How to unlock business efficiencies with automation

Published: January, 12^th 2022

Automated solutions deliver a range of efficiencies to businesses. Whether your business is looking to make financial reporting faster, eliminate tedious procurement processes, or make payments faster and easier, technology that automates business workflows is a must-have for every business. In this post, you will learn how to unlock business efficiencies with automation.

Automation should supercharge your team, not replace it

Replacing people is often mistakenly seen as the sole purpose for implementing automation technologies. However, leading companies understand that delivering a personal customer experience driven by the intelligence and collaboration of their people in conjunction with technology is key. It’s estimated that automation, artificial intelligence (AI), and other cognitive technologies will benefit 200 million knowledge works and deliver 600 to 800 per cent returns on certain tasks. Further with the productivity boost that automation brings through eliminating repetitive and time-consuming manual tasks, people will have more time for strategic and engaging work. Over time, this can help companies retain top talent and drive stronger performance.

What should a business automate for more efficiency?

With the wide selection of digital solutions available today, your business can automate almost any manual system or process. Ideally, when you’re identifying where to start, you should consider not only what will deliver the most efficiencies but how scalable the solution is across the business.

Some key systems and processes your business could automate to drive productivity and strong employee engagement, while delivering better customer experiences include:

System

What else can it impact?

Warehouse management:

Use digital tools to automate the way you manage inventory. Whether it’s stock moving between multiple locations or direct to a customer, having an automated and cloud-based warehouse management system means you will have real-time data updates

With an automated warehouse management system, you may see other benefits across your business, such as:

Real-time stock updates on your eCommerce channels
Insightful warehouse data to identify trends and forecast stock needs
Seamless integration between your warehouse and business locations through a smart point of sale system
Return customers as they can trust that when an item is in stock, it’s actually available

Service Management:

Cloud-based field service management software will streamline your services-based business. It provides one central location for your team and customers to make bookings, change appointment times, track job progress and instantly take payments.

With an automated service management system, you may see other benefits across your business, such as:

Stronger cash flow as you can take payment as soon as a job is complete
Happier customers through improved communication and a frictionless booking-to-payment process
Time-saving efficiencies back at the ‘office’ with reduced errors

Purchasing:

A mobile tool that allows you to order stock on the go and improve the way you purchase inventory so you always have enough of the right stock on hand to meet demand.

With an automated purchasing system, you may see other benefits across your business, such as:

Faster and more accurate ordering, which means less capital locked up in stock and stronger cash flow
Efficiencies through accessing multiple suppliers in one digital location
Integration with other automated systems to make taking payments and keeping your business stocked simple and easy

Accounts receivable management:

A solution that allows businesses to take payments, collect debt and set up pay-later plans with customers in one, intuitive place. Instead of sticking with time-consuming, manual processes to collect late payments, you’ll save time by collaborating directly with customers on their personalised ledger.

With an accounts receivable management system, you may see other benefits across your business, such as:

Stronger cash flow
Reduced late payments by implementing the same technology for future transactions
Faster and more accurate reporting and automated account reconciliation for suppliers and customers

Accounts payable management:

Easily manage and pay all of your invoices in one place. With this solution, you can access cashflow-boosting features such