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It’s always crucial for companies to protect and even improve their bottom line. That’s why they’re often built around business plans, organizational structures, and customer strategies meant to maximize resources and profits. Automation is vital in bolstering these procedures by cutting out redundant tasks—leaving staff to tackle more important issues. That’s exemplified by our article , which notes that digital tools aimed to help professionals do their jobs by streamlining their workflows, better optimizing resources, and enhancing collaboration.
Yet that’s not the only way automation can help. Aside from helping with the specifics of professional work, it can support processes essential to your company’s overall operations. This benefit is so compelling that more businesses want to use such tools in their own workflows—and as a result, PR Newswire reports the market for business process automation software will grow by $9.9 million between 2023 and 2027 alone.
Still not convinced you should implement this software in more of your operations? Read on to learn more about how it can help improve your bottom line in a few key areas.
Productivity
As mentioned above, process automation software aims to accomplish repetitive tasks so you and your employees don’t have to. Instead of waiting weeks to put in a request and retrieve certain files, for example, you can use digital tools to automatically pull up the documents you need. Rather than having someone manually enter data, process automation software can do it faster and with fewer errors. You don’t need to check on how tasks across various departments are progressing, either. Software like Zapier can help you standardize workflows throughout the workplace and provide updates on various undertakings—so you can look at the bigger picture and more accurately gauge how close your company is to achieving its short- and long-term objectives. By allowing for streamlined resource allocation, process automation software helps businesses become more productive and maximize opportunities for profit.
Revenue management
With all the ways customers can pay for your offerings today, revenue management is more complicated than ever. That’s especially true with subscription models becoming more popular: a Research and Markets report predicts that they’ll be worth over $330 billion in 2024 due to rising consumer demand for flexibility, affordability, and convenience. However, such payments can be challenging for scaling businesses or companies with customers who may change subscription packages over time. Automation can simplify the process by keeping track for you. Just look at Softrax’s subscription billing software: it can integrate with your company’s current financial system to promptly file complex billing and revenue recognition processes while complying with regulations like ASC 606 and IFRS 15. You’ll thus always have an updated and accurate overview of your finances, even if you use more complicated billing models like subscriptions. That’ll make it easier to look for ways to increase and ultimately bolster your bottom line.
Customer relations
Customer demands are ever-evolving, and it can be challenging to keep up on your own. Process automation software can help by anticipating and addressing any concerns they may have with your products and services. Platforms like Zowie work across multiple support channels—like email and social media—to immediately respond to customers, significantly reducing resolution time. Leading automation software can even pinpoint what their most frequently asked questions are and suggest what other responses your customer service team can automate. That way, staff only needs to work on the most complex queries, reducing manpower costs. Using such tools can also lead to a more positive experience with your brand that can expand your customer base, meaning you’ll improve your bottom line in more ways than one.
Cybersecurity
Security breaches can be costly for businesses. In fact, American businesses may lose up to $452 billion due to cybercrime in 2024—something that can affect not just your bottom line but your company’s reputation. Yet protecting your business with the right cybersecurity strategy can be difficult due to the rate at which cybercrime becomes more sophisticated and harder to counter. That’s where process automation software comes in as an efficient way to protect your business. The features in Check Point’s cybersecurity management software exemplify this: it uses AI to automate complicated security checks, deploy proactive cybersecurity policies, and rapidly respond to breaches to minimize business losses.
If you are looking to upgrade your company and improve your bottom line through automation, we hope the above article proves useful.