I came across this article yesterday and was amazed by the numbers. JP Morgan Chase uses software to perform a routine task in seconds instead of 360,000 hours. Imagine the ROI on this automation?
“The push to automate mundane tasks and create new tools for bankers and clients — a growing part of the firm’s $9.6 billion technology budget — is a core theme as the company hosts its annual investor day on Tuesday.”
Not everyone is as big as JP Morgan Chase. Automating your routine day-to-day tasks isn’t likely to save you that much but investing in technology, especially to automate routine tasks is an absolute must in today’s world. It’s amazing how much this waste actually costs you. Automation brings huge benefits and return on investment.
If your people are wasting their time on routine stuff like moving information from Point A to Point B, your company should be investing in automation. As we’ve said many times: is it better for your employees to focus on customers or chasing down an approval for that purchase order? Should teachers and faculty focus on students or on getting signatures for that conference travel authorization?
“People always talk about this stuff as displacement. I talk about it as freeing people to work on higher-value things, which is why it’s such a terrific opportunity for the firm.”
Like JP Morgan, which spends 9% of revenue on technology (double the industry average), you can’t sit around and wait to know what the endgame looks like. The environment is simply moving too fast.