Friday, September 23, 2022

5 Eminent Benefits of Business Automation in the Modern World

“We have become a white-collar workforce, and automation has become a necessity.” -Randy Breaux

The contemporary world has been changing at a rampant pace and technology has been one of the major factors for the same. If we look around 5 years back, remote working and voice searches were hard to even dream of.

However, in the contemporary world, these things have become a part of the new normal.  All the credit goes to the recent technological advancements such as Machine Learning, Blockchain, and so on.

Out of all the buzzed words of the technological world, artificial intelligence’s automation feature has won the hearts of millions. With its utmost efficiency in almost every industry, the business world is completely fascinated by the idea of business automation.

To define, business automation refers to the technological process of automating repetitive or breaking down complex tasks that could be executed without human intelligence.

As a matter of fact, if we look at the statistics, the business process automation (BPA) market is estimated to reach US$ 37.3 Billion by 2032.

This statistic validates that not only businesses are getting familiar with the term business automation but are also widely adopting it for gaining a competitive advantage over all their competitors.

Hence, if you as a business owner lack in adopting business automation as the new normal, you will probably lack behind in the race of being the best. The question is, why are businesses seeing such a great scope in automation?

Of course, you too feel intrigued by this question and that is why you are here. So without further ado, we will dive right into the blog and discover why business automation matters more than ever.

5 Benefits of Business Automation to Dart For In The Future

  1. High Productivity

The ultimate aim of every business is to be the best in its industry. With this aim in mind, every business tries to be the most efficient version of itself.

Here you will also agree with the fact that in order to be the most efficient, the companies first need to be the most productive version. Besides, in order to build a productive company, you need to first have a productive workforce.

This is where business automation kicks in and becomes the center of attraction for every business.

To elaborate, one of the most extraordinary benefits of business automation is that it increases the productivity of everyone involved in business operations.

Let’s understand this through an example, let’s assume that you are an owner of a business, and half of the time your employees are busy doing administrative paperwork or making lists.

These mundane and repetitive tasks are not only impacting productivity and employee engagement but are also reducing the overall efficiency of your business.

However, if you implement the business automation process, this technology will take care of all the repetitive or mundane tasks that could also be completed without human intervention.

This technology can even automate and break out complex processes and make it easier for your employees to complete their assigned tasks in the shortest time possible.

As a matter of fact, 73% of leaders stated that after business automation, employees are able to save 10 to 50% of the time that goes into performing tasks manually.  This simple automation will free your employees from certain tasks.

Moreover, when employees are free from the burden of regular repetitive tasks, it will give them enough energy to invest in the tasks that actually matter.

This way you will significantly enhance the productivity of employees using business automation which will ultimately lead to a better output of the overall company performance.

2. Reduce Operational costs

Every single company desires to be one of the most profitable companies in its respective industry. For this, the effective solution to becoming the most profitable company is to reduce the operational costs that go into completing different business operations.

This goal of businesses to become the most profitable organization can effectively be fulfilled by business automation. To validate, as per the statistics, the business automation can save almost 70% of costs for the company. Now, this is something worth your attention, right?

To elaborate, the business automation process can effectively cut the business operation costs from various below-mentioned aspects. This can assist businesses in saving money and ultimately enhance their profits of the businesses.

(a) Savings in labor costs –

The ultimate benefit of automation is that it frees people from performing mundane tasks. When employees will be free from performing those tasks, it will save the cost of business owners that goes into getting the task done manually. This way, companies can save the additional labor costs which will eventually result in more profits.

(b) Few errors –

As humans are vulnerable to making mistakes, this can cost the company additional money to rectify the mistakes. However, we all know that machines can not make mistakes.

Hence, using business automation in operational processes will ensure that fewer or no mistakes are made and the process gets completed with the most possible accuracy. This way companies will save up the extra costs that companies might need to pay up because of human errors.

Hence, using business automation for the operational processes will not only enhance the overall efficiency of your business but will also save up the additional costs that will lead to more profits in the business.

In order to effectively measure the substantial difference by cutting the costs, you can calculate the profit margin of your business.

3. Enhances Consumer Experience

Gone are the days when customers were the kings. In the present context, they account for an entire empire that you need to win for taking your business to the next level.

They have so many options that businesses are left with no other choice than to please their ultimate money makers. That being the case, the business automation can significantly contribute to creating a positive experience for customers with your brand.

To elaborate,  one of the major concerns of today’s customers is that they do not want to wait for getting solutions to their queries from brands. All they expect from their favorite companies is that they should be available for solving their customers’ queries 24*7.

This is where automation can be your one-stop solution. Business automation has the ability to collaborate with the Natural Learning Process, one of the crucial branches of AI, and respond to customer queries in the most humane way possible.

In fact, as per statistics, AI-based chatbots can automatically respond to almost 80 to 90 percent of customer queries on their own. This will reduce the burden on your customer support team as well.

Moreover, chatbots will remain available and respond to customer queries even in your absence.  Especially mentioning healthcare chatbots because this is the field where patients can go through any emergency and as humans can not be available 24*7, healthcare chatbots will do the job.

This way, when every customer landed on your customer support will get instant and efficient responses from the brands, it will contribute to creating a positive customer experience for them.

Once your target audience relies on your brand and gives a positive experience, it will assist in their retention along with building your positive reputation in the market.

4. Easy traceability

Peter Ducker once said, “you can not improve, what you can’t measure.” This highlights another important aspect of business automation that can benefit the growth of your business.

To elaborate, using business automation, you can easily trace all the phases of your business minutely. Moreover, usually performing the tasks manually may include many human factors that might make it difficult to keep track of.

However, business automation eliminates this problem. As all the performed tasks will be on the record, automated processes will be easy to trace and keep the record of every step involved in the accomplishment of successful business operations.

Moreover, tracing the whole process will also give you a bigger picture of where things are going out of the track and disrupting the overall efficiency of the business. Using this, you can effectively eliminate the factors that are impacting your growth negatively.

Furthermore, you can also elevate the degree of factors that impact your business growth positively.

This way, using the process of automation will give you a clear pathway or picture with the utmost visibility with which you can manipulate the decisions of your business to get the desired results.

5. Better Scalability

We have all often heard that if you can’t scale your business, it’s merely a hobby. This is the reason the major focus of businesses is now shifting to making the business scalable.

Besides, this demand of businesses of becoming the most scalable version of themselves can be successfully pleased by business automation.

To elaborate, scalability is the company’s ability to sustain without disruption of business operations when the volume of demand increases.

That being the case, business automation tools and software have the ability to automate and store everything in simple machines. Right from financial processes such as invoice generation to handling the customers’ queries, businesses can handle everything with utmost efficiency using business automation.

Moreover, when they will have the supervised data at their fingertips, it would assist them in making a more informed decision. This will assist them in becoming a better version of themselves through supply chain automation even when the supply-demand will take a hike.

To recapitulate, automation has a great potential to elevate the success level of businesses to another level.

Moreover, the above-given benefits are pretty evident that in order to take your business to the list of top businesses, you have to bring business automation into the picture and leverage its exceptional capabilities to its full potential.