The professional service automation market continues to grow, and the areas within this market should not be ignored if you want to be a beneficiary of the rise in automation.
The automation software market was valued at $8.2 billion in 2018 and is projected to rise substantially over the next decade. These seven automation trends are a leading cause of this boom in the market and will play a major role in growing the industry over the years to come.
Small Businesses are Becoming Streamlined
Small and medium-sized businesses are evolving and beginning to realize that their old method of organization, accounting and reporting are costing them more time and money than before. These businesses are adopting automation techniques to streamline their operations and reduce the number of costly errors they were exposing themselves to.
In order for small businesses to continue to grow and thrive in their competitive markets, they will likely need to become semi-automated at the very least. This trend will continue as more and more small businesses are growing out of the manual spreadsheet approach and replacing it with automation software.
Automated Investing, the New Norm?
Automated investment services offer a low cost and easy to manage solution for novice investors to manage their finances and retirement. Online brokerages and “robo-advisor” websites such as Betterment or Acorns offer simple, automated investing strategies to diversify small amounts of money by having little to no minimum investment.
Even professional investors are using automated trading systems or algorithmic trading techniques to better outperform the market. Investopedia claims 75% of shares traded on the U.S. stock exchange were executed via automatic trading systems. The money management industry has already experienced major changes due to automation software, and there is no sign of technology slowing down.
Automation in Manufacturing Goes far Beyond the Assembly Line
The manufacturing industry has always been a playground for automated strategies. However, automation software is taking the efficiency of equipment beyond where it has ever been.
Automation software is now able to connect the entire manufacturing process from project creation to equipment maintenance. Enabling industrial equipment to sync with management software gives managers the ability to make decisions quicker and more efficiently to ultimately produce a better result for the business.
The innovation of the assembly line was revolutionary, but the addition of automated software to the manufacturing industry will separate simply successful operations from booming operations.
Merging Automation with Other Technology
Businesses that successfully integrate automated software are the companies that will be industry leaders in the next decade. As we discussed with manufacturing, utilizing software to connect an entire operation is invaluable. Combining AI, ERP, blockchain and other system solutions will streamline the way businesses perform routine and advanced tasks such as accounting, human resources, finances and operations.
The following tasks among with many others can now be simplified by merging automated technologies:
- File sharing
- Email Marketing
- Accounting and Bookkeeping
- Filter Sales Lead Data
- Integrating Equipment
- Decision Making
Simulations and Testing
Products are becoming safer through the use of product testing and simulations provided by test automation software. Manufacturing processes can be evaluated quickly and efficiently through the use of simulations, while programs and software can be tested quickly and efficiently by eliminating the manual processes involved with testing a product.
Here are just a few reasons why automated testing will continue to be prominent in the next decade and beyond:
- Saves Time
- Saves Money
- Reduces Testing Errors
- Improves Quality
Businesses can’t argue with the results of automated testing procedures and simulations to improve their products and services.
Geographic Factors of Automation
Automation is inevitable in 2019 and will continue to be difficult to avoid if you are in the working world over the next 100 years, but some countries are more prone to change than others. Countries that primarily rely on skilled labor are more likely to see slower changes in automation than in countries which have a large percentage of the workforce in blue collar jobs.
Granted, automation is becoming more involved in the business setting as discussed earlier, but countries such as the United States are seeing less automated changes than countries such as Slovakia, which has over 30% of occupations in jeopardy of automation.
Earlier, we looked at how automated technology supplements businesses and creates a more efficient environment for management to make decisions. However, when countries lack educated managers and employees who fail to adapt to the changing environment, we see automation completely take over industries in these countries.
Therefore, where you live in the years to come will affect how you are impacted by these trends in automation technology.
Whole Home Automation
Automation technology is appearing in more places than just the business world. It is now possible to control your home with the touch of a button. Doors can lock, lights can turn on and off, appliances can be controlled and your favorite music can be played with simple commands through the use of smart home automation.
Amazon Alexa and Google Home are the recognizable “home assistants,” but there are many other automation tools on the market today that weren’t there ten years ago. Smart thermostats and home security now give homeowners peace of mind when they leave for the day.
Automation software is all around us, and it is essential to see how automation changes our lives and will continue to do so in the years to come.