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By 2021 the global business automation market is projected to be worth up to $14 billion. Automation is the wave of the future, so many companies are looking to take advantage of its benefits.
For a lot of businesses, automation can be scary and difficult to understand, and for many, automating is seen as costly and frustrating.
But, it doesn't have to be.
Business process automation can be simple if you know where to start. There's an abundance of information available and just as many steps to take. Figuring out where to start automating can be confusing.
There are three places that you could initially look at to get the ball rolling with business process automation.
If you want to know where to start when it comes to automation look no further than accounts payable. Over the years, automating AP has taken finance departments by storm, becoming a normal part of business functions for a lot of companies. Unfortunately, there are many companies that don't want to leap into automating. simply because they are resistant to change.
In fact, 21% of companies refuse to automate their AP system. They feel their current AP system suits their company. What these companies don't realize is they could be more efficient, and save money, by automating.
For example, it can cost up to $22 to process an invoice manually, whereas processing an e-check can cost as little as $4. Though these savings seem small, over time they can add up and benefit your company's bottom line.
Another advantage of automated AP is that it decreases the risk of fraud. In 2017 74% of businesses targeted for payment fraud were targeted using paper checks. By using e-checks instead, your business can avoid being the target of scams.
Automation provides other ways to avoid fraud. Programs like vendor verification and Positive Pay allow you to double check for fraud attempts.
Automating AP can also save time. the FileBound accounts payable toolkit automates many of the manual processes of invoicing, such as storing documents. It can also integrate with existing software, making the switch to automation easy.
Contract disputes will often take a long time to resolve and can be a major headache for almost all companies. By automating the process, you can alleviate the need to hire extra lawyers, or having your existing lawyers work extra hours.
The process of automating contract management doesn't have to be a difficult one. You can automate processes that have traditionally always been done by hand, like the signing, analyzing and redlining, of contracts. This can be done digitally with the use of contract automation software.
Automation software lets you to digitally create contracts, by giving you and your team access to an array of templates used in similar projects. You can then add information by answering specific questions about the nature of the project.
This will decrease the amount of time your legal team spends on contracts, saving you money on management.
Contract management automation software goes beyond just writing contracts, it can also help you organize them. It does this by allowing you to store your contracts in an easily accessible and searchable database, giving you easy access to the latest terms of your company's agreements. This will save you the stress of having to make up your own system to store and organize documents.
The automation process improves efficiency by allowing you to know where your documents are, rather than having to waste time searching for them.
Another department that can benefit from automation is Human Resources. For many HR managers, the process of hiring new employees can be inefficient. It involves heavy paperwork and extensive research, both of which can be solved through automation.
Using an automated program, like the FileBound Human Resources Toolkit, can make hiring employees easier. FileBound offers Form's portals which allow applicants to change and submit their application within the system. The application can then be routed directly to the hiring manager, who can interview and approve new hires within the system.
There's no manual routing the process, so response times are faster.
FileBound also improves the process of onboarding, by setting up and sending documents needed for each new hire.
HR Automation can save you from legal troubles as well, by ensuring your company is complying with the law. In a world where regulations are changing constantly, this could save you money in fines and fees.
Automation also allows your employees a more streamlined form of communication with the HR team. They will not have to go through several channels to obtain documentation, a process that could take days in some companies. With automation, they can find what they need instantly, saving themselves, and your HR department, a lot of time.
Automation can also be personalized. It could create a custom HR experience for employees beginning with the first day on the job. This will help them to feel like a valuable member of your company, rather than just another worker.
It’s no secret that automation can save your company time and money, but when it comes to business process automation, it's difficult to know where to start.
Starting with these three departments will help you down the path to full automation, but it’s not the only way to do it, and there are many more steps to take.
If you want to take the plunge and learn about more ways we can make automation quick and painless contact us for more information.