Why Business Automation Matters Business process management is an essential part of a growing business. Without it, organizations could face low customer satisfaction, lack of communication, and a higher chance of error. By letting computers take care of menial, repetitive day-to-day tasks, automation can save businesses money and time. Without the human component in handling data, there is a lower chance of error. And with the reduced hours of labor, employees can concentrate on delivering more important and fulfilling tasks. Workflow efficiency through automation can generate more revenue while decreasing expenditures, giving businesses stability, and saving them money. The most important benefit of business workflow management is the increase in customer satisfaction. The time saved through automation can be invested in improving their experience. Faster task completions, more attentive staff, and greater resources are always appreciated by customers. Higher revenues and faster business growth can be achieved through automation.
It’s no secret that the continuing coronavirus pandemic has disrupted businesses everywhere, and the financial services industry is no exception. Indeed, the financial services industry is at a tipping point—either disrupt or get disrupted. Even before Covid-19, many areas within banking and capital markets were already experiencing serious existential threats. The industry is being transformed. What is the future of the banking industry in 2021 and beyond?
Making an ECM implementation successful requires planning and attention to detail. The best way to create the right solution is to identify organizational goals and priorities. Learn how to manage a successful implementation in our free guide.
Consider these three data points from AIIM’s Process Improvement and Automation - A Look at BPM. 55% of organizations say BPM is “significant” (38%) or “imperative” (17%) for their business. 33% say they plan to replace their current BPM solution. 35% say it is the line-of-business manager who now evaluates BPM solutions. This data points to a curious dichotomy among BPM end users. On the one hand, users see BPM as critical; on the other, there is a fair of dissatisfaction with existing solutions. My experience has been that if you say the words “Business Process Management,” or even worse, mention the acronym “BPM,” many business executives with long memories will often run for the hills, chased by ghosts of past costly, complex, over-budget and late process management projects.