What is Business Process Automation and How Does It Increase a Company's Profit
Business automation systems, artificial intelligence, and robotization are among the means aimed at simplifying companies' workflows and their growth. However, as revealed by the Global Human Capital Trends research , nearly half (48%) of entrepreneurs are yet to adopt them. By neglecting these technologies, businesses are gradually losing their competitive edge and struggling to keep pace with their peers and other industries. In contrast, optimizing work processes lets you reduce human error, accelerate data exchange, simplify communication, consolidate information storage, and more.
Deloitte's early research shows that companies that implemented automation give employees room for growth, find creative solutions to problems, and spend less time on routine tasks. In this article, we will delve into enhancing business productivity through IT solutions and explore how these tools can foster your growth.
All you need to know about automation systems
Business process automation and using ChatGPT to speed up task execution is the trend of 2023. However, automation systems deserve particular attention, as they not only simplify workflows but also boost a company's profitability To fully grasp all the benefits, you have to understand the very concept of business automation and evaluate its relevance to your needs./p>
How business automation works
Business process automation involves implementing software that follows a pre-defined algorithm to carry out routine tasks. These processes may include:
- partner interaction;
- customer communication;
- logistics and supply chain management;
- document management;
- team performance tracking;
- strategic management;
- and more.
You can embed any algorithms into the system that will carry out precisely what your business demands. The vast majority of these programs come with an intuitive interface that doesn`t take your team too long to master. For instance, a low-code system fdForge.
Any company from a wide range of sectors can use this system, including industrial, real estate, automotive, agriculture, fintech, and e-commerce directions. The system development typically takes 2-3 months. Subsequently, an expert monitors your team's activity in the system and makes any further adjustments.
Types of automation systems
In the market, you can find both ready-made solutions for business process optimization, and custom-built products. For example, fdForge from FreshTech offers a range of ready-made solutions that can be tailored to fit the enterprise's specific needs. Our team has analyzed the core business processes of our clients and built four KITs (ready-made solutions) that can be quickly launched, customized, and used as the foundation to create a tailored system that aligns with your specific work format.
The main fdForge benefit is that it is a low-code system. In other words, your team doesn't need to learn special code or have software development skills. The software relies on intuitive graphical elements and pre-built functions. As a result, automation for medium and large businesses is carried out quickly and efficiently for the team. Should you require additional training, a FreshTech specialist will conduct a workshop, outline the work algorithms, and support you with system integration.
Key considerations of business automation
Integration of digital solutions in business has its benefits and drawbacks. The benefits include:
- avoiding routine and repetitive manual labor;
- reducing human error;
- quick handling and sharing of any information with clients, partners, team members, and management;
- a unified system is used to serve all teams;
- automated report and document generation, with seamless storage and retrieval;
Popular solutions also have pitfalls. Among them, there is the need for the initial investment in the development and implementation of new solutions, time to train the team, transfer data to a new database, test the software, and communicate with the team to adjust it. However, after the first months of working with new tools and optimized processes, you will return on investment, increase profits, and establish effective teamwork.
Workflow automation: reality or just a pipe dream?
Before starting business process automation, the notion of self-operating systems can seem illusory and simply a marketing ploy. However, this is not the case. You may have had prior experience in implementing automated systems to improve business productivity, or are currently attempting to do so, but have not seen the desired results. Therefore, we suggest exploring the effectiveness of the fdForge system and digital technologies in business based on our client case study.
Case: How has the fdForge automation system made the work of brokers more efficient and structured at Est8App?
BLD Group, a Ukrainian company, sought the services of FreshTech to streamline the operations of their commercial real estate brokers. Experts used to do all the tasks manually, verified properties, and kept written records. This caused client requests to have long response times, information to be lost, and work efficiency to suffer.
In order to streamline processes and speed up the creation of long-lists, fdForge's team of specialists developed a customized application for internal use. The brokers at Est8App now keep a centralized database of the company's properties and clients, allowing them to easily verify transactions and automatically create lists of available properties that meet the client's requirements.
With the assistance of the PRM KIT system the Ukrainian company was able to achieve the following results:
- Simplified the process of selecting properties based on client requests.
- Customized the application to a web-based interface for the client's convenience.
- Developed a feature for scheduling property viewings.
- Created a formula for calculating team members` KPIs.
- Incorporated the functionality to compile and display rent/sales property statistics.
- Implemented dashboards for property owners.
With the fdForge automation system, brokers can provide services at a faster pace. They can see available properties online, gather suitable options for the client, compile a list, and send it to them. Through the web interface, the client views available options, assesses their location on the map, and reads detailed information. The service delivery has become more efficient, and satisfied clients are generating more word-of-mouth referrals, resulting in an increase in company profits.
How do I know if automation will be beneficial for my business
To fin out if automation will be effective for your business, we recommend identifying processes that need simplification and metrics you want to improve. We offer a free consultation to analyze your project, provide customized solutions, and discuss collaboration opportunities in detail. Leave your contacts in the form and the manager will reach out to you.