Why a Business Process Automation Tool is Key to Success

Automation isn't just a fleeting trend. It's a powerful wave that's rolling, brewing, and gearing up to become mainstream in every industry.

Sounds a little wild? Well, then let the stats do the talking. By 2026, the global market for business process automation tools is projected to reach $19.6 billion, up from $9.8 billion in 2020. That’s double the market size, in just six years.

As businesses integrate technology further, people's roles will be reshaped. Already, we’re seeing this with process automation tools. These tools are helping people streamline administrative tasks and focus on strategic and higher-value work.

Here's why business process automation (BPA) is a must for your organization.

What Are Business Process Automation Tools?

Automation is everywhere these days. From self-checkout counters at grocery stores to advanced AI in customer service, technology has become mainstream in almost every sector. And in the business world, it’s no different. 

BPA software is used by organizations worldwide to streamline their operations and increase efficiency. These tools eliminate the need for manual intervention in repetitive and monotonous tasks, which not only saves time but also reduces the chance of human error.

Here's why process automation is your key to business success:

1. Efficiency and Productivity With Business Process Automation

Business process automation tools boost productivity in businesses by as much as 60%. How? Automating mundane, repetitive tasks in workflows, freeing employees to focus on value-added activities. Automation tools don’t replace human effort, but enhance it, enabling employees to work smarter, and streamline their workflows.

In practical terms, this means fewer hours spent on manual data input or invoice processing. Automation tools handle these tasks swiftly and without errors, reducing the need for time-consuming rework.

Key: Why a Business Process Automation Tool is Key to Success in the Digital Age

Moreover, by reducing the likelihood of errors, BPA tools enhance the overall quality of work, leading to improved business outcomes. Embracing these tools is a strategic move that can significantly boost productivity and efficiency - just one of the many benefits of business process automation

Find out how we help operations leaders drive daily efficiencies.

2. Cost Savings

Tools that automate manual, repetitive tasks in workflows drastically reduce labour costs, leading to significant cost savings for businesses. The accuracy offered by process automation diminishes the need for rework, which can often be a hidden cost in many businesses. And operational expenses incurred by businesses can be dramatically lowered. This is because automation tools increase efficiency and productivity, leading to leaner operations.

These solutions represent a strategic investment for businesses. The initial cost of implementation is far outweighed by the substantial long-term (and short-term) savings they offer. FlowForma's process automation tool is 'no code' and delivers an ROI in as little as six weeks.

Work in finance? Find out how we help finance leaders achieve rapid ROI with process automation

3. Enhanced Accuracy and Quality

88% Inforgaphic: Key: Why a Business Process Automation Tool is Key to Success in the Digital AgeStatistics from a Gitnux survey suggest that automation tools can improve a business’s data accuracy by 88%, outperforming all other document processing methods.

The tools are one-pane, which means that data is transparent (and the same) for all users, which improves upon outdated manual methods like Excel spreadsheets. Pre-populated fields in process automation tools also streamline data entry. There is a smaller margin for miscommunications, or errors, ensuring a higher degree of accuracy.

This accuracy and consistency not only enhance operational efficiency but also bolster the credibility of business reports and analyses.

4. Scalability

Cloud-based digital tools provide a crucial advantage for businesses: scalability. By automating workflows, BPA tools allow companies to handle an increase in workload without a proportional increase in IT resources. This means as a business grows, its processes can be easily expanded or modified to accommodate that growth.

Whether it's a small business aiming for expansion or a large enterprise expecting a surge in workload, BPA tools can efficiently manage these changes. They remove the traditional barriers to scaling, offering a flexible, adaptable solution. The tools are not just a productivity enhancer, they're a growth enabler.

5. Faster Turnaround Times

Business process automation tools expedite task completion, resulting in faster turnaround times for vital processes. By replacing manual tasks with automated ones, these tools eliminate delays associated with human intervention, ensuring processes are completed swiftly and efficiently.

BPA tools can trigger immediate responses to specific events or conditions, removing the lag time associated with manual monitoring and response. And for repetitive, admin tasks, which require less human intervention, the time savings from process automation can be substantial.

