How Business Process Automation Can Save Money in the Short & Long Term?

Organizations are always looking for methods to simplify processes, boost efficiency, and raise production in the fast-paced tech world. Using technologies like artificial intelligence and workflow automation, business process automation (BPA) is one very effective approach that has become quite popular. 

A new study indicates that 80% of companies will use intelligent automation by 2025, hence CIOs must completely embrace digital transformation and future-proof their companies. Examining the advantages of BPA, this all-inclusive guide shows how it may help companies save money in both the short and long terms. 

In this MarsDevs article, let’s explore the importance of business process automation & how you can save money in the short & long-term process. So, let’s get started!

Business Process Automation - Why is it important?

Business Process Automation (BPA) is the tech-enabled automation of end-to-end business operations to increase efficiency and save expenses. 

It entails using cutting-edge technology like cloud platforms, process intelligence tools & automation tools to simplify corporate processes and automate tedious, manual chores.

BPA can be applied to different business tasks, including:

1. Onboarding new employees: Automating jobs such as filling out employee forms, booking training meetings, and setting up direct pay.
2. Onboarding new customers: Streamlining processes like background checks and compliance reports.
3. IT service desk support: Automating ticket analysis, labeling, and handling to improve IT help performance.
4. Marketing automation: Targeting people with automatic marketing messages across platforms.

BPA is important for current businesses as it:

• Increases productivity: Automating routine jobs, freeing up workers for higher-value work.
• Reduces costs: Eliminating human mistakes, improving system efficiency, and lowering worker costs.
• Improves accuracy: Removing human data and lowering the chance for mistakes.
• Enhances scalability: Business scaling becomes easier with defining and organizing processes.

BPA is important for companies to stay competitive, improve customer happiness, and drive long-term success.

Short-Term Financial Benefits of BPA

• Efficiency and Productivity:

Automation speeds processes by erasing manual tasks, freeing up workers for higher-value work. This leads to improved production and efficiency. Example: In the banking business, automation of customer training models can reduce the time it takes to finish the process, allowing advisers to focus on providing personalized financial advice rather than routine tasks.

• Cost Savings:

Automation lowers worker costs by reducing human mistakes and improving system performance. This results in instant cost savings. Example: According to a study, automated physical chores can lower wage costs by up to 30%.

• Error Reduction:

Automation reduces human mistakes by ensuring accurate and uniform data handling. Example: In the insurance business, data processing automation can remove mistakes caused by human data entry with fast claims handling.

• Enhanced Transparency:

Real-time tools and analytics provide insights into process success, allowing data-driven decision-making. Example: In the financial services sector, automation of client onboarding processes can provide real-time reports on stock success, market data, and financial planning suggestions, encouraging openness and trust.

Long-Term Financial Benefits of BPA

• Innovation and Employee Focus:

Automation frees workers from routine tasks, allowing them to focus on more creative and smart work. Example: According to a Smartsheet Automation in the Workplace Report, 72% of workers reported increased efficiency after automation, and 64% felt more involved and inspired.

• Risk Reduction:

BPA lowers business risks by reducing human mistakes and ensuring compliance with laws. Example: A case study by Kraft Business shows how BPA improved accuracy and responsibility in financial reports, lowering the risk of mistakes and non-compliance.

• Improved Decision-Making:

Real-time data given by BPA allows data-driven decision-making and better strategy choices. Example: A statement from a wealth management company notes that BPA offers real-time insights into portfolio success, market trends, and client behavior, allowing informed investment choices.

• Scalability:

Automation allows businesses to grow more efficiently, handling increased numbers and complexity without added human costs. Example: According to a study by Planergy, companies that adopt BPA can lower running costs by 10% and improve earnings by 8%.

• Cost Savings:

Automation lowers the need for human actions, leading to major cost savings over time. Example: Forrester suggests that BPA can cut running costs by around 90%.

• Increased Efficiency:

Automation simplifies and improves processes, reducing mistakes and improving total efficiency. Example: A case study by Terrapin Tech shows how BPA simplified client onboarding procedures, reducing the time it takes to complete the process and freeing counselors to focus on offering personalized financial advice.

Implementing BPA in Your Business

• Assessment: Identify processes ideal for automation by examining jobs, routines, and pain points. Determine which processes are routine, human, or prone to mistakes.
• Choosing Tools: Select BPA tools based on factors, like ease of use, scale, connections, and cost. Consider factors like data protection, user experience, and customization choices.
• Training and Support: Provide thorough training and support to employees to ensure a smooth shift to automated processes. This includes training, user guides, and continued help.

‍Common Pitfalls to Avoid

• Opposition to Change: Manage opposition by explaining the benefits of technology, involving workers in the process, and handling concerns and fears.
• Over-Automation: Avoid over-automation by finding the right mix between automation and human involvement. Ensure that technology is used to enhance human skills, not replace them.

‍Future Trends in BPA

AI and Machine Learning

AI and machine learning are changing the future of BPA by allowing more advanced processing and decision-making. These technologies can study data, spot trends, and make predictions, allowing for more efficient process automation. For example, generative AI can handle complicated tasks like data entry & document processing, while ML can optimize processes and improve customer service.

Integration with Other Systems

Integration with other business tools is important for driving further savings in BPA. Companies can simplify processes, reduce data gaps, and enhance productivity by connecting BPA with other systems, such as customer relationship management (CRM) and business resource planning (ERP). For instance, combining BPA with CRM can simplify hiring and improve customer happiness.

Conclusion

Business process automation (BPA) offers numerous perks, including increased speed, cost savings, and better correctness. By automating routine chores, businesses can free up workers for higher-value work, lower labor costs, and improve openness. 

BPA allows firms to grow more efficiently, handle increased numbers and complexity without extra labor costs, and improve decision-making. Take the first step towards adopting BPA in your business by finding processes ideal for automation and choosing the right tools. 

As technology evolves, BPA is vital in driving innovation, improving productivity & enhancing competitiveness by changing companies into fast, efficient, and customer-centric organizations. Need to tap into the realm of Business Process Automation? Reach out to MarsDevs. 

FAQs

1. What types of tasks are best designed for automation?

Processes that are routine, rules-based, high-volume, document-intensive, and prone to mistakes are ideal candidates for automation.

2. How tough is it to apply process automation?

Modern automation systems are meant to be user-friendly, but complicated processes may require technical knowledge.

3. What skills do workers need for process automation?

Employees need training on using and improving automatic processes, with skills in process planning, change management, and data analysis being useful.