5 Areas where automation can drive more value in your organization
Digital transformation is the key to the success of any enterprise in a highly competitive marketplace. And, automation is the driving force behind digital transformation.* Different sectors across the globe have realised the power of automation and are investing in it. As per Statista, cloud-based software is expected to grow at an annual compound growth rate of 9.4% between 2018 and 2023.
Technologies such as Artificial Intelligence (AI), Robotic Process Automation (RPA), Machine Learning (ML), Natural Language Processing (NLP), etc., can be deployed to automate various administrative and operational workflows in an organisation.
Automation enhances the efficiency of different functions, besides reducing human errors. RPA automates repetitive processes improving their speed and efficacy. AI and its subsets ML and NLP perform data analysis and forecasting to help businesses optimise processes for better outcomes. Big Data helps access large volumes of data that offer valuable insights. Cloud computing offers a virtual platform for businesses to function and streamlines collaboration between various stakeholders from multiple locations. All these technologies work in tandem to reduce costs and boost the ROI of a business.
Areas where Automation can be Deployed
- Supply Chain Management
- Human Resource
- Tax Compliance
Supply chain management is the core function of a business around which all other activities revolve. Automating supply chain management includes a myriad of rule-based processes that can be automated by RPA bots. These processes include collection of supplier data, vendor evaluation, invoice processing, optimising operations, inventory management, logistics, and more. AI enhances the efficacy of supply chains by forecasting demands to optimise operations and stock management. Automation technologies reduce the cost of production and help manage seasonal demands and other variable elements.
Human resource workflows include several tasks such as recruitment, onboarding, payroll processing, and more. HR functions entail extensive document processing and detailed data processing. RPA streamlines repetitive processes such as payroll processing, document processing, etc. Automation of tedious processes improves efficiency and also relieves staff. Staff whose time is freed up can focus on those activities that require a human touch which is a vital element of the human resource function. AI improves decision-making by providing valuable insights through data analytics, thus enhancing human resource productivity.
Tax compliance is a vital part of any business. Businesses need to ensure that they are compliant with the existing tax laws. Tax compliance can be automated with the help of AI and RPA simplifying the task of professionals. Automation provides information to the designated professionals so that they can act in a timely manner to prevent tax-related issues.
The efficiency of marketing determines the success of a business. As customers move to a digital domain, marketers need to adopt digital marketing strategies which will delight the buyers. A key element in planning an effective marketing strategy is customer data. Automation tools not only make it easier to access data but AI software performs data analytics and predictions that help fine-tune the strategy so that it is aligned with the needs of the buyers. The information offered by automation technology facilitates better planning and control. RPA automates marketing tasks like scheduling social media posts, email newsletters, and more. These technologies speed up processes and enhance accuracy. Automation bots streamline digital marketing strategies to offer outcomes for better customer experiences.
Businesses are responsible for ensuring the integrity of financial reports, managing cash flow, and other financial functions. Accuracy, efficiency, maintaining timelines, and regulatory compliance are some of the key elements in financial management. Automation bots minimise effort in and add efficiency to several aspects of the finance function such as manual controls, reporting errors, and operational cost management. RPA bots automate various processes such as order-to-pay, procure to cash, and more.
Besides these, there are several other areas in a business where automation can be deployed.
Automation can enhance the productivity of most processes in an organisation for better outcomes. Although automation technologies perform several tasks independently, human intervention is required to ensure that the system works efficiently. Man-machine collaboration is the need of the hour for businesses to stay relevant in the digital domain. An organisation has the option to either automate each process separately or deploy enterprise-level automation across different functions.
*For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.