According to smart technology technology provider UiPath, the rise of agentic AI could aid Australia overcome its country’s lower productivity growth problem and combat its burnout epidemic.
Australia’s productivity growth averaged just 1.2 % throughout the 2010s. However, Australia’s Federal Treasurer, Jim Chalmers, noted that the Federal Treasury has downgraded its long-run forecasts for productivity from 1.5 % to 1.2 %. He has said” there is no more significant structural concern” to fix in the economy.
Stress may be a component impacting office productivity. According to a study of 1, 000 full-time workplace personnel conducted by recruiter Robert Half, 80 % of Australians were going through some form of stress by 2024. These findings are supported by Microsoft’s 2022 Work Trend Index, which revealed that 62 % of Australian workers were burned out, higher than the global average of 48 %.
Yelena Galstian, UiPath’s native head of solutions and consumer advisory, stated for TechRepublic that utilizing AI and technology was increase organizational productivity. It could also aid in burning reduction for people by promoting greater balance through technological support for mechanical tasks.
Agentic AI will be able to choose and take steps.
Agentic AI is viewed as the next step in technology. IBM combines planning, memory, resource use, and intelligent actions to do different work tasks. In the future, IBM hopes to have soldiers of brokers who can communicate with people and carry out self-assured deeds.
Galstian said agentic AI, named one of Gartner’s leading 10 changes this year, enables technology to develop into decision-making things. Artificial developers will no longer count on people to create problem-solving strategies. They can cause freely and interact with tools, like as mechanical automation systems, to execute actions.
AI agents ready to handle more mental steps
Recently, process automation systems were leveraged to ease the stress of employees completing rules-based tasks, such as data recovery and access. Galstian noted how technology reduced the amount of time spent on some tasks during the billing dispute quality process.
All of those things fall under the category of traditional automation skills, according to Galstian, including “reading and processing the receipt and entering it into systems,” “anything that would have involved a swift response, or entering the result into the last finance systems,” she continued.
But, as these providers become more sophisticated in the coming years, they may manage more mental actions in a process. They may determine correct resolutions freely, involving humans just for escalations, clarifications, or when certain criteria require individual oversight.
Notice: How Enterprise Tech Customers Are Getting A” Costly Mistake” From Generative AI.
A mortal agent will spend much less time resolving invoice disputes than they would have with traditional automation, according to Galstian.
” With brokers, we’re giving up that slope of reliability for company, we’re giving them the opportunity to operate independently and create powerful decisions. AI agents work well in situations where there are many different ways to solve a problem, even in non-deterministic ones, where I may be providing the same type.
AI officials will be used in a variety of American industries.
Galstian claimed that American companies were beginning to gain interest in agentic AI technology.
” There are so many areas]where it can be applied ]”, Galstian said.
” It’s like the last hour of AI change, wherever the control would have been more about streamlining the operation, and there would have been a lot more, I suppose, human action that would be required. These kinds of operations are currently being automated.
What sectors stand to gain from AI?
Many companies could profit from agentic Artificial technologies, according to UiPath.
Manufacturing: Manufacturing use cases may be “quite big” in Australia, Galstian said, making typically tough supply chain and logistics planning jobs easier to manage.
Financial: Agentic AI could get the American financial industry’s potential to market and sell “one stage further” by orchestrating more hyper-personalised sales and marketing initiatives.
Professional services could involve both real-world and virtual agents, with agents assisting with tasks like financial report analysis.
Health care: Galstian observes a number of use cases for AI agents in Australian health care, including analyzing health outcomes and providing patient management assistance.
SEE: Does Edge Computing Fulfill Its Promise In Australia’s Market?
Both individuals and businesses stand to gain from AI agents.
The global workforce is experiencing burnout, according to the findings of UiPath’s Global Knowledge Worker Survey, which was released earlier this year and included responses from Australian knowledge workers. Almost a third ( 32 % ) of employees worldwide said they “felt extremely” or “very” burnt out, compared with 29 % in 2023.
Galstian reported that” a sizable number of Australian organizations” took part in the survey. According to the statistics, there were” so much strain on employees and burnout.” Australian workers were looking for ways AI and automation could help them reduce some of that stress, which was a strong argument in favor of that.
The door appears to be open for AI agents to assist workers with tasks if it makes their lives easier. Over a third ( 37 % ) of global respondents to the UiPath survey indicated a reduced workload would help.
Galstian advises Australian businesses looking to increase productivity concentrate on areas where they already recognize the potential for automation.
We’re looking for business areas where you might have a gut feeling about inefficiencies, she said.
” We’re looking for where we can reduce non-value added work, opportunities for error, or cycle times, and where, if we were smart about how we did the operations, we could increase scale and speed of something you’re trying to do without driving up costs”.
