In an era defined by rapid technological advancements, the future of work is changing. To remain competitive, businesses and executives must stay current on industry trends. In the world of retail, for example, Intrinsic Search found that eCommerce has been dominating the space, causing rising online advertising costs and bringing about tech-heavy augmented reality shopping trends. Meanwhile, a Gartner survey found that 80% of executives think automation, the newest darling of the tech world, can be applied to any business decision — and are leveraging the tech to do just that.
Although job roles and career trajectories are shifting dramatically due to digital transformation, increasing demand for insightful leaders who can also bend technology in novel directions is also more apparent. Automation, in its various forms, is now redefining how businesses operate, compete, and thrive. Below are a few ways automation can streamline your business operations, as well as examples of automation software to help your organization grow.
Workflow management
Boosting productivity is one of the main reasons many business leaders choose to invest in workflow automation. According to Workato’s Work Automation Index 2021, 45% of corporate teams created automated systems to improve efficiency. Instead of spending time doing menial tasks like creating reminders, updating task assignees, data entry, and sending emails to clients, automation software frees up time to focus on more important tasks.
At the same time, executives should keep in mind that not every part of a workflow can or should be automated. Concentrate on simple, high-frequency tasks that will have the highest impact.
When choosing a workflow automation software, opt for one that requires low code to build processes like Integrify. The platform offers an easy-to-use builder, flexible customization, multiple pricing options, and dedicated customer support. It comes with a variety of pre-built workflows for common tasks, as well as the ability to create custom workflows with a drag-and-drop interface.
Revenue management
Revenue management automation allows an enterprise to focus on two things – optimizing customer value and improving profitability. Today’s consumers want a frictionless experience with your business, from the purchasing phase through receiving and paying invoices. To ensure profitability, it’s critical for businesses to be able to manage the volume, complexity, and velocity of today’s revenue streams from a mix of subscriptions, usage-based billing, services, and more.
Revenue management software Softrax specializes in this area and can help your business flourish by executing order management, billing, renewal management, and revenue recognition. There’s a lot that goes into sustaining profitability over the long term. If your organization is suffering from a shortage of accountants to handle substantial and intricate workloads or errors from manual efforts leading to inaccurate invoices, these pose a threat to your cash flow and the overall survival of your business. Thankfully, software like Softrax can assist you with avoiding those pitfalls.
Resource management
Research from Salesforce reveals that 59% of businesses saw their costs reduced by more than 10% when they automated repetitive tasks while facilitating the fine-tuning of business processes. A number of large companies endure lengthy approval processes. While an HR request might involve just one employee and the HR department, a finance request may include an employee, supervisor, finance manager, and the CFO. For instance, Audi Japan KK’s Finance department routinely deals with requests for approvals worth millions of dollars. The company thus sought a secure, sensitive, and accurate way to automate the approvals process.
Low-code process automation and enterprise apps leader Bizagi was able to turn Audi Japan’s complex approval process into a streamlined, secure, and paperless process. As a result, they achieved a 75% reduction in internal processing time, optimizing the distribution and reallocation of workloads, resources, and responsibilities.
Executives embracing automation tools with a forward-thinking perspective will undoubtedly find themselves at the forefront of their respective industries, while those who lag behind may face mounting challenges. The key to thriving in this dynamic landscape lies in a deep understanding of automation tools and their strategic deployment. By doing so, business executives can secure not only their competitive edge but also the promise of a prosperous future.
To stay updated on recruitment and industry trends, visit the Intrinsic Executive Search website!