The hours saved by process automation can be significant for many organizations. Take, for example, construction company, CVB JV Tideway East, which has digitalized over 40 processes and continues to implement automation. After one year of implementation, this organization has seen substantial time savings, with at least 700 hours saved on repetitive tasks alone.

CVB Read the Case StudyRead the full case study.

6. Improved Customer Experience

Technology is revolutionizing the way businesses operate, particularly in how they interact with customers. Advanced tools go beyond simplifying internal processes and delve into crafting delightful customer experiences.

One of the standout technologies, that is gaining traction across industries, is customer service chatbots. In 2023, the chatbot industry is already worth $137.6 million. By 2025, that figure is predicted to increase substantially by 74% (to $239.2 million). AI-powered bots can be integrated into websites to provide customers with immediate and personalized responses. They handle inquiries simultaneously, regardless of the time or day, taking the burden off human customer service employees.

7. Data Insights and Analytics

In modern business, data-driven decisions are often the difference between success and failure. Companies that intensively use customer analytics see a significantly higher ROI, at 45%, compared to their competitors, who see a return of just 18%.

Business process automation tools are not just about optimizing workflows - they are also potent sources of valuable data and insights. These tools have the capacity to generate detailed information about processes, pinpoint bottlenecks, and produce vital performance metrics.

The data and insights obtained from these tools are invaluable, serving as a catalyst for continuous improvement initiatives. They highlight areas ripe for optimization, helping businesses increase efficiency and reduce costs.

8. Adaptability and Agility

In today's dynamic digital landscape, agility is crucial for businesses to thrive. Business Process Automation tools are instrumental in fostering this. These tools facilitate swift modifications and adjustments to processes, enabling businesses to react promptly to fluctuating market demands.

The rapid response capability of process automation helps business to maintain a competitive edge. Not just that, BPA tools also facilitate compliance with ever-changing regulatory requisites and assist in seamless internal restructuring.

9. Integration and Collaboration

BPA tools serve as a linchpin for integration. They possess the capability to synergize with other systems and applications, facilitating a seamless interchange of information across various departments or business processes. Tools like FlowForma Process Automation integrate with 500+ digital platforms.
Integrations April 2023 copyProcess automation tools also serve as a unified platform for stakeholders, employees, and external entities, providing real-time data updates and automated approval steps. This ensures accuracy, transparency, and quick decision-making across the board.

BPA tools also enhance collaborative efforts within an organization. By breaking down information silos, they facilitate a cohesive work environment. This allows teams to work together efficiently, irrespective of their geographical location or functional area.

10. Competitive Advantage

Adopting Business Process Automation tools equips businesses with a formidable competitive edge. These tools optimize routine processes, significantly reducing operational costs, and enhancing customer satisfaction - a triad of advantages that directly contribute to a company's bottom line. Or, to put it another way, neglecting to implement digitalization can lead to an average business loss of approximately $7 million.

The efficiency and cost-effectiveness afforded by BPA tools free up resources and give back one important thing: time. Hours gained back with digital tools can be spent on strategy and innovation. It allows businesses to carve out their unique niche in the market and deliver superior value to their customers.

The Indisputable Power of Process Automation

In the digital age, time is money. Using digital solutions is a substantial time-saver, cutting hundreds of hours across hundreds of processes in a business (when deployed at scale). With improved efficiency, heightened productivity, cost reductions, and enhanced customer experiences, these tools are revolutionizing traditional business models.

FlowForma Process Automation is a frontrunner in the automation landscape. With its seamless integration capabilities (500+ applications) across numerous digital platforms, it offers the much-needed adaptability and agility for businesses to stay ahead. Its real-time data updates and automated approval steps ensure accuracy, transparency, and swift decision-making, streamlining operations like never before.

Step into the new era of digital efficiency with FlowForma Process Automation.

 

Paul Stone, Product Evangelist

With almost 30 years’ experience in the IT industry Paul is a highly accomplished digital leader who is the go-to product expert from both a business and technical perspective. Paul works closely with FlowForma’s global clients supporting them in the delivery of FlowForma’s Process Automation tool.

Paul Stone, Product Evangelist

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