Most businesses fall into one of two camps: either they believe their business processes are fine, regardless of how long it has been since they have updated them, or they realize they have issues with their processes, but either don’t understand how to fix them, how they are affecting their bottom line, or how to fix the problem.
The truth is that unless you have recently adopted automation, AI processes, and other modern developments, there are probably issues that can be resolved in your business processes and implementing those changes can dramatically affect your profits. Here are seven ways business process automation can do just that.
While this may sound like basic business 101, there are places in your processes with friction points. Those things are slowing you down and may even be frustrating for your employees and customers. Removing or at least minimizing those friction points is essential to being more profitable.
For instance, a process is often slowed down because an employee must notify management when a portion of a project has been completed and then must wait for managerial procedure to move forward. This often involves several email touchpoints that improved communication can easily solve.
Eliminate Valueless Tasks
Sometimes a business will hold on to a task simply because that is the way it has always been done, but if you are still filing paper invoices or printing unnecessary documents, it is costing you plenty and it’s also bad for the environment. If any task does not add value to you or your customer, eliminating it only makes sense.
Printing is just one of many examples of a valueless task. Look at each task in your business process and get rid of those not adding value to increase profits.
Clarifies Goals and Objectives
As time passes, goals and objectives often get muddied by the daily grind of doing business. A process can take the place of objectives and trying to fix a broken process often produces one that no longer follows the original intent.
Improving processes, specifically through automation, makes you look at them again and clarify goals and objectives. Automation can make sure your tasks are aligned with your mission and eliminates the process wander that often happens.
Eliminate Human Errors
Some of the costliest mistakes in your business are human errors: a person makes a mistake and it costs you and your business money. In fact, many security breaches and cyber attacks are caused by poor processes combined with human error. Just ask Target, Home Depot, and Experian.
Business process automation takes the human factor out of many areas, making them not only more profitable but more secure.
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Bundling Where Possible
One thing process automation can do for you is bundle tasks that were previously done separately into a single process. This eliminates wasted time and resources, but it can also reduce employee frustration, duplicate data entries and queries, and more.
This is especially true when it comes to reporting and analysis. Through automation, data can be gathered and processed from several sources, making in more accessible to more employees, and doing so in an efficient manner.
Producing Consistent and Reliable Output Due to BPA
Another struggle for many businesses is consistent results. Part of the reason for this is that while the goals may be the same, similar tasks are approached in different ways by both individuals and teams. When output is inconsistent, it affects not only your bottom line but your customers’ experiences too.
Business Process Automation allows for reliable and consistent output by stabilizing the process and removing variables from each step. This causes your profits to be more consistent and predictable at the same time.
Making Data-Driven Decisions
Often business advice includes things like “trust your instincts,” but better advice is to trust your data. With all the information we have at our fingertips due to big data and its integration into our business processes, much better decisions are possible.
Two keys to achieving business goals are measurement and analytics. Gathering data and understanding what it means is key to Increasing profits. Business process automation gives consistent data and makes both measurement and analytics simple. Bottom line? You make more informed decisions and your business will be more profitable.
A final tip? Often improving your business processes improves employee morale. No one wants to waste time on busywork or to have to deal with extra steps in a task that could be simplified. Better employee satisfaction leads to better customer satisfaction as well, making the buying process simpler and more pleasant. Happier employees and customers mean greater profitability.
Been a while since you looked at your business processes? Debating about the value of automation? At SixtySixTen, we offer custom tailored business process automation solutions that include the integration of artificial intelligence and that scale with ease. Want to learn more? Sign up for a free consultation today.