Emerging technologies like artificial intelligence and robotic process automation greatly impact enterprises. News covered on the corporate success stories never fails to include the contribution of the advanced tools and technologies like the advanced workforce management software, performance management system, etc.
Let us give you a small insight into the market size of both RPA and AI technologies before you start paying attention to their benefits and characteristics.
RPA market overview
Comparing the market size of robotic process automation solutions in 2020 with that of the same in 2030, the survey projects that the market will hit more than 13 billion USD in the upcoming years. According to Statista, automation technology will become an integral part of every business, even if it is a startup.
Fig1: RPA market size from 2020 to 2030 (Source: Statista)
AI market overview
Now coming to AI or artificial intelligence market size. According to the survey conducted by Statista, the artificial intelligence market in 2021 is USD 34.87 billion. The size will reach USD 126 billion by the year 2025. Businesses are introducing artificial intelligence to reduce human efforts, and it will be gaining more limelight to stay competitive in the market.
Fig2: AI Market Size from 2018 to 2025 (Source: Statista)
Hope, it’s not so difficult to understand why enterprises are seeking attention in combining RPA and AI technologies. Definitely, it’s good to stop and think about this concept for your startup as well. For startups, automation and artificial intelligence play a dominant role.
Here’s how the technological factor influences the workforce management process for startups.
Employee details in one place:
To manage the employees within startups, the first thing you require is organizing and managing the employee details. If you talk about the early methodologies, employees need to submit hard copies of their personal details, bank details, contact details, and so on. With proper technological implementation, you can find all the employee details in one place.
A single database is used to hold all necessary details of the employees. The employees are asked to share a digital copy of every document during the onboarding process. They submit the documents in their digital profile and even have the flexibility to update them when required.
This particular feature is very much effective for remote workforce management when you can’t get easy access to the employees.
Employee self-service option:
Next important feature you can leverage using this combined technology is the employee self-service option. The employees neither need to disturb the HR managers nor need to scratch their heads due to lack of knowledge. The self-service option allows employees to get instant solutions to every query or problem.
Whenever employees encounter any issue, they use the AI bots or search across the options presented on the FAQ platform. The tools automatically deliver results no matter how complex the question is.
Easy to assess employee performance:
Just like the big enterprises, small startups even need to assess their employee performance to optimize team efficiency and productivity. Instead of sitting with your team and taking frequent tests, you can choose the advanced performance assessment tool to learn where exactly your employees are standing.
Even the employees find the process beneficial. They get an advantage to determine their flaws, learn about their strengths, and optimize their performances accordingly. They can mark out the subjects where they are lacking and make improvements based on it.
Boost employee training and development:
With the continuation of the previous point. You can use an employee performance management tool to assess performance and develop reports focusing on the key metrics.
Employee management is not just confined to evaluating employee performance and measuring the metrics. It even requires performance optimization and this happens only when you prioritize employee training and development.
Usually, the tools based on advanced technologies have this e-learning feature incorporated. The feature encourages the workforce to develop their skillsets and knowledge base, which helps improve their efficiency and career.
Either you get a guide in a video format or join the live sessions conducted by the professionals. They are best for guiding the employees during their work process and helping them in achieving the business goals. You don’t require an experienced team. Just the workforce management software deployment is enough for this.
Measure employee behavior:
Measuring employee behavior is definitely necessary when you want to retain your employees in the startup. Employee retention comes with employee engagement and employee experience. Failing to offer these two, leads to lowering the employee retention rate. You can measure and assess this by monitoring employee behavior.
The employee behavior graph speaks about how committed the employees to the organization. If they show positivity in their behavior, it signifies they find the startup quite engaging. On the other hand, if it shows negativity, it represents the strong dissatisfaction of the employees for the brand.
The best way to assess employee behavior is by collecting reviews and ratings. The bots and robotic process automation solutions give you the leverage in obtaining feedback from various sources. In fact, you even get the flexibility to measure them based on multiple categories.
Read more: 7 ways to locate business startup funding
Summarizing
You can never skip managing the workforce if you want to experience high team efficiency and business productivity. Even if you move to the past, a team of professionals used to be appointed to take care of employee activities, performance, and queries. This was definitely time-consuming and required the full attention of the employee monitoring team.
However, with the use of the combined technology and implementation of workforce management software, you can make the process easier for the management team and even develop a productive team for your business.