24 Workflow Automation Statistics to Know in 2024
Since the pandemic, the demand has increased exponentially as organizations have more IT requirements with fewer resources, so we’ve gathered over 24 statistics on automation to show you the impact in 2024.
Workflow Automation Helps Companies
Before getting into the numbers, you might ask yourself a question, “How can businesses benefit from workflow automation?” The answer is simple. It reduces costs, improves performance, and enhances productivity across all departments. According to a McKinsey & Co. survey, 46% of respondents say that leaders in larger organizations who have implemented process automation successfully know the total cost of its ownership. Needless to say, choosing the right software is an important business decision. Flowlu has all the features you need to make your business run smoothly.
Business Automation Statistics
In this section, we’ll examine general business stats. These figures will help you to paint a broad picture of workflow automation, consider the impact on business culture, outline its prospects, and discover benefits of its use.
Business process automation is on everyone’s mind
As per the findings of the State of Process Orchestration Report, 81% of decision makers claimed they knew what workflow automation is. After being provided with the definition, 90% of respondents indicated that their company is doing it.
Industrial automation market growth
The worldwide industrial automation market, valued at $196.6 billion in 2021, is growing and is projected to surpass $412.8 billion by 2030. The anticipated compound annual growth rate (CAGR) of 8.59% from 2022 to 2030, highlights the increasing adoption of such solutions across industries.
Key to digital transformation
Automation and digitalization are two sides of the same coin. Without one, you cannot take advantage of the newest technologies, implement a modern work management system, and streamline daily operations. According to a Camunda report, 48% of companies are implementing automated systems right now.
Automation Growth Statistics
The consequences of not adopting technologies that competitors use are dire. One could easily lose market share to more nimble players and disrupt cash flow. In today’s fast paced world, not implementing innovations will result in stagnation and decline. Let’s look at statistics that prove automation is here to stay.
Seeds of adoption
According to a survey conducted by McKinsey, 31% of respondents say their companies have automated at least one business process in their departments. This investment will pay off in the long run as automation will take root within the organization, and there will be people with the right skills to manage it.
Companies seek a unified platform
There are a substantial number of automation systems out there, and it’s uncomfortable to switch between them to get the job done. It comes as no surprise that 94% of corporate professionals would opt for a centralized platform to integrate their apps and automate workflows.
Automation increases productivity
A study carried out by Willis Towers Watson revealed that 57% of employers intend to use automation to increase employee productivity and performance. The management sees clearly the benefits of optimizing workflows.
Marketing Automation Stats
Marketers shouldn’t spend their precious time on repetitive, time-wasting tasks that don’t drive growth. By automating many of the mundane steps in the marketing process, your team can focus on high-impact activities like analyzing data and nurturing leads.
Save time by scheduling in advance
With marketing automation, you can schedule both organic and paid content, which can be prepared ahead of time. This takes the pressure off publishing on social media at the best times for the audience, which can be tough if you’re targeting multiple countries across the globe. Essentially, it can save up to 6 hours a week.
Increase lead generation and conversions
If the marketing department has automation software, workers can expect to increase the lead quantity by 80%. Over three quarters of respondents saw a rise in conversions since implementing marketing automation, and qualified leads increased by 451%.
Marketing automation is tested by time
Marketing automation originated in 1992 and became popular around 2003 with the development of more sophisticated systems. Nowadays, 56% of businesses use automated tools to accomplish their marketing objectives, and 40% of B2B companies consider adopting this technology in the near future.
Workflow Automation in Other Departments
IT Department
People in many startup organizations are wondering, “Is it possible to automate IT processes?” Truth be told, not a lot of IT workflows can be automated in practice. However, it’s more than feasible to automate several of them and allow IT personnel to tackle tasks that are more important to the company’s strategic goals and objectives.
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IT departments are responsible for 40% of business automation.
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In 2024, 69% of managerial work will be automated.
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75% of companies will have set up several data hubs by 2024.
