12 - Automation, automation, automation Flashcards
What is the primary focus of Wave 3: Industrialize?
Optimize data usage through scale and automation.
This involves embracing automation to eliminate inefficiencies and errors in manual processes.
What are the three activities in the Value, Build, Improve model for Wave 3?
- Value: Automate data acquisition and reporting
- Build: Standardize processes across the business
- Improve: Gain insights for optimization and inform organizational change
This model capitalizes on achievements in data governance and quality.
What is the significance of automation in business processes?
It improves business performance by reducing manual processes and increasing efficiency.
Many undocumented processes can be identified and improved through automation.
Who invented an automated knitting machine in 1589?
William Lee.
His invention faced resistance, highlighting fears of job loss due to automation.
According to McKinsey, what percentage of occupations have at least 30% of tasks suitable for automation?
6%.
Fewer than one in 20 jobs can be fully automated.
What types of tasks have the highest potential for automation according to McKinsey?
- Predictable physical activities (81% automatable)
- Data processing (69% automatable)
- Data collection (64% automatable)
These tasks are less complex and more repetitive.
What is business process automation?
Using data and technology to automate multi-step processes in a business.
This improves quality, timeliness, simplifies administration, and saves costs.
Fill in the blank: The process of improving what you do by selecting tasks ready for automation is not primarily a _______.
technical decision.
What are the two universal truths about how much can be automated?
- More than you are automating today
- More than you think
This highlights the underestimation of automation potential.
What is the impact of automation on risk management?
It ensures risk-based decisions use the latest, accurate data.
This reduces the risk of outdated or inaccurate reporting.
What are the two dimensions of financial reporting that benefit from automation?
- Timeliness of financial reports
- Improved governance and compliance
Automation aids in reconciliation and auditor confidence.
What is a common reason cited for the manual handling of data?
Frequent changes in reporting requirements.
Automation allows for agility in responding to these changes.
What is a key challenge organizations face regarding automation?
Resistance from employees worried about job security.
This resistance can impede the adoption of automation.
What is the goal of automating data acquisition and reporting?
To capitalize on data governance and quality achievements.
This leads to standardized processes and improved efficiency.
What is the ‘irreconcilable reports’ problem?
Different individuals create reports without shared understanding or documentation.
This leads to inconsistencies and reliance on undocumented processes.
How does automation affect the creation of reports in growing businesses?
It reduces reliance on manual data preparation and improves consistency.
This is critical as businesses grow and reporting becomes vital.
What did Carl Benedikt Frey and Michael Osborne analyze to determine job automation potential?
700 professions.
They categorized tasks based on their automatable nature.
What is the importance of timely financial reporting?
It prevents conflicts over reconciliation and aids governance and compliance.
What major financial scandal is mentioned as an example of poor financial reporting?
WorldCom.
What issue arises from undocumented processes in data handling?
Loss of knowledge when personnel change or forget procedures.
What is a common bottleneck in organizations regarding reporting?
Reporting backlogs due to limited personnel and ongoing data requests.
True or False: Automation can lead to loss of sovereignty for individuals managing reports.
True.
What does digital transformation often require regarding manual processes?
Updating manual processes whenever technology changes.
What innovative idea was presented regarding spinach in 2021?
Scientists created spinach that can send emails to report soil conditions.
What is the purpose of plant nanobionics as discussed in the case study?
To give plants non-native functions for detecting soil composition.
Fill in the blank: The goal of plant nanobionics is to introduce _______ into the plant.
nanoparticles.
What is a key step in making automation manageable?
Limiting the workload by focusing on business needs.
What was the outcome of rationalizing reports at the serviced office business?
Reduced from 500 reports to 40 comprehensive reports.
Why is standardizing data sources important in reporting?
It ensures consistent data use across reports, improving accuracy.
What should automation aim to minimize for scalability?
The amount of configuration or coding needed.
What tool is mentioned for automating data infrastructure projects?
WhereScape.
What percentage of data warehouse work can potentially be automated?
70–80 percent.
What benefit does automation provide regarding documentation?
It automatically documents processes and data flows.
What did David Wright report about automation projects at Deloitte?
92% met or exceeded compliance expectations; 86% improved productivity.
True or False: IT departments are always supportive of automation projects.
False.
What is a major challenge when automating reporting processes?
Resistance from staff who feel their unique skills are being undermined.
What is the relationship between automation and job security concerns?
Businesses worry about job losses when processes are automated.
What should you avoid when starting automation projects?
Trying to automate every existing data process.
What does the term ‘data curation’ refer to in the context of reporting?
The process of managing and organizing data for reporting purposes.
