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Industrial companies are deriving value from the use of advanced technologies to help with administrative and general support functions. These need to be further adapted for the situation, as such functions will continue to gain complexity. The percentage of total costs which are accrued by the General and Administrative (G & A) activities differs across industries. There is also a corresponding impact on the costs that may be affected by such tech enablement. As per the data supplied by management consulting industry leader McKinsey, the figure can be up to fifty billion dollars for the automotive sector, while for industrial and semi- conductors, the figure may be even higher. The finance functions need a similar level of modernizing. Taken across industries, about a fourth of the present functions can be modified using the existing technologies. A slightly smaller figure can definitely not yet be automated. The rest can be automated, but with some difficulty with the existing suite. In the area of talent management and workforce development, the figure stands at twenty- two percent, where automation can add value immediately. An overall backbone of scalable technology has to be assembled together.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/how-bots-algorithms-and-artificial-intelligence-are-reshaping-the-future-of-corporate-support-functions

Uploaded Date:12 June 2019

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