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British businesses miss out on ROI of automation as only 1 in 4 invest in RPA

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British businesses miss out on ROI of automation as only 1 in 4 invest in RPA
  •  This comes despite over 80% of businesses seeing ROI on RPA within a year ~
  •  Combining complementary tech behind revenue growth for 71% of UK businesses ~
  •  Banking and FS the industry leading RPA adoption, with legal profession in last place ~

British businesses are missing out on the benefits of automation by not combining the right technologies, recent research from Digital IQ provider ABBYY has found. While 19 in 20 businesses have deployed some form of automation, only 1 in 20 use the full stack, meaning most businesses are missing out on the ‘secret weapons’ that could deliver the most ROI for their business.

While automated systems and AI come out as the most popular forms of automation, RPA is the least adopted, with only 24% of UK businesses investing in the technology. However, RPA is bringing unparalleled benefits. RPA is particularly strong on time to ROI – 82% of businesses saw a return on their RPA investment within a year, with 30% seeing a return of at least twice what they invested.

The banking & FS sector leads the way, with 38% of businesses investing in RPA, while manufacturing comes in second place with 23%. Some sectors have barely dipped their toe, with the legal profession for example only seeing 6% adoption. This is despite the huge opportunities RPA brings: a majority of RPA adopters saw improved efficiency (55%), getting ahead of the competition/increasing their market share (52%), and revenue growth (52%), with productivity gains (44%) and business transformation (40%) also realised.

The research also found that combining RPA with content-centric process automation drives even greater results, with 71% of businesses who have deployed both technologies growing their revenue – compared to just 37% for businesses who have invested only in RPA. This combination also led to improved productivity for 51% of businesses (vs. 39% of those using RPA without content-centric process automation) while 49% have achieved business transformation (vs. 33%) and 57% increasing their market share (vs 48%). Again banking and finance lead the way, with 35% of businesses deploying both technologies, compared to just 2% in the legal sector.

ABBYY is calling on large businesses to lead the charge for businesses to make the most of their automation investments. 4 in 5 large businesses (79%) have seen increased efficiency since implementing RPA, and 71% have become more productive. However, only 50% of businesses with more than 5,000 employees are using the tech, dropping to 36% for businesses with 500-4,999 employees.

However, ABBYY customer Costain, which integrated ABBYY’s technology with RPA in an end-to-end solution – that can fetch an invoice, capture, identify and extract the essential data within it, then hand this over to the RPA bot to post an invoice into the ERP system – is seeing the benefit of deploying these technologies together: “Collaborative work with ABBYY is part of our continued commitment to invest in technology to transform our finance function,” said Tony Bickerstaff, CFO at Costain. “We will continue to seek to use the latest technologies, including artificial intelligence (AI) and machine learning, to make our business as efficient and competitive as possible,” he added.

Using just one or two types of automation without integrating the tech that will help achieve your goals is at best short-sighted, and at worst a waste of time and money,” said Neil Murphy, Global VP at ABBYY. “The technologies that can drive enormous improvements for transaction-oriented processes across every sector – particularly in banking and finance and other heavily process-driven sectors – already exist. Some businesses simply don’t have the understanding on why their automation investments aren’t generating the ROI they hoped for. These businesses need to automate with RPA, but they also need to leverage the technology that can automate content-centric processes to make robots smarter with the introduction of new skills.”

With the availability of more intelligent RPA solutions, such as attended automation, companies are in a unique position to leverage and benefit from automation in ways that were previously unavailable”, said Barry Cooper, President, NICE Enterprise Group. “Attended automation allows enterprises to scale the RPA footprint to tens of thousands of desktops, overcoming the current low footprint of unattended robots alone. With this combination, our own users are consistently unlocking benefits such as productivity gains, improvements in compliance adherence, growth in sales and superior customer experiences, all in a more rapid manner.”

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Calabrio charts record year-on-year UK growth as demand for cloud technology soars during lockdown

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How cloud technology can help you keep on top of your business finances

Digital transformation acceleration drives cloud contact centre adoption of Calabrio workforce engagement management technology

Calabrio, the workforce engagement management (WEM) company, has seen a strong growth trajectory in the UK during the last 12 months, despite the global pandemic. Achieving 30% year-on-year sales growth, Calabrio International has welcomed more than 150 new customers, with the UK adding a third of those from a wide range of industries including many online challenger businesses. In addition, Calabrio has made strategic new appointments to build its customer support network.

Calabrio charts record year-on-year UK growth as demand for cloud technology soars during lockdown 1

Kris Mckenzie

Kris McKenzie, SVP, Sales, International at Calabrio commented, “Our focus on cloud-first solutions has resonated well with our customers’ need to accelerate their digital transformation and move their contact centres to the cloud in order to maintain business continuity. At a time of uncertainty when consumers need robust support more than ever before, we are witnessing first-hand the cloud transformation of customer services by organisations looking to deliver the next level in customer experience. Modern businesses and contact centres using Calabrio are able to provide exceptional service to their customers through disrupted times.

