Many companies were hit hard during the Coronavirus pandemic and embarked on the long recovery journey as the country gradually began to normal. Raising income levels is a priority if you want to achieve a return to profitability, but cutting costs is just as crucial in helping to improve your bottom line. The unprecedented crisis has forced an increasing number of businesses to move away from physical retail units on the high street to a more automated, low-cost online business model.
Some of the largest companies in the world are looking to cut costs by removing expensive manual processes and replacing them with state-of-the-art automated solutions. Sony recently reported that installing unmanned production lines is expected to cut costs by 70% at its main TV factory in Malaysia by the fiscal year 2023, compared to 2018. The change also improved the profitability of Sony’s electronic and medical businesses, with their operating profit margin climbing to 7.2% in the fiscal year ending March compared to 3.3% in fiscal 2019.
Automation Can Help A Wide Range Of Types Of Businesses
Automation is an area of technology that is rapidly becoming more accessible. Low-code solutions have brought automation into the mainstream once limited to larger companies with large budgets to fund coding experts. The new software’s use eliminates the need for valuable employees to spend countless hours on highly repetitive tasks. Thanks to technology, simple tasks can be completed quickly and accurately, reducing the risk of manually entering information. The benefits are evident in allowing employees to add value to core business functions and driving growth.
The Main Advantages Of Greater Automation
- Improved efficiency – Automation can reduce processing times, reduce operating costs, increase profits and reduce demand on cash flow.
- Improved Quality – Automated processes reduce the possibility of human error and improve consistency.
- Further insights – By combining analytics with automated processes, a business can access value-added information that would have been difficult to obtain previously.
- Reduced Contact – During a period of self-isolation such as the one we are experiencing, automation can reduce or eliminate the need for human interaction.
Seeking Expert Help
Whether your business is in its infancy or well established and expanding into new product areas or new markets, the challenges of introducing automation, at home or abroad, will be a tricky question without expert assistance. Automation can save time and make organizations more efficient. With new technology arriving almost every day, experienced professionals can assist companies in transitioning to the modern era. There are plenty of IT services providers ready to lend a hand of help in setting up your company’s automated processes.
It pays to engage with business specialists to effectively manage your daily growth strategies to help you climb the ladder. Expanding sales and marketing by focusing on digital channels will require thinking outside the box. In addition to creating the new channels, you will also have other considerations, such as IT security, revised pricing, marketing the latest track to your existing (or new) audience, and customer service and support.
Advantages Of Automation For Companies
Companies can use automation in different areas, from purchasing to IT to human resources work. There are processes whose human effort can be replaced by artificial intelligence. What initially only sounds like labor savings but has other pluses to offer.
Saving Of Time And Effort
Above all, automation means an increase in productivity and efficiency. Many manual processes otherwise carried out by workers are no longer necessary due to the increased use of machines. This speeds up processes and work steps to a large extent while at the same time reducing the amount of work involved. As a result, companies can often reduce their labor costs as they now require fewer employees.
Less Processing Errors
At the same time, automation can also reduce the error rate in processes and work steps. Because simple steps no longer have to be carried out manually by workers, the probability of incorrect processing also decreases. False entry of data, the exchange of data sets, or misunderstandings between departments often occur due to inattentiveness on the part of the worker. The use of machines, on the other hand, eliminates such errors.
Greater Customer Satisfaction
While the benefits already mentioned are often obvious, non-monetary ones tend to be overlooked. But also, the customers of companies can benefit from automation in the long term because faster production times and a lower error rate result in better customer service. Ultimately, this increase usually also means higher customer satisfaction and ultimately strengthens the company’s reputation.
By using automated processes, companies also meet data protection, accounting, and file management requirements. However, compliance with and the implementation of procedures relating to the company guidelines is currently still based mainly on manual activities, compliance with which is strictly monitored. For example, according to the new GDPR, personal data protection plays an even more significant role.
This means, for instance, that companies must identify digital customer data and information and protect it with encryption. A time-consuming requirement and has also not always been carried out by the ordinance. On the other hand, automating these processes can not only reduce the error rate but also promote a faster workflow.
Increase In Agility
Agility has recently become more critical, especially given the constantly changing, dynamic markets and advancing digitization. Therefore, for companies that want to bring more skill to their processes and department automation, it is an important topic.
After all, companies can implement agility particularly well if they keep reaction and implementation times within methods short and control them as manageably as possible. This also promotes transparency in development and continuity and creates space for innovative thinking. Ultimately, this is also reflected in a lower error rate, improved offer quality, and higher customer satisfaction.