Masdar launches technology startup accelerator
A technology startup accelerator focused on sustainability and clean tech has been launched by Masdar, BP and Masdar Institute. The Catalyst, supported by $5 million in funding from BP, will help startups accelerate their business through funding, training and mentorship. It will promote innovation, entrepreneurship and the development of a knowledge-based economy in Masdar City and Abu Dhabi, in line with the UAE’s National Innovation Strategy.
Highlighting the positioning of The Catalyst, Dr Ahmad Belhoul, CEO of Masdar, said: “In the nine years since our inception, Masdar has transformed from a bold idea into a commercially-viable renewable energy company. We want to leverage our own experience – as well as our unique infrastructure and assets at Masdar City – to create a platform for start-ups with similarly bold visions for sustainable technologies and turn their ideas into commercial realities. We are pleased to partner with BP and Masdar Institute to catalyse innovation in line with the call to action by His Highness Sheikh Mohammed bin Rashid Al Maktoum and the UAE leadership.”
The Catalyst will be differentiated from the other start-up accelerators in the region by its unique focus on sustainable technologies and through its highly targeted recruitment process. It will support fledgling innovators from the UAE and beyond in the fields of energy, water and clean tech with seed funding, training, mentoring, and work space. It will accept applications from startups that are one to five years from commercialisation and that have a potential patentable technology. Successful applicants will receive up to $50,000 funding and up to six months of support, training and advice to help grow their business.
“Masdar Institute and its Institute Center for Innovation and Entrepreneurship (iInnovation) work to enable technology transfer to startups and commercialization of the technologies developed through our research projects. We look forward to lending our expertise and sharing our innovation infrastructure with The Catalyst as it joins us in our shared mission of supporting the development of the UAE’s innovation ecosystem,” said Dr. Behjat Al Yousuf, Interim Provost of Masdar Institute.
Mr. Abdulkarim Almazmi, President and General Manager for BP UAE said, “BP is a corporation anchored in technological innovation. Our business relies on the ability of our brightest minds to innovate, so we are proud to support a programme that will develop innovative capacity in the UAE through training, mentorship and access to industry experts. BP is pleased to bring its proven capabilities in technology entrepreneurship to the region and help UAE developing a leading position in technology innovation.”
The Catalyst is now accepting applications for Spring 2016 through its online application portal.
Automation of repetitive tasks leads to higher value work
Two-thirds of global office workers feel they are constantly doing the same tasks over and over again. That’s according to a new study (2021 Office Worker Survey) from automation software company UiPath.
Whether emailing, inputting data, or scheduling calls and meetings, the majority of those surveyed said they waste on average four and a half hours a week on time-consuming tasks that they think could be automated.
Not only is the undertaking of such repetitious and mundane tasks a waste of time for employees, and therefore for businesses, but it can also have a negative impact on employees’ motivation and productivity. And the research backs this up with more than half (58%) of those surveyed saying that undertaking such repetitive tasks doesn’t allow them to be as creative as they’d like to be.
“When repetitive, unrewarding tasks are handled by people, it takes time and this can cause delays and reduce both employee and customer satisfaction,” Gavin Mee, Managing Director of UiPath Northern Europe tells Business Chief. “Repetitive tasks can also be tedious, which often leads to stress and an increased likelihood to leave a job.”
And these tasks exist at all levels within an organisation, right up to executive level, where there are “small daily tasks that can be automated, such as scheduling, logging onto systems and creating reports”, adds Mee.
Automation can free employees to focus on higher value work
By automating some or all of these repetitive tasks, employees at whatever level of the organisation are freed up to focus on meaningful work that is creative, collaborative and strategic, something that will not only help them feel more engaged, but also benefit the organisation.
“Automation can free people to do more engaging, rewarding and higher value work,” says Mee, highlighting that 68% of global workers believe automation will make them more productive and 60% of executives agree that automation will enable people to focus on more strategic work. “Importantly, 57% of executives also say that automation increases employee engagement, all important factors to achieving business objectives.”
These aren’t the only benefits, however. One of the problems with employees doing some of these repetitive tasks manually is that “people are fallible and make mistakes”, says Mee, whereas automation boosts accuracy and reduces manual errors by 57%, according to Forrester Research. Compliance is also improved, according to 92% of global organisations.
Repetitive tasks that can be automated
Any repetitive process can be automated, Mee explains, from paying invoices to dealing with enquiries, or authorising documents and managing insurance claims. “The process will vary from business to business, but office workers have identified and created software robots to assist with thousands of common tasks they want automated.”
These include inputting data or creating data sets, a time-consuming task that 59% of those surveyed globally said was the task they would most like to automate, with scheduling of calls and meetings (57%) and sending template or reminder emails (60%) also top of the automation list. Far fewer believed, however, that tasks such as liaising with their team or customers could be automated, illustrating the higher value of such tasks.
“By employing software robots to undertake such tasks, they can be handled much more quickly,” adds Mee pointing to OTP Bank Romania, which during the pandemic used an automation to process requests to postpone bank loan instalments. “This reduced the processing time of a single request from 10 minutes to 20 seconds, allowing the bank to cope with a 125% increase in the number of calls received by call centre agents.”
Mee says: “Automation accelerates digital transformation, according to 63% of global executives. It also drives major cost savings and improves business metrics, and because software robots can ramp-up quickly to meet spikes in demand, it improves resilience.
Five business areas that can be automated
Mee outlines five business areas where automation can really make a difference.
- Contact centres Whether a customer seeks help online, in-store or with an agent, the entire customer service journey can be automated – from initial interaction to reaching a satisfying outcome
- Finance and accounting Automation enables firms to manage tasks such as invoice processing, ensuring accuracy and preventing mistakes
- Human resources Automations can be used across the HR team to manage things like payroll, assessing job candidates, and on-boarding
- IT IT teams are often swamped in daily activity like on-boarding or off-boarding employees. Deploying virtual machines, provisioning, configuring, and maintaining infrastructure. These tasks are ideal for automation
- Legal There are many important administrative tasks undertaken by legal teams that can be automated. Often, legal professionals are creating their own robots to help them manage this work. In legal and compliance processes, that means attorneys and paralegals can respond more quickly to increasing demands from clients and internal stakeholders. Robots don’t store data, and the data they use is encrypted in transit and at rest, which improves risk profiling and compliance.
“To embark on an automation journey, organisations need to create a Centre of Excellence in which technical expertise is fostered,” explains Mee. “This group of experts can begin automating processes quickly to show return on investment and gain buy-in. This effort leads to greater interest from within the organisation, which often kick-starts a strategic focus on embedding automation.”