5 Things Your Business Should Automate

5 Things Your Business Should Automate

The traditional methods of controlling and supporting corporate processes are changing. With corporate activities such as IT, HR, and finance, the back office offers critical support and administration to the business and may assist establish service distinction. CFOs and CIOs across the world are realising that attempts to improve customer-facing technology and procedures are limited unless the back-office operations are similarly successful and linked.

As a matter of fact, certain estimates by Ernst & Young (EY) show that automation of back-office work could provide companies with savings of about 20% to 60% of baseline full-time employee (FTE) costs. A survey even found that 60% of customer dissatisfaction sources originated in the back office. As a result, businesses prepare to be future-ready, and technologies like artificial intelligence are increasingly being used to aid transformation initiatives. They have the potential to have a tremendous influence on back-office processes, resulting in cost savings, shorter turnaround times, and higher productivity. So here are the 5 departments on the backend of any office that stand to gain the most from automation.?

Finance?

Often clubbed with the accounts department, the efficiency and workload of this segment in any office are under a lot of pressure. What often starts with few resources and limited working hours gets strained to perform further due to deadlines and expectations of deliverables. This can be changed by automation processes. It can be seen that in companies where automated invoices are received and processed, over 22,500 invoices per year can be processed, enhancing the output exponentially. The automated system extracts and validates invoice data, matches invoices to purchase orders and proof-of-delivery receipts, and publishes approved invoices to an ERP platform automatically.

Accounting

Although necessary for the operation of the firm, accounts receivable are loaded with time-consuming, tedious, and laborious procedures. Employees must frequently manually enter data from incoming purchase orders and then transfer it from one system to another. All of this leads to a difficult, lengthy, and error-prone procedure.

In such circumstances, automation may automate the entire process, removing the possibility of human mistakes. Organizations may shorten their long days-to-pay times by automatically collecting incoming order information, automating operations such as creating downstream documentation and keying in order information into the ERP solution. This speeds up the collections process and improves cash flow.

Human Resources

Millennials account for more than a third of the workforce, according to Gallup, and Millennial turnover costs global firms $30.5 billion each year. Automation can effectively handle tasks like filling out standard forms, sending out notifications, and populating various database information. Automated Operating Systems, such as those offered by CEC, save time and produce error-free work in minutes, all while avoiding lengthy email chains. As a consequence, instead of focusing on paperwork, HR can focus on other strategic initiatives, increasing the entire employee experience.

Employee Data Management

Employee data management is one of HR's most transaction-intensive and high-volume operations. Data updates and requests occur from a variety of systems, and there are various stakeholders and departments involved. According to Deloitte's 2017 Global Human Capital Trends survey, 22% of the highest-performing HR businesses are now adopting or have embraced automation, while just 6% of the lowest-performing organisations have done so. It is believed that such automation solutions may save a company somewhere between 10% and 20% of its operating costs. HR can now concentrate on creating a holistic and fulfilling employee experience.

IT Services

Service requests, incident management, problem management, change management, asset management, and reporting are all handled by the IT service desk. Many of these queries are transactional and repetitive in nature. Manually dealing with them typically leads in a poor employee experience and wastes important resources on time-consuming, transactional, and monotonous chores. The IT service desk must grow to be able to address issues proactively, using analytics and intelligent automation to predict difficulties and trigger repairs as soon as they occur. Automation may help you transition from a reactive to a proactive mindset.