How Business Process Automation Generates Higher ROI

By May 29, 2020 July 20th, 2020 Automation, Management
How Business Process Automation Generates Higher ROI

In today’s world, technology is the single unifying factor that is transforming everything, from the way we carry out everyday essential tasks to the way we work, share and collaborate. If steam power was the driving force behind the industrial revolution, then advanced, cognitive automation can be rightly called the driving force behind the digital transformation in business.

Whether we talk about fully or semi-automatic machinery that assembles parts for vehicles or heavy-duty machinery that have transformed the production process for forever, automation has optimized operations and productivity across all sectors in the manufacturing industry. Similarly, advanced robotic automation has transformed the way we capture, manage and process enterprise and business data to yield actionable insights for smarter decision-making.

Before we further explore business process automation and how it is helping companies achieve operational excellence, let us define what BPA is exactly.

BPA or business process automation refers to the process of digitally transforming your everyday business functions and operations by assigning specially-programmed software bots to execute labor-intensive processes.

Not only does automation increase the quality of your operations but it also reduces your operational costs as minimal human supervision is required to oversee and manage the automated processes. This further frees up your internal resources, increasing focus on your primary business or core competencies and leading the way to future expansion and growth.

Here are a few more reasons why business process automation is the right direction ahead:

Consistent Quality Assurance

Business process automation offers consistent quality assurance.

When it comes to entering and processing enterprise data, accuracy and consistency are key to generating high-quality output.

The primary advantage of business process automation is that it ensures uniformity across operations. Manual data entry can be riddled with errors due to intense work pressure or lack of priority. Not to mention that performing the same, repetitive tasks day after day can become quite monotonous and may not be the best use of your precious internal resources. Since these are both time and labour consuming processes, expanding operations means hiring more employees and driving up your costs.

Automating your data entry and processing services helps ensure that processes are performed uniformly day after day without errors. This ensured consistency helps generate high-quality output that helps you get faster approvals, shortens your payment cycles and yields crucial insights that help you make better marketing decisions.

Partnering with an experienced outsourcing company to implement business process automation is the right call, as implementing and executing high-volume transaction processes requires software engineers and data management experts to create streamlined workflows for maximum productivity. Accomplishing this in-house can prove to be quite expensive as skilled resources cost more and there isn’t much room for trial and error.
Why not assign this task to an experienced company with proven processes that are customized to your specific needs and requirements?

Automated Data Management

Digital transformation offers efficient data management.

Today’s world runs on data and the operations process of any organization is no different. From standardizing invoices for approval to processing utility bills, every important business process needs data to be entered, assembled and analyzed with utmost precision.

You can automate everything from data entry to data capture from both physical and electronic data. Automated data extraction helps assemble large volumes of data from databases, websites and more. Automating your data mining and data analysis processes means that you have accurate and actionable insights that enable informed decision-making. OCR and ICR technology backed by machine learning and artificial intelligence-based automation opens up new sources for data capture and extraction while empowering the digitization of old records for future reference.

Employing AI and machine learning further helps leverage workflow and interprets exceptions and flags them should they require complex decision making. An adaptive learning model helps improve quality and accuracy to better automate your current process at a fraction of the time it took to complete in-house. In addition to programmatic validation routines, ARDEM implements a multi-step process that integrates a combination of advanced technology and human intervention to ensure the highest possible accuracy.

Automation in Finance and Accounting

Automation streamlines finance and accounting operations.

Every organization has to carry out essential finance and accounting processes for optimum cashflow management and efficient bookkeeping. Apart from helping companies streamline their internal accounting processes, it is also transforming the banking and financial sectors by changing the way banks, accounting service providers, and insurance firms function.

In fact, implementing automation for your financial and competitive processes streamlines your financial operations imparting a strong competitive advantage.
Here is a list of financial processes that can be automated for operational efficiency:

  • Automating invoice processing for faster approval and effective monitoring along with data extraction and format standardization.
  • Automating accounts payable and accounts receivable for automatic repetitive and rule-based tasks.
  • Automating account reconciliation enables faster checking, comparison and reconciliation of balances to create consistent records.
  • Automation can be further used to capture, extract and manipulate finance and accounting data for greater accuracy in regulatory reporting.
  • Automating document conversion, digitization and database creation.

Automation Helps Build Scalable Solutions

Automated solutions are scalable solutions.

Another major advantage of business process automation is that it provides scalable solutions for your internal processing needs.

Once you have automated your internal operations, you can grow your business by leaps and bounds as your internal resources are free to focus on expanding your core business processes and services.

When you partner with ARDEM, we study your existing processes carefully. After initial analysis, we break down individual steps and analyze every step to eliminate any redundancies. The optimized steps are stitched together to create an updated workstream. The next step is to assign our proprietary bots to your improved workstream. As your operations expand and your processing needs increase, we simply assign more bots to handle the increased workload and your work continues without break.

Automation Leads to Competitive Agility

BPA helps build competitive agility.

In today’s world of cut-throat competition, it’s crucial to stay ahead of the competition with cutting-edge technology that offers simple yet effective solutions. Essential business processes that earlier were a maze of confusion, complication and constant back and forth have become streamlined and centralized. Data and documents are received from multiple sources, formatted, aggregated and analyzed with consistent and dependable automated processes.

Shorter turnaround times, faster approval rates and real-time industry insight give you a competitive advantage in better decision-making. The ability to adjust and modify your existing processes to adapt to current market demands and fluctuating data flows with automated processes gives you competitive agility.

Higher Returns on Investment

Automation provides greater returns on investment.

Switching to an automated workflow requires investment but it also yields increasing returns upon implementation and continues to do so in the years to come. Automation allows you to secure control over your processes while ensuring quality control across operations. It helps you take control of your processing time and accomplish more within shrinking time cycles. It gives you control over your resources as you can put them to better use instead of leaving them in a rut with repetitive tasks. Automation creates opportunities for innovation and helps you forge your path ahead.

When you partner with ARDEM, we guarantee you an immediate cost reduction of 30% with further cost savings as we continue to optimize your processes. Machine learning combined with artificial intelligence to propel and guide long-term growth.

Security and Compliance

Advanced automation offers secure processing services.

Merely automating processes is not enough, they need to be automated within specific industry compliances and standards. In addition, you need to be assured of the fact that your sensitive company data will be managed securely.

Security and data protection are at the forefront of every ARDEM contract and we automate your processes in compliance with HIPAA and GDPR to protect sensitive information including PCI and PII.

Our ISO27001 foundation ensures security at three primary levels, i.e., physical, employee, and network. We further implement a system of restricted access along with a slew of SSLs, VPNs and stringent security measures to secure your data. Trust us when we say that we could go on about security for days. Get in touch with us and sign an NDA to discover more!

At ARDEM, we have automated and updated thousands of processes for automated efficiency. We leverage global talent. Our teams in New Jersey and India are composed of bright, analytical minds that create customized automation solutions for companies across the financial, logistics, retail, manufacturing, healthcare, insurance and energy sector.

Our data scientists, engineers, and developers combine our industry experience and knowledge with machine learning and artificial intelligence to create intelligent automation solutions such as RPA to increase efficiency, accuracy, and productivity for repetitive and labor-intensive processes.

Get in touch with us to discover intelligent automation solutions for your business today.