Stop wasting valuable human capital on monotonous, repetitive tasks that could be performed by intelligent machines. Stop flip-flopping on your management techniques to push organizational goals. Instead, identify mission critical processes that could be automated, so you and your company get the clarity needed to accelerate growth.
The big conundrum for organizations these days is not a lack of choice in automation tools, but the question of what to automate. Interestingly, this is also one of the top reasons why quite a few Robotic Process Automation (RPA) projects fail.
To avoid this, as a good first step, it is recommended that businesses automate only the most critical parts of a process that are of low or medium complexity — and think about digitizing high value tasks only after reaching RPA maturity of a certain degree.
Going by this formula, we thought we’d review 7 mission critical processes that when automated can boost revenues. This should help kick-off your decision-making on process automation.
A good rule of thumb would be to find out what metrics from your current processes, when optimized, will help meet those quarterly or yearly growth objectives. Say, you need to process B2B customer orders by the hundreds every month. Will automating this process help you scale operations and add more accounts? What if your contract prohibits you from supplying to other competitor firms? In that case, you are restricted from adding new accounts, meaning it doesn’t necessarily help automating your order processing.
In a nutshell, it pays to know what you gain from automating workflows. Alternatively, you could take ‘Customer Success’ to be the focal point of your intent to automate and work back tasks that could be streamlined to achieve that. Here’s the list:
- Re-engineer your shared services to deliver operational excellence across multiple departments
- Accounts Payable: you don’t need your accounting department to stay on top of payables to reconcile bills on time. Your digital workers will take care of it — an Intelligent Process Automation (IPA) solution comes with cognitive capabilities such as AI and Machine Learning, so your digital workers can self-train to perform operations along the purchase-to-pay chain. Early payments guarantee a quality vendor portfolio, setting you up for success when it comes to prompt product/service delivery.
- Accounts Receivable: regulate those payment cycles so you never run out of cash. This is a critical business process that needs to be streamlined to ensure healthy cash flows. Automation also opens up clear lines of communication with your customers so there are fewer instances of a customer engagement going wrong.
- Order Fulfillment: ensure visibility along the order-to-cash chain so you never have to keep the customer waiting. Order fulfillment becomes easy when you have in place an intelligent automation software to instantly capture and process order details.
- Claims Processing: entering, validating, and approving claims data is a piece of cake, when you are processing one claim per day. Looking to add new accounts? Then you definitely need to scale operations to accommodate a lot more clients, which means more claims processing. Invest in an IPA tool that delivers immense scalability, so your reimbursement cycle times and consequently, customer wait times are reduced considerably.
- Inventory: often, businesses suffer from stock-outs and as a result, delay order fulfillment due to lack of visibility into their inventory and reserves. This can be reversed with an inventory management solution that employs intelligent data capture technology to instantly capture and record incoming inventory, to be managed and monitored centrally through a real-time dashboard. Apart from keeping track of the state of your existing reserves, you will be able to gauge the progress of your sales and revise strategies to improve them.
- Customer Relationship Management (CRM): maintaining a strong consumer base is vital to an organization’s survival and growth. Can you consistently figure out what your customers want? How do you keep track of consumer behaviour and service your clients accordingly? IPA is the answer. CRM software has become an indispensable part of Fortune 500 companies as well as SMBs because companies know that if they are not in the loop on the latest consumer trends and not providing the same, customers will swiftly move to the next seller.
- Batch Processing: batch processing is especially efficient for processing periodical tasks such as generating payrolls or attendance log reports in a batch. Automated batch processing saves organizations operational and labor costs.