We can think of these traditional IT initiatives as “big” automation, with a nod to their big budgets, big timelines, and big functional agendas. Enterprise resource planning (ERP) platforms, customer relationship management software, and product life-cycle management software, among other systems, have helped companies streamline functions and track data. However, many of these automated systems still require significant manual processing. Finance professionals spend half their time focused on the mundane, repetitive task of gathering data from various systems dependent on structured databases. As a result, although enterprise IT remains essential to companies’ business operations, many of these systems have reached the point of diminishing returns.
Fortunately, the speed, scale, and cost of automation are evolving beyond this point Intelligent Technologies such as robotic process automation, machine learning, and natural language processing systems offer companies new opportunities to improve process performance and realize significant cost savings. These technologies can be implemented in short sprints, focused on a specific problem, with manageable costs. Although big automation involves creating core enterprise systems that drive commonality, standardization, and centralized control, “small” automation is the fast implementation of flexible and adaptable technologies that fill the gaps left by your current enterprise systems — enabling new levels of productivity.
The potential impact is striking: Small automation can improve the productivity of individual processes by 80 to 100 percent and overall functions by 20 percent or more. Automation could reduce by up to 46 percent the time and cost of key processes such as billing, management reporting, general accounting, and budgeting. Finance professionals then would be able to focus on higher-value activities, such as analysis that could lead to breakthrough insight. The same level of improvement is possible in other functions, such as customer service, supply chain management, and sales. This ability to economically solve problems at the team or even task level marks a significant change in business technology.
The Israeli startup marketplace is quite large, considering the geographic size of the country. With over 7,000 active startups in the ecosystem, Israel is a hotbed of technological innovation. Per capita, Israel received more in venture capital investment than any other country in the world. In 2018 alone, startups here raised over $6.4 billion in funding. The cutting-edge technologies developed here have applications far beyond the local marketplace, especially as business leaders consider the shifting landscape facing their organizations.
Relevant companies, interested to learn more on Israel innovative technology /solutions are invited to contact the Trade and Economic Department at the Israeli Consulate General in Bengaluru.
For further queries:
contact: Kavitha Saravanan, Trade Officer, Trade and Economic Mission
Tel: +91-80-49406515. firstname.lastname@example.org