In a highly competitive environment, cost reduction remains a top priority for organizations. The current economic situation also forces companies to look for new ways to reduce costs without compromising the quality of their products or services. Process automation is one of the huge technological advances that will help companies achieve better results in many areas.
Selection of processes for automation
When you need to decide which processes to automate, you can choose routine tasks. They take up most of the working time, which means they are the best candidates for automation. Costs will decrease if the following processes are automated:
- schedule of outgoing payments;
- checking and collecting supplier invoices;
- working with consumer requests;
- processing of sales orders;
- entering and collecting data into the business system;
- creating an account for consumer purchases;
- shipment tracking and logistics management.
Advantages of using technology to reduce costs
There are many business advantages of automating processes with the help of technological solutions. The most important are:
Optimization of employees' working hours
One of the main advantages of automation is that it allows you to perform repetitive and time-consuming tasks, such as entering information into databases or invoicing.
Many employees are overloaded with these tasks and are not interested in their performance, and automation allows them to focus on more meaningful and exciting tasks.
Acceleration of processes
The acceleration of processes is directly reflected in the reduction of costs. At first glance, this may seem like a small figure, but when a 250 percent reduction in the invoice becomes noticeable, the savings are really significant.
The less time is spent on the process, the less impact it will have on the final result.
Getting more accurate data
Without an accurate understanding of the state of the company's finances, it is not entirely possible to make reasonable financial decisions in the future.
Automation works much faster and keeps records on each project, invoice, report, etc. This provides instant access to the most accurate data available, allowing for more accurate financial forecasting and efficient management of capital projects.
Increased mobility and efficiency
In many industries, employees perform their tasks from the office. And all because they need a specific device to perform certain tasks manually. However, with automation, everything changes.
According to the first point, employees no longer need to perform tasks manually, which allows them to work and access the necessary information from any place convenient for them and from any device.
Improved customer experience
Automation is also synonymous with flexibility in working with clients. These processes open the door to more active customer engagement and more transparent and direct communication.
How does automation reduce costs?
Let's look at how you can implement automation of business processes in a company:
Sending automatic update messages. This is one of the best ways to maintain customer engagement and smoother communication. In addition, they can be programmed in such a way as to best meet the needs of each specific case.
Internet software. Many companies use online platforms such as accounting software, analytical reporting, etc. This makes it easier for employees to find the necessary information from anywhere and without wasting time.
Additional reporting functions. Many systems have reporting functions built into automated processes, which allows the program to easily create reports that allow you to track project deadlines, accounting or any other information.
Review features. By adding reviews at each checkpoint, there will be a better chance of success, as there will be more tools to find where failures have occurred and fix them in the future.
Creating indicators. This is one of the most valuable tools, because if the project expires on time or the numbers do not match the correct number, you will be notified of the error with a warning. This avoids both human and system errors.
Built-in client portals. ОThey allow clients to log in directly and contribute via discussion forums or add files and comments needed to complete the project.
Back office transformation. Automated solutions applied to accounts use artificial intelligence (AI) and optical character recognition (OCR) to replace manual processing of invoices and payment tasks. This provides real-time visibility of the payment status and improves payment flow management and decision-making.
Chatbots. Automated response bots are among the best allies for a company's website, regardless of the industry. They can provide services around the clock and seven days a week, attract potential customers, optimize the team of people and improve the brand image.
Mobile applications. With smartphones, which are so widely used in our work and personal life, you can get what you need with one click through the application. The time and process controls can be easily updated using a mobile phone, making them the best alternative to traditional pencil and paper.
Smart wall laying. Mainly designed for the retail and manufacturing sector, it is a very effective way to reduce the number of operations when processing orders that require picking, packaging and delivery of goods.
The impact of information technology on jobs
If automation and other technologies are so good, then it can lead to unemployment? There is some disagreement about the future net impact of these technologies on employment, but most researchers generally agree that almost all professions will eventually be affected. Although some economists have a different opinion.
For several decades, expectations about unemployment have been the subject of general discussion, and they have consistently turned out to be wrong. In the late 1920s and 30s, there was a sudden increase in automation, when machines began to expect command on farms and in processing plants.
People who support and develop technologies have jobs. Currently, most new innovations can provide employment in many ways, since new industries are based on technology. In any case, the circumstance that is neglected is the devious influence of labor-saving developments. As we know, when businesses can do more with less, they can expand, i.e. add new products, as well as open new branches.
Yes, AI, automation and similar various developments are mostly designed to dominate and sometimes I can replace an entire profession, but they also create new occupations. ATMs are the best example of this. When they were introduced in the 1980s, it was thought that bank employees would quickly cease to exist. Over time, fewer cashiers were used in each branch of the bank. Nevertheless, ATMs have made it cheaper to work in bank branches, which has led to the opening of more bank branches.
When the spreadsheet software was launched, it laid off 2 million clerks. However, it has also created millions of new jobs in the form of accountants, etc. From the two examples above, we can say that this is a positive impact of automation on employment.
Thus, automation not only does not harm employment, but also allows you to save money for the company, reduce costs for processes, ease the load on resources and provide the team with an adequate balance between work and personal life.
AZN Research can help automate the processes necessary for your company using Customer Intelligence Suite (CIS) and Digital Onboarding Portal (DOP) solutions. These solutions use the latest advances in AI and machine learning, which provide full automation of processes such as customer registration, tracking, evaluation and monitoring of data, integration of multi-local banking services, etc. That is, our products can read KPIs and other indicators, thereby helping administrators who check applications for opening bank accounts, statisticians or analysts to work.