“Coupled with businesses operating solely online, we have also seen strong demand across the board from more traditional sectors such as finance, insurance, retail, consumer goods, local and central government departments. These organisations require an innovative yet reliable solution to help them manage unprecedented levels in demand.”

When Calabrio surveyed its customers recently[i] 72% of organisations stated they are either moving to the cloud, are already there or plan to increase their investment in cloud technology in 2021. In order to support forward-thinking organisations looking to optimise their investment in cloud contact centre solutions, Calabrio has made two significant appointments.

Niall Gallacher has joined Calabrio as Business Intelligence (BI) strategic consultant and will be instrumental in the design of services that drive value from data and analytics, helping Calabrio customers to solve complex business problems. Before joining Calabrio, Niall spent 6 years with Qlik as Industry Solutions Director. He has 25 years of experience in data, analytics and BI, 15 of which have been with contact centres for leading companies in telecommunications, energy and high-tech industries.

Graeme Gabriel joins as a presales engineer, supporting Calabrio’s workforce engagement suite. He will work with customers to ensure that they achieve maximum benefit from their use of Calabrio solutions, no matter the remote, on-site or hybrid environment. Graeme has international experience encompassing telephony, contact centre, WFM, analytics and customer experience (CX) across a range of sectors, and has held consultancy, advocacy and planning positions at companies including Injixo, Vluent, QPC and AVIOS.

McKenzie concluded, “We welcome both Niall and Graeme to Calabrio, during what has been an incredible year of growth for Calabrio as we supported our customers through these challenging times. This is an exciting and dynamic time for Calabrio as we continue to deliver the value of our all-in-one cloud contact centre suite, including call recording, quality management (QM), WFM, speech analytics and business intelligence suitable for organisations of all shapes and sizes.”

[i] TechValidate survey of 192 users of Calabrio.  Published 29 December 2020.

 

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Business

Thomson Reuters fourth-quarter revenue, adjusted earnings rise

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Thomson Reuters fourth-quarter revenue, adjusted earnings rise 2

NEW YORK (Reuters) – Thomson Reuters Corp reported higher fourth-quarter revenue on Tuesday and said it would start a two-year program that will change it from a holding company to an operating company.

The news and information company, which owns Reuters News, said revenues rose 2% to $1.62 billion, while its operating profit jumped more than 300% to $956 million, reflecting the sale of an investment, a gain from an amendment to pension plan and lower costs.

Its three main divisions, Legal Professionals, Tax & Accounting Professionals and Corporates, all showed higher organic quarterly sales and adjusted profit.

It was not immediately clear if adjusted earnings per share of 54 cents were directly comparable to the 46 cents expected.

Thomson Reuters’ markets are healthy and evolving, making this a good time to transition the company from a content provider to a “content-driven technology company,” Chief Executive Steve Hasker said in a statement.

Workplaces have been transformed by the COVID-19 pandemic and artificial intelligence has a larger role in professional markets, he said.

(Writing by Nick Zieminski in New York, editing by Louise Heavens and Jane Merriman)

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Business

Tesla shares set to skid into the red for the year

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Tesla shares set to skid into the red for the year 3

LONDON (Reuters) – Shares in Tesla were set to plunge into the red for the year on Tuesday, hit by a broad selloff of high-flying technology stocks and the fall of bitcoin, in which the electric carmaker recently invested $1.5 billion.

By 1029 GMT, Tesla was down over 8% in U.S. premarket deals after a similar drop during the previous session. The firm led by Elon Musk has had a stellar ride since 2020, which it began at about $85 per share, before reaching the $900 mark on January 25.

Currently trading at about $657 in pre market transactions, the stock has lost 27% from its peak, which is above the 20% level which technically defines a bear market.

Bitcoin has also swung into a bear market, falling from a peak of $58,354 on February 21 to a low of $45,000 earlier on Tuesday.

A Germany-based trader said he was “taking chips off the table” on Tesla as its 1.5 billion investment in the cryptocurrency could “backfire now”.

Analysts at Barclays noted that there has been a drop of conversations about the electric car makers in the Reddit’s WallStreetBets forum, which could explain some of the loss of appetite for the stock.

“With only 2-3 total submissions on each of the past several days, we remain below the trend in attention that has come along with big returns jumps in the past”, the analysts said in note.

Other analysts have also cautioned against investing in the stock which remains one of the most expensive on the S&P 500 index at 163 times its 12 month forward earnings.

Graphic: Tesla shares selloff after multi-fold gains

Tesla shares set to skid into the red for the year 4

(Reporting by Julien Ponthus and Thyagaraju Adinarayan)

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