By Attar Naderi, Associate Director EMEA, Laserfiche
As the UK’s GDP increased by 0.1% at the end of 2022, new data from the ONS show that the country narrowly avoided going into recession. However, as analysts predict that the economy will struggle over the upcoming months and as the recent Spring Budget highlights the unstable state of the economy, we are reminded that managing an organisation during times of instability is likely the most difficult task in business.
Luckily, if you make the right technological investments, they will enable you to face today’s problems head-on. You can reduce employee workloads, replace ineffective processes with efficient ones, and accomplish more with fewer resources by using automation technology, to name a few. It can even help businesses grow, making it the perfect shield against economic volatility. Let’s therefore go into more depth when discussing automation.
Business process automation – what is it?
Business process automation (BPA) software, in short, uses technology to automate a variety of routine tasks, including data entry and document organisation. Some platforms even use cutting-edge technologies like AI and machine learning to carry out ever-more complex tasks like scanning and extracting data directly from documents.
BPA can assist businesses in addressing a range of more general issues. It might automatically send crucial documents to distant stakeholders for their approval, for instance. Accounts Payable departments can track, monitor, and process paperwork more quickly by using it to quickly gather invoice information. Additionally, HR departments can use BPA to streamline the exchange of information between systems for better communication and get rid of monotonous manual data entry.
Employees continue to be the driving force behind change and innovation; BPA, however, does not take the place of people. To keep our business and the world moving forward, automation merely enables us to accomplish more while we are at work. We can increase our daily productivity and benefit from extra time to focus on more imaginative, fulfilling, high-value activities by automating time-consuming daily tasks. In spite of the fact that this is critical in any commercial environment, the current uncertainties make it even more important.
Implementing BPA during a period of financial hardship
Process automation can produce a range of low-cost, high-impact benefits that help businesses safely navigate periods of wider economic difficulty. BPA unlocks money-saving measures through the minimising of the cost of manual work, freeing up staff to focus on other important areas of the business. It gives managers greater visibility and transparency of operations, highlighting areas for change and improvement. Plus, it even helps organisations to grow during financial hardship —speeding up turnarounds for customer interactions can boost satisfaction and unlock the internal capacity to take on even more business.
Similarly, BPA helps to spark the ideas that help businesses to insulate themselves against, and innovate their way out of, stagflation. Employees liberated from routine assignments can concentrate on original, big-picture projects that generate new sales, improve relationships with existing customers, and strengthen organisation’s market position.
As we teeter around a recession, there’s no better time to invest in the BPA tools that keep your business safe and successful. Let’s explore how you can land on the perfect process automation platform to fit your organisation.
Choosing the perfect system for you
The search for well-fitting BPA software begins with looking at your business’s current processes, and investigating how you might use the proposed platform. You’ll need to consider:
- The current processes you plan to improve through automation
- Where opportunities lie for automation to assume control of tasks
- Who will use the software and the access and privileges required—will it be just one team, a handful of departments, or the entire organisation?
- The hardware and infrastructure upgrades your business may need to make to deploy a BPA system to its full capabilities
Next, you should begin researching the BPA platform best suited to meet these needs. Be sure to consult resources like analyst reports, customer references, and software review websites, and look out for any providers that specialise in your field. Once you’ve longlisted potential vendors, dive further into their specs and promotional materials and look out for software trials or demos. Ultimately, your choice will rest on a handful of criteria.
Does the BPA system provide the tools your organization needs for intended outcomes? Does it offer a good return on investment? Is it simple, configurable to your workplace, and scalable? You’ll also need to consider where the system will be hosted — via the vendor, an application service provider, on-premises, or on a public cloud. Equally important is security. Is the system protected and compliant with industry regulations specific to your organisation? And finally, can you access training to maximise the BPA tools and get help in the event of a problem?
Once you’ve decided upon your vendor, it’s time to start automating—and getting value out of your purchase.
Streamlining workloads and safeguarding your company
In a time when nearly every company needs to reduce costs, BPA is a crucial tool for streamlining workloads across all departments without having to make difficult decisions about your workforce. BPA may provide the quickest return on investment of any resource-saving measure because it has pre-built digital processes and solutions ready and waiting to jumpstart efficiencies.
Early action is valuable. Because it’s still unclear how the UK economy will perform in 2023, business leaders who take the necessary action now will be in the ideal spot to support their organisations in the years to come. It’s time to use BPA right away to safeguard and expand your company during times of uncertainty.
