"Growth & Profit are a product of how people WORK TOGETHER."
Can you recall a time where you've heard this quoted in a work meeting?
The phrase is attributed to a Brazilian businessman named Ricardo Semler. And, he coincidentally grew his company's revenue from a $4 million to a $212 million in a 20-year period.
Indeed, the statement rings true across multiple sectors and is relative, both, internally and externally to any organization.
The more in sync the components of a system are, the more efficient its function is, and therefore, the more profitable it can be. Manufacturing has long benefited from this understanding. The invention of the assembly line has now evolved into process automation. And the improved process efficiency generates a compounding effect on profitability.
So what opportunity is there in automation for daily business processes? Well, on average, a business has 6 office processes that are performed daily. Imagine the impact of being able to automate those processes, freeing your workforce to spend less time "doing" and more time "creating." What would it look like if you improved basic processes by 20%? Now what if that improvement also led to higher customer attainment and business retention?
An article written for Forbes Magazine identified 3 key advantages for process automation:
Less time devoted to non-essential tasks. Think about this: 123 years of National Geographic magazine with high resolution photos, or over 1,400 issues, can be stored on just one flash drive. Digital filing can easily reduce long-term storage costs for your company, as well as allow user access information instantaneously. Rather than spending time hunting for a piece of paper in a filing cabinet, a document in a digital database can be retrieved within moments. This efficiency creates an opportunity to focus human resources on projects that are critical to growing business. (REVENUE POSITIVE)
Higher security for your documents. Digitized companies can easily back up crucial information using the highest forms of encryption and access control, while also keeping information off-site and away from physical catastrophe. If brick-and-mortar sites faced a fire or flood, hard-copy paperwork would likely be destroyed. In contrast, digital documents can be protected remotely via the cloud or an off-site hard drive. It is also less expensive to house critical documents in a digital format, generating an average savings of 30% - 40%. (LOWER EXPENSES)
Improved business velocity. Maximizing an organization’s velocity is a must to expand business and grow the customer base in a hyper-connected digital era. If you delay a transaction, you delay revenue – in certain instances, you may even lose a customer over a preference for more automated servicing. Automation positively impacts this issue by helping an organization provide a better, faster, and less expensive or higher margin service. Today's customer is also appreciative of access to digital or automated processes and tends to reward preferred customer experience with more business. (REVENUE POSITIVE + LOWER EXPENSES)
Today, organizations are facing immense pressure from narrowing margins and an ever-changing work landscape. "Remote work" has led to data-sharing challenges and created a consumer conditioned to expect ready access to documentation and servicing with limited interpersonal interaction.
Fortunately, automation and digitization go hand-in-hand and have a compounding effect on an organization by helping them drive revenue and mitigate expenses.
For more information on this topic, contact a member of our Celerit Managed Services team.
Celerit Technologies is an established service provider in technology to the banking and financial services industry for over 30 years. Today, they work with enterprises of all sizes, across multiple industries, deploying agile technology designed to address cybersecurity, compliance, communication and customer experience.
Learn more about Celerit Technologies here.
