcing and business transformation. We turned to Rick for the latest in our Life Lessons series - and received lessons aplenty...
What has been the single most significant development to impact your profession or area of business during your career, and why?
Statistics are a lot of fun, and contentious too. Yet they permit us to remain fairly grounded. Let’s start with the obvious. From self-driving vehicles and semi-autonomous robots to intelligent algorithms and predictive analytical tools, machines are increasingly capable of performing a wide range of jobs that have long been human domains. A 2013 study by researchers at Oxford University posited that as many as 47% of all jobs in the United States are at risk of “computerisation”.
Robotic process automation (RPA) is all the rage these days, and with good reason. Software bots that replicate the way humans perform repetitive, rule-based tasks are driving significant cost savings and productivity increases. For as little as $10,000 a year, an enterprise can implement and maintain a bot that performs the routine work of five to ten people. Moreover, RPA can deliver a wide range of business benefits such as improved data collection and accuracy, auditability and compliance.
Wow! Isn’t it amazing how quickly things change? In the early 2000s, the very pinnacle of outsourcing was Walmart. Walmart didn’t outsource its own operations. Instead, it made history by working with offshore suppliers, introducing American consumers to low-cost Chinese goods. Consumers fell in love with the low prices, and Walmart grew to 14,000 stores, becoming the biggest corporation in America.
Paul J. Zak is answering age-old questions about the evolutionary and scientific - actually neuroscientific - basis for identifying and establishing trust. For example, why do people trust each other in the first place? Is there a natural inclination to trust? Does location and/or ethnicity matter when it comes to trust? What does this mean for businesses and their employee relations?
Recent stories by, amongst others, the BBC detailing large, well-organised and presumably very profitable scamming organisations targeting UK TalkTalk customers have hardly helped the already-lowly reputation of offshore contact centres - but may unfortunately be only the tip of a perilous iceberg.
Congratulations! It’s been three years since you decided to outsource accounts payable. Or, accounts receivable, or customer care, or payroll, or HR, or procurement, or any one of a dozen business process functions typically outsourced, in part or in full. You’ve finally stabilised operations, established consistent market standard processes, addressed the fears from the field, started realising those projected savings, and convinced IT that it is possible to improve response time without creating a horrific security breach.