Today automation along with its drivers are probably the most discussed topic in the world of business world. Some organizations focus on where to begin, and how to they can use machine intelligence and where it applies to their business.
How big is the industry?
The above figure shows a forecast of spending on various business process automation. In 2017, the business process automation market was expected to reach 6.6 billion U.S. dollars globally, and nearly double the number by 2021. The benefits are bigger, which makes it even more lucrative for organization to invest in process automation.
Impact of Automation
This above figure gives us a taste of the potential impact that automation can have on business process outsourcing (BPO) market worldwide. It was projected that in 2018, the BPO market worth of 22.5 billion U.S. dollar was going to be automated!
Every organization has different needs as they have different business with different processes. It is impossible to completely automate the business, hence it becomes extremely important for business decision makers to understand which processes are, and aren’t, ripe for automation.
Where to Begin?
For organizations that have just begun automation journey, it is best to start with simpler processes that pose lower risk while offering quick gain. Upon success of those, and with the experience that is gained from those processes, it is best to move towards complex processes.
So, instead of relying on your people to perform each part of a business process, simply automate it! The benefits are manifold: users get to spend their time on other tasks, and you also trust that the process is always done just the way you want it. It results in improved accountability, predictability, efficiency and, reduced cost, risks and variability. So why aren’t more and more organizations moving to automate their processes? The figure below takes us through some of the top reasons that prevent organizations from opting for automation.
Do You Need Automation at All?
Not all businesses needs automation. While some need it urgently, some are not a good fit for automation. If your business is large, business processes are time-consuming and resource intensive and are prone to human error, they should be set as a priority to automate cumbersome processes.
Compliance is another reason where you need automation. With the business process being automated, each and every detail is stored on the system and drives which can be useful during Audits.
Process automation provides a very good outcome by making a streamlined process which provides clear-cut responsibility; a custom-made announcement, beneficial, and rapid turnarounds. These all eliminate any non-economical tasks providing time to put energy on the right tasks
Reliability of customer is the base on which the life of a business stands and flourishes. When the business process automation is in place, the operations deliver a standard outcome, which leads to customer satisfaction and growth.
In short, Automation can help you produce goods at cost lower than what you generally did as it helps in reduced manpower need. It also enables scope of greater economy meaning it allows companies to offer more diverse range of products that they generally could not have without the help of automation.
The below figure gives us an overview of benefits of automation. With almost 41% of respondents stating that better quality operation is the biggest reason for having automation.
If you intend to meet any of the above objectives for your business, automation is the way forward.
Contact us for a free consultation to see how automation can drive your business.
