The McKinsey Global Institute has spoken: ranked number two on their gallery of disruptive technologies, automation of knowledge work is predicted to drastically change business operations in the next decade.
In their recent report “Disruptive technologies: Advances that will transform life, business, and the global economy,” McKinsey makes note of 12 technologies that we’ve all become familiar with to some degree, but perhaps haven’t become fully acquainted with their potential. Ranking higher than the internet of things, cloud, renewable energy, and autonomous vehicles is automation of knowledge work—a practice that is slated to impact the economy to the tune of $5.2 - $6.7 trillion dollars by the year 2025.
In the report, McKinsey estimates that automation software could perform tasks that would be equal to the output of up to 140 million FTEs.
This prediction is already taking root, particularly as the use of robotic process automation technology has already become an integral to what business process outsourcing organizations are offering their customers—and is creeping into the common vernacular of shared services groups as well.
For the past decade, automation technology has evolved from a simple macro tool that can autofill forms or populate data from spreadsheet to database, to a technology that automates entire complex processes on an enterprise level in areas such as HR Services, integrations and other IT Services work, Finance and Accounting, QA and Testing, Supply Chain, and a host of others.
In the next decade, McKinsey sees further evolution into areas such as dynamic instruction systems in education tailored to a specific student’s pace and style, treatment plans in healthcare that have the highest probability for success for each patient, accelerated software development, and more.
You can access the full McKinsey report here.