Many organizations in their digital transformation journey struggle with inefficient digital processes that can lead to hidden costs in the form of lost productivity, missed opportunities and even lost customers. These hidden costs can add up quickly and can have a significant impact on a company’s bottom line. By implementing Business Process Automation (BPA), organizations can eliminate the inefficiencies that lead to rising IT costs and operational expenses and improve overall productivity.
Most companies are familiar with the financial costs of inefficient business processes. But there are more hidden costs that can be even more damaging to the bottom line—from disengaged employees to missed opportunities for innovation and digital transformation. In order to provide better customer service and unlock new growth opportunities, companies must undertake digitalization. But digitalization does not only mean shifting previously manual processes onto digital systems and platforms, but effecting relevant changes in workflows and approval systems to make sure that digitalization brings the outcomes it should, i.e., improved turnaround on projects, visibility on processes, measurability of outcomes, and reduced costs. Digital process automation and BPA can deliver these capabilities to enterprises early in their digital transformation journey with the foundation for a scalable IT environment.
Businesses in all industries are racing to digitize, but many have yet to realize the full potential of their digital transformation efforts. There are several reasons for this—from pressure on traditional revenue streams and rising competition, to outdated systems and processes that have been in place for years.
But it’s not just a matter of speed. Companies also need to ensure they’re implementing digital solutions that make sense for their unique business challenges and opportunities. In essence, they need a clear picture of what success looks like before they can hit the gas pedal.
The cost of paper-based processes and outdated IT systems
There’s more to the cost of inefficient processes than just what you can see on your balance sheet. When you bring in new employees, train them, and get them up to speed on your existing processes and systems, it can take time away from other work that needs to be done.
You may also have trouble hiring experienced candidates because they don’t want to spend their careers working with obsolete tools or learning how to navigate a complex workflow system. And when mistakes are made due to technological challenges—or because employees aren’t able to find information quickly—you lose money in the form of lost opportunity costs.
For instance, if a salesperson is unable to follow up immediately with a customer who wants more information about a product or service, that customer may take their business elsewhere. Similarly, outdated systems that lead to inefficient ways of doing work can end up causing major challenges in the short-term and long-term, such as:
- When you have to tell a customer that their order is delayed for a week, it’s not just the lost sale that hurts your bottom line. Customers are less likely to buy from you in the future if they’re not treated well.
- A bad experience can deter customers from buying from you again or even recommend your competitors instead. You may also lose out on referrals and positive word-of-mouth marketing that could otherwise help spread awareness about your business—and bring in new revenue streams over time!
- Sometimes when companies implement inefficient systems, they don’t realize how much time and money will be spent manually handling tasks that could easily be automated through technology. But at the end of the day there’s one thing we know for certain: these hidden costs can add up quickly if left unchecked–which is why it’s so important for businesses today (especially those who rely heavily on their sales teams) to be proactive about their automation strategies and find ways to streamline their workflows. Here are some ways you can start:
- Set up a process for capturing and tracking data from your sales team (e.g., lead contact information, notes from conversations with prospects) so that it’s easily accessible when you need it later on.
- Invest in technology like Salesforce Einstein, Autopilot, or Power Automate to automate repetitive tasks like email follow-ups, phone calls or scheduling meetings.
- Create rules around how certain tasks should be handled in order to minimize human error and keep everyone on the same page.
You might not think of the hidden costs of inefficient digital processes as a “cost,” but they’re just as real—and sometimes even more costly—than those that you can easily quantify. The key hidden costs of inefficient IT systems are:
- Increased hardware and software costs
- Lost productivity from manual processes
If your organization has outdated technology or systems in place, it can be difficult to keep up with new technologies and changing business needs. In turn, this leads to more time spent maintaining old technology versus implementing what’s new. This isn’t just frustrating; it also results in higher hardware and software maintenance costs over time.
Missed opportunities for innovation and digital transformation
Businesses that don’t implement digital process automation miss out on the opportunity to optimize their business. This can result in lost revenue, increased costs, and unhappy customers. Companies with digital-first cultures are more likely to have a stronger financial performance than those without one. Companies with such a culture also experience higher levels of growth in revenue and profitability, along with lower staff turnover and faster decision-making processes.
The need for Business Process Automation (BPA)
The need for enterprise business process automation has never been greater in order to reduce the hidden costs associated with inefficient digital processes, provide better customer service, and unlock new growth opportunities. With enterprise data fueling intelligent analytics, enterprise organizations can identify areas where they can increase efficiency and streamline activities while still maintaining high levels of accuracy. AI, analytics, and intelligent process automation help enterprise organizations leverage enterprise data more effectively, while enterprise business process automation solutions help enterprise clients identify and prioritize opportunities to streamline digital processes.
By automating labor-intensive tasks, enterprise organizations can reduce the amount of time and resources needed to manage their digital processes – paving the way for more efficient operations and unlocking potential cost savings associated with optimizing their digital processes. However, many organizations struggle with the implementation of business process automation because it requires a holistic view of how all the pieces fit together. It also requires collecting data from disparate systems and ensuring that it’s accurate and complete.
This is where VBeyond Digital comes in. We offer an end-to-end approach for automating your processes. This includes conducting context-aware discovery sessions with stakeholders across your organization so that everyone understands exactly what needs to be done; developing a roadmap for implementing the project over time (including prioritizing specific areas); providing ongoing coaching support during implementation; reviewing results after each phase has been completed; delivering training on new technologies or best practices where needed; helping you create models based on real-world use cases; and setting up the entire system for users to be provisioned with speed and ease so there is no loss of productivity in the transition.
From intelligent analytics that uncover areas of inefficiency in existing digital processes to end-to-end enterprise process automation solutions that drive tangible value, VBeyond Digital empowers enterprise clients to reduce hidden costs associated with inefficient digital processes and realize the full potential of their enterprise data.
Companies need to be proactive about managing their digital business processes. Doing so will help them optimize their operations and improve metrics including, but not limited to, sales, customer engagement, loyalty, and satisfaction.
Accenture helps enterprise organizations identify gaps in their digital processes and implement enterprise business process automation solutions that deliver tangible benefits while keeping them agile and responsive to changing business needs. Contact us today to learn more about our enterprise process automation capabilities.
At VBeyond Digital, our approach to digital transformation and automation deployment is designed to help enterprise clients realize the value of intelligent automation and analytics.