Automation is the key to future business efficiency. Process and Automation are best fit

Automation: the Key to Future Business Efficiency

Category: Tech
On October 14, 2020

In the search for business productivity, Artificial Intelligence (AI) and Bots are the latest buzzwords.

To leverage these new methodologies, managers need to identify the most suitable automation tools. It will help to smooth any disruption to their organisation.

Administrative Processes Automation

Certain business functions are easier to automate than others. Depending on the IT structure of the company, an all-purpose software would cover most of the aspects.

The general-purpose software would be sitting on top of the company existing IT systems.

A combination of software helps to streamline workflow and save staff time.

Algorithms such as Business Process Management (BPM) and Optical Character Recognition (OCR) tools and Robotic Process Automation (RPA), can handle repetitive tasks with minimum error.

RPA has been applied successfully across several activities in finance, including:

  • Financial Controlling & External Reporting
  • Cash Disbursement
  • General Accounting
  • Better customer management

Internet-savvy consumers are familiar with managing their affairs online.

The integration with effective automation helps to match their expectations. It also boosts the company brand and maximises the effective use of resources.

Customers Inquieries: Chatbot AI

Chatbots handle incoming enquiries efficiently without taking up valuable staff time.

Think about Chatbots as highly customisable, AI driven version of a customer service. The bot is instructed to handle inquiries in a timely and consisntent manner. 

Intercom is a chatbot service affordable solution. It provides professional support and efficiently manages customer enquiries.

Self-Service Portals For Automation

Self service portals, enable a variety of processes to be handled remotely.

Those tasks include client onboarding, transaction management, customer support and knowledge database enquiries.

This open line of communication offers a wide range of options via the company website. Thus, saving time, boost satisfaction levels, as well as improving long-term customer retention.

In 2021 more than ever, customers are first.

Employers satisfaction is also important. 

Appogeehr is a HR Software to help you manage HR from wherever your staff are working

Team Experience and Automation Tools

Despite a growing role for AI, some financial management tasks still necessitate a degree of human intervention. These include:

  • Audit
  • Risk Management
  • Treasury
  • Financial Planning and Analysis
  • Tax

Automation will increasingly encroach on these areas in the future.

Not to forget that experienced management staff still retain an essential decision-making role today.

Automation Handles More Complex Tasks

Any area of activity that depends on human interaction is inevitably more challenging to automate. Such tasks include:

  • Business Development
  • External Relations
  • Accounting Management 

In these areas, software plays a supporting role to the personal touch of the sales and marketing teams. A range of applications assists in specific areas. 

For example:

  • Customer Relationship Management (CRM) provides a centralised alternative to spreadsheets and manual record-keeping. It ensures that sales executives closely follow a detailed programme of interaction with clients. Sales, marketing and administrative team members enjoy access to the same up-to-date information. Thus, customer management is significantly improved.
  • Email Marketing Software such as Mailchimp, automates customer outreach by enables faster and highly targeted interaction. Customised messages maximise the effectiveness of new and existing prospect databases.
  • Marketing Automation Applications take customer targeting to a higher level. Also, it helps marketers with content creation, advanced market segmentation and leads nurturing techniques.

Automation In Trade Finance: An Industry In Transition

While supporting USD 15 Trillion per year of global trade, trade finance remains a largely paper-based process.

Important documents like Bills of Lading and Invoices are still printed. Paper copies of shipping documents are exchanged as goods travel along the supply chain. 

However, change is coming quickly.

Today  trade finance platforms, such as Velotrade minimise administrative tasks by automating. We use automation when connecting suppliers and investors to the platform.

API connect banks, risk assesment firms and e-commerce portals. Trusting your API service provider is compulsory when turning to automation. On Average, Security breach causes US$3.86 millions in and data losses.

Customer Care and Users Experience

Existing clients can track transaction status via a self-service website on desktop or mobile devices.

The CRM (Client Relationship Management) software tracks prospect origination. It helps scheduling follow-ups to maximise client conversion rates.

The CRM system plays a significant role in supporting a busy sales team.

Compliance and Security 

Some credit checks and compliance procedures still need to be performed manually. However, regular database back-up is a necessity to meet the stringent compliance requirements of financial regulations. 

Velotrade uses OCR to minimise human intervention when checking the invoice specifications.

Automation and Organisational Change

Automation tools offer a wide range of potential benefits to companies.

Those services range from performance improvements to high cost and manpower-savings. 

However, successfully achieving these efficiencies involves overcoming many challenges that face management. 

New tools that enable digitisation and automation can rapidly change business processes. Such a transformation requires an equally rapid analysis by the management team.

The management team is under pressure to make the right decisions for the company based on a swift situational analysis. For example, sales are moving from a personal to a self-service focus online. 

However, it also requires a supportive and efficient response from the company’s staff. 

These changes will have a substantial impact on employees and the culture in which they work. Great care and assessing the feedback is essential during implementation.

How To Implement Automation

Before automation is introduced, the first step should be to ensure that there is a resilient and people-friendly culture. It can help team members to absorb the impact of changes with minimal disruption.

In this way, organisations can smooth the transition. Also, it ensures that each individual has a better understanding of new processes and how he or she is likely to be affected.

Brought to you by Velotrade, a marketplace for corporates to access working capital by securing advance payment from investors (in plain english, we provide financing).