According to market research conducted by IDC, businesses lose anywhere from 20 to 30 percent of revenue due to inefficient business processes. Poor or lack of integration, redundancies and complexity can all contribute towards making your business process ineffective.
Thankfully, businesses have started realizing it and are now actively jumping on the digital automation bandwagon. The number of businesses that have started using automation for critical business processes has grown from 16% to 50% between 2017 and 2019. Statistics show that the digital process automation market is currently valued at $6.76 billion and will be worth $12.61 billion by 2023 with a compound annual growth rate of 13.3%.
In this article, you will learn about seven advantages of intelligent automation you wished you knew earlier.
7 Business Advantages of Intelligent Automation
Here are seven advantages of implementing intelligent automation in your business.
Reduces Costs
One of the biggest reasons why most businesses favors intelligent automation is that it helps them reduce their costs. In fact, 73% of businesses expect their operating costs to decline when they automate their business processes. By automating business processes you can increase their efficiency and make your process run continuously without human involvement. This can minimize your operational expenses while boosting the efficiency of your business.
This reduces the burden off the shoulders of your employees and helps them focus on more value-driving activities instead of wasting their time and energy on mundane tasks. Due to this, you start to get more output by spending less money, which will have a positive impact on your bottom line.
Improve Quality of Work
Another advantage of implementing intelligent automation in your business is that it can minimize human error by cutting down their involvement. As a result, your quality of work increases. These human errors can be costly and can dent your business reputation as well. As a business, you don’t want that. To reduce the frequency of errors and uplift the quality of work, you need to adopt smart automation solutions. When the quality of your output is high, it will increase customer satisfaction as customers will have a much better experience with your products and services.
Minimizes Cycle Time
What makes technology and especially automation so special is that it takes the pain out of tasks and helps you get work done quickly. A task that requires weeks for completion manually can be completed in hours with the help of automation. That is the power of automation. Businesses can harness the power of intelligent automation and bring products faster to market by reducing the cycle time. This can also give you the first-mover advantage or competitive advantage which can make your business stand out from the crowd and get noticed.
Flexibility
Intelligent automation frees up your time so you can focus more on innovation and less on day-to-day tasks. Additionally, you can also identify value-generating processes and stick to them while replacing workflows and processes which are not generating more revenue. Even if the processes are complex, smart automation enables businesses to transfer human-run processes to machines. The faster you can make that transition, the better it is for the growth of your business.Â
Better Control
Some businesses like Singapore dedicated servers lack the skills and resources to manage operations so they tend to outsource a portion of their business operations. By leveraging smart automation tools, these businesses can overcome these shortcomings. This can not only save them money but is also more secure. By managing things in the house, you don’t have to worry about security concerns or handling your business operations to others. Additionally, it will give you complete control over your business processes and also provide more visibility into them the same way as you get when you buy dedicated server hosting.
Empower Your Employees
As automation technologies and solutions continue to mature, this would make it easier for anyone even without technical skills to take advantage of them. We saw that happen with the app development industry where app development ideas were only restricted to coders who have coding knowledge.Â
With the advent of no-code or low code tools, everyone can now develop their own apps without even writing a single line of code. Similarly, smart automation can empower your users and employees to do things that they have never done before too without any expertise or technical knowledge. This will open up new opportunities and transform the way users approach work.
Yes, this can wipe out some jobs but it will also create more jobs too. Additionally, it would increase the profit margins on businesses as they can function at the highest level of efficiency with fewer employees. This can be crucial in today’s highly competitive business world where profit margins are shrinking. Not only will this make it easier for businesses to survive but it also gives them more room for innovation and expansion.
Insights and Analytics
If I ask you to choose one option which one would you choose, learning through trial and error or learning through other people’s mistakes. Most people would certainly pick the latter option as they don’t have to go through the ordeal of failure or bear losses themselves but can still learn the lessons. For most businesses, there is nothing better than that. Sadly, the majority of startups still learn by making mistakes and then correct those mistakes and stop repeating those mistakes in the future.
By using AI-based and machine learning algorithms, you can manage, organize and analyze data and extract actionable insights from these data sets. This allows businesses to make the right decision at the right time. Not only that, these analytics and insights can also help you make necessary changes to your current business processes to boost its efficiency and mitigate issues if there are any. Additionally, you can also make the right predictions by looking at past data and forecast future demands.
Which is the biggest advantage of intelligent automation in your opinion? Share it with us in the comments section below.
