Running a business in 2021 has become more complex than ever. To survive in today’s competitive business environment, it must use the available resources carefully, cut down on wastage, and reduce operational expenses. This pressure has forced businesses to look for the right technology to support the strategies to help the business gain operational efficiency.
Business process automation or BPA comes with numerous technologies that assist businesses in optimizing their operations. Some innovations in the BPA have completely transformed how IT is used in some sectors like human resources, finance, logistics, and others. For instance, using HR onboarding and accounts payables (AP), businesses have managed to save a lot of person-hours, thus reducing the processing time to hours rather than days and days rather than weeks.
One thing with BPA is that it relies on the power of innovative technology to streamline the operations of a business. That makes business process automation an essential part of any business operation. In this post, we will give you the top reasons your business needs business process automation in 2021. Read on for more information.
To reduce operational expenses.
Among the many business process automation benefits, this is what businesses get to enjoy the most. Adopting business process automation can help your business to reduce operational costs in several ways. However, the most obvious benefit is time savings. By adopting BPA, businesses can enjoy speedy task completion.
Unlike your staff, BPA tools don’t need days off or even breaks. You can program these tools to run constantly—including overnight, holidays, and weekends. Thus, you can get things done faster without overhead costs like overtime, extra staffing, or compensatory leaves for extra hours worked. Thus, business process automation delivers substantial costs savings in terms of human resources.
Also, business process automation helps to reduce costs through data accuracy. People can make costly errors when doing manual tasks. On the other hand, automated tools are error-free if they have the right configurations and are used correctly. Please note that it can be very costly to find and rectify errors. And, failing to correct these errors can cost your business customer dissatisfaction and regulatory penalties.
Business process automation tools help businesses increase staff productivity and reduce the time required to complete tasks. These tools are more applicable in situations that require very little or no engagement at all and creativity, like manual invoicing, data entry, and information search.
Besides, BPA solutions can handle numerous operations depending on the pre-defined scenarios, thus eliminating or minimizing the need for manual labor. However, we are not talking about robots—rather, we are talking about software programs that replicate human activities.
A study done by Gartner revealed that adopting BPA solutions can help businesses save a lot of time. For instance, finance departments saved up to 25,000 hours every year by adopting these solutions by averting costly human errors when generating financial reports.
Managing sensitive documents and data is a big challenge for many businesses that have manual processes. Besides, moving data manually is time-consuming and increases the chances of errors and data loss.
But, implementing business process automation can help your business streamline the document management process, making it effortless, error-free, and secure. Besides, it makes it easier to organize and retrieve data. You can also secure confidential data and prevent unauthorized people from accessing it. With business process automation, there’s an accurate transfer of information between different processes, which helps increase employee productivity.
Automated decision making
Business process automation solutions facilitate more informed and rapid decisions in organizations. A study done by IBM Institute found that business process automation can analyze data set up 25x faster than the human brain. This helps businesses to reduce their decision-making time.
AI solutions are well suited for this job. When you implement AI applications in your business, you can easily process large data, do a SWOT analysis, estimate risks, and make complex calculations without breaking a sweat. This is very important for competitor analysis, strategic planning, customer relationship management (CRM), lending, and research and development. Since business process automation provides your business with valuable data, the decision-making process becomes easier.
To make business management easier.
One of the most notable features of business automation solutions is the ability to log every activity. With BPA, running reports for different processes and activities is easy and requires minimal time. And, this is the dream of anyone who runs a business. When you implement business process automation, you can easily monitor the progress of operational activities and projects. Besides, these solutions suggest the required resources promptly.
Moreover, since BPA streamlines workflows, operational processes become efficient and reliable. Things like a timely response to client or customer service requests and inquiries, detailed activity logs, accurate calculations, and timely bill processing and payments make it easier to run a business more smoothly. In turn, this helps keep your partners happy and satisfied and helps avoid regulatory penalties and fines. Therefore, we can say can business process automation plays an important role in improving business management.