Studies have shown that the increase in technology and automation services in our everyday lives saves the average person two weeks a year. Popular examples such as internet banking frees up around 21 minutes each week on average, while online food shopping saves 23 minutes.
Modern technology is saving the typical person two weeks each year that would otherwise be spent on unremarkable tasks, so what could it do for a business when implemented correctly?
Eradicating inefficiencies is the end goal, but increasingly for many businesses, what is as important is ensuring whatever proficiencies are provided, they are continuously complying to the need of an industry or legislation.
For many businesses, it is a cyclical relationship where increasingly stringent policies (often driven by increases in available technology) require increased amounts of processes, which if not addressed will lose significant amounts of time or have legal ramifications. Both of these options can prove expensive, in both additional software needed and/or subsequent staffing to carry out new or more in-depth tasks.
For some industries, automated decision making can seem fraught with hazards, known or unknown. If the correct processes aren’t carefully measured and managed before being put in place, what are you missing? What decisions does the data tell us to make?
Experts and decision makers are still needed, as things will and do change frequently, requiring algorithms and datasets to be updated or amended accordingly. Technology isn’t in a position to be able to make the right decision or understand a change in a law, it simply augments the analysts to provide them with the information for them to make an informed decision. The biggest improvement from automation is eradicating human error, creating risk-scores and flagging the attention of the results that need action.
The main goals in automating processes for any business are typically the following:
There are many options out there, but an understanding of what improvements can be made through automation is key to understanding how a business can save time and money automating workflows.
If you’re interested to know how your company can remain compliant, improve efficiencies or just explore the art of the possible, speak to a member of our business development team to find out more.