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Adopting new technologies to optimise operations and gain a competitive advantage

Is the potential for job losses due to automation real?

Yes, the potential for job losses due to automation is real. Automation can replace human workers by performing tasks that were previously done by humans faster, cheaper, and more efficiently. This means that some jobs may become obsolete as technology advances and businesses seek to reduce costs and increase efficiency.

However, it is worth noting that automation can create new jobs and opportunities. For example, new jobs can be created in developing, maintaining, and operating automation technologies. Automation can also free human workers from repetitive tasks, allowing them to focus on more complex and creative tasks.

To minimise the negative impact of automation on jobs, businesses, policymakers, and individuals need to plan and prepare for the future of work. Such plans can include investing in education and training programs to develop new skills in demand, creating policies that support workers affected by automation, and promoting innovation to create new jobs and opportunities.

How could cloud-based back office modernisation reduce the total cost of operations?

Cloud computing is becoming more popular in business process outsourcing because companies generate a lot of data through tasks like order processing, application processing, and billing. Back-office management is essential for businesses, so they need solutions to handle all this data. Cloud computing is a way to store, manage and process data using internet-connected services. This helps BPO providers increase production speed, control quality, and reduce costs. Cloud computing provides universal access, flexible provisioning, and instant system access for business needs. It offers other benefits like lower development costs, reduced capital expenditure, and costs aligned with business needs.

Where do you see the operations transformation going in the next few years?

There is a growing trend toward digitization, automation (RPA), and data-driven decision-making in various industries. Companies will continue to adopt new technologies such as artificial intelligence, machine learning, the Internet of Things (IoT), and blockchain to optimise their operations and gain a competitive advantage. This will consequently lead to increased efficiency, speed, and agility in operations.

Additionally, there is a focus on sustainability and social responsibility (ESG), which will drive companies to adopt more environmentally friendly and ethical practices. This includes reducing waste, emissions, and carbon footprint and ensuring fair labour practices and supply chain transparency.

The COVID-19 pandemic has accelerated the adoption of remote work and virtual collaboration tools. This trend will likely continue, with companies embracing new ways of working and managing their workforce to accommodate a more distributed and flexible work environment. This may involve the use of digital platforms and tools for communication, collaboration, and project management.

Have a look at a presentation on Financial Services & Banking Offering by Sii here.

Sii is also partnering with us at our 14th Annual Operational and Back Office Excellence in Banking Summit on 26th – 27th April 2023 in InterContinental Vienna.

With 8 000 specialists, Sii is the largest technology consulting, digital transformation, BPO and engineering services vendor in Poland.
We provide back-office capacity in areas of KYC, AML, CFT, Financial Crime Compliance, dealing and reconciliation. We optimise banking business processes in the area of invoicing, document circulation, data cleaning, customer service, procurement, and marketing. Our services are delivered from our 15 secure, ISO-certified offices. We work with leading international investment banks, plus 8 out of Top10 banks in Poland, both in retail and corporate.

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