HR Department
Human resources professionals are engaged in many manual processes every day. They hire new workers, give them training, implement employee processes, and try to keep up with all the bureaucracy embedded in the labor law. Since HR is in charge of employees’ well-being, automated processes will help them carry out their duties with utmost efficiency.
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69% of HR managers say that using automation in hiring saves time for other tasks.
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36% of HR workers claimed that onboarding workflows are impeded by the absence of automation.
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76% of HR leaders think they should implement AI to be on the same level as other departments.
Finance Department
Forecasting, managing cash flow, allocating money to different areas of the organization, all these processes relate to financial and accounting divisions of a company. While one can work with numbers in an Excel spreadsheet, this can cause accountability issues and lead to professional burnout. Automating finance processes allows organizations to part with awkward practices and optimize workflows.
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73% of finance leaders attest that automating functions improves work efficiency.
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66% of banking and financial markets CEOs believe gains from automation and AI outweigh risks.
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60% to 80% of backward-looking accounting can be automated with limited human intervention.
Future Prospects
While the future for any technology is hard to predict with 100% accuracy, recent statistics on automation in the workplace and forecasts done by reputable organizations clearly show that more and more workflows will be automated or have some part of them supported by artificial intelligence.
Hyperautomation market will grow
Gartner research predicts that by 2026 hyperautomation software market will reach about $1.04 trillion, with an estimated CAGR of 11.9%. The acceleration of automating business processes and IT tasks will enable hyperautomation software providers to sell their products and services at higher prices.
Boost to productivity in long-term
The McKinsey & Co. report argues that automated processes can have a positive impact on productivity as well as narrow the economic growth gap in the 20 largest economies in the world. Countries with emerging economies and younger or aging populations can also benefit from this technology.
Focus is enhancing employee experience
64% of respondents at enterprise organizations are planning to develop and integrate technologies whose main aim is to improve employee experience. The processes that will be automated are varied and can take the form of anything from onboarding and offboarding procedures to asking for approvals on contracts.
More businesses will adopt automation
Automating processes proves to be a significant advantage for companies of all sizes. Businesses that want to stay relevant in the future will incorporate automated systems into their operations. Analytics show that 80% of organizations will use intelligent automation in 2025.
Automation sector is flourishing
The growth of the automation sector is hard to undersell as its current market value is capped at $6.1 billion. If we look at the forecasted growth rate of 200%, it becomes evident that the software market doesn’t intend to slow down anytime soon.
Conclusion
In today’s fast-paced world, we have limited resources and little time to get the job done. From marketing and finance to manufacturing and IT, automation allows teams to streamline repetitive tasks and focus on high-value objectives.
The future is bright for automation, with predictions of massive upsurge in implementations in the years to come. Use Flowlu to automate business processes, reduce the number of manual errors, increase transparency across the company, achieve greater efficiency and higher profitability.
The workflow automation market was valued at $19.76 billion in 2023. By the year 2032, it is expected to grow to $45.49 billion, with a CAGR of 9.71%. The core factor for this expansion is the overarching trend of digital transformation.
94% of corporate employees seek a centralized platform. 40% of businesses are implementing automation solutions in their operations right now. 56% of marketing agencies use automated systems. 69% of HR employees believe that automating hiring saves time. 73% of finance leaders claim that automation increases work effectiveness.
In a company, every department can benefit from using a workflow automation system. HR managers can simplify the onboarding process, sales representatives can evaluate a potential customer, marketers can execute an advertising strategy, finance executives can reduce investment costs, manufacturing employees can automate some of their functions.
Marketing automation can save between 6 and 10 hours a week. In the IT industry, employees can save 10% to 50% of their time by automating repetitive tasks. 69% of HR managers believe automation gives extra time to focus on important aspects of work.
According to global data, artificial intelligence and robotics have automated many tasks in each industry, from manufacturing to the service sector. This digital transformation trend is expected to continue, paving the way for a dramatic shift in how we do our jobs. The social implications are yet to be fully understood.
