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Digital labor forecast to replace nearly half of work processes

2018/05/24 20:47:11

Image taken from Pixabay

Taipei, May 24 (CNA) Over 40 percent of business and work processes worldwide are likely to be taken over by digital labor within the next five years, KPMG Taiwan, a financial services company, said Thursday.

With the increase of digital labor, companies will see a 50-70 percent reduction in operating costs, KPMG Taiwan CEO Charlotte W. W. Lin (林琬琬) said at tech forum in Taipei, which was co-hosted by the Monte Jade Science and Technology Association.

Lin said that with the development of new technology such as artificial intelligence, blockchain and automation, 34 percent of companies worldwide have been investing or are planning to invest in cognitive automation and artificial intelligence to boost their digital labor capability.

Furthermore, 27 percent of information technology chiefs in global companies think that digital labor is very effective in increasing the quality of work and their products, Lin said.

According to Tracy Li (李育英), KMPG Taiwan COO of financial consulting services, companies are expected to employ digital labor for up to 47 percent of their work processes within the next five years, which can cut operating costs by three to 10 times the level for automation. Digital labor will standardize work processes, eliminate human error and improve quality and precision, she said at the forum.

The speed of machines, which is 150 to 200 times that of a human operator, will add value to companies, Li said.

(By Chiu Po-sheng and Kuan-lin Liu)
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