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 (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:
BPA is important for current businesses as it:
BPA is important for companies to stay competitive, improve customer happiness, and drive long-term success.
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.
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%.
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.
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.
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.
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.
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.
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%.
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%.
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.
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 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.
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.
Processes that are routine, rules-based, high-volume, document-intensive, and prone to mistakes are ideal candidates for automation.
Modern automation systems are meant to be user-friendly, but complicated processes may require technical knowledge.
Employees need training on using and improving automatic processes, with skills in process planning, change management, and data analysis being useful.
