Business industries always seek to adopt efficient processes that can lead to faster development and growth of the business. Nowadays, lots of entrepreneurs have shifted their gears towards automation for growing their businesses. For an established setup, there is so much to manage. From handling staff timings, raw materials, financial investments, and operational workflows, each of these factors is rated in terms of productivity. Process automation via machines handles the entire workflow optimizing time and costs. Cost reduction further boosts business productivity.
Mckinsey reports reveal that 66% of businesses across verticals have initiated to automate their workflows. Every industry is benefiting from automating core processes. This clears the point that automation is possible for any and every kind of business or industry. The essential part is knowing everything that it takes to implement the right technology for your business.
The Key Technologies That Can Help Automate Your Business
With a new wave of digital technologies coming up every day, automation has become easier and more seamless across the globe. Be it manufacturing, finance, banking, smart home, life sciences, healthcare, transportation, retail, or any other business process, automation can transform them into organized workflows. To implement smart automation, you need to know about the technologies that make the whole thing possible. So let us find out the four key technologies that are used:
Robotic Process Automation (RPA)
The robots or (bots) that give RPA its name are software application development that perform repetitive tasks with great efficiency automating digital activities. These bots operate through user interfaces, so they’re ideal for flexible integration for disparate software, including legacy and cloud-based Software-as-a-Service (SaaS) applications. RPA is particularly good at rules-based behavior and is often used in heavy data-handling tasks like Accounts Payable (AP).
Artificial Intelligence (AI)
With AI capabilities, RPA bots become capable of automating more complex tasks by emulating human cognitive behaviors. Specific AI technologies that enhance digital automation include Natural Language Processing (NLP), computer vision, machine learning, and predictive analytics. These tools allow RPA bots to “understand” human speech and writing; improve performance accuracy over time; extract accurate data from unstructured documents; identify patterns in enormous datasets; and much more.
Business Process Management Systems (BPMS)
The true power of digital automation lies in its ability to handle not just process tasks but process management as well. A BPMS platform coordinates all the actors within a process. It guides participants through a workflow map, assigning tasks, recording their completion, and notifying stakeholders throughout the process. Note that these participants may include RPA bots and human workers alike.
Combine the above three technologies to achieve intelligent automation, also known as hyper automation. A BPMS platform orchestrates bots and human employees through the process; RPA automates tasks within the process, and AI expands the range of tasks that can be automated. Altogether, it adds up to total process automation from start to finish.
How to Initiate Automation in a Business
Prior to stepping into the process of digital transformation, you need to bring your business team to a common platform for automating various tasks. The best method is to draft a clear picture of the process of automation and how will it help the entire business to fetch the best results within the timelines
Process Evaluation Checking Automation Potential
Automation adds value to a variety of business processes. To obtain the stakeholders’ contribution, you need to focus on its first ROI. ROI is the best choice is just a step away after the evaluation that is measured in terms of value and complexity.
ROI Estimation for the Chosen Process
When you begin the automation, you must ensure the process is designed in tune with the business goals. The hard numbers can help you determine whether the cost of automation can provide a strong return or not. An efficient automation service provider can help you perform stepwise along with a calculative ROI that can be generated.
Deploy RPA Bot
We have come a long way to position ourselves at a place where digital automation project is no more time-consuming and costly. RPA technology, digital automation is easy and flexible and rolls out faster than before. A single RPA bot makes tremendous first automation. You can avail the best of the automation services with a guaranteed deployment of a trained and customized RPA bot within three to four weeks.
The last step is to review the entire project by integrating data collection and reporting. This helps in demonstrating the value of your first automation in hard numbers. A detailed report will give you insights on future automation and how this project is going on in the present.
Automation uncomplicated several processes for any given business. Securing digital document archives, Contract e-signing. Sending affordances for paper reduction, and cloud-based data storage for the alignment of IT practices are some of the resources. You know what is process of automating your business, you are all set to achieve better results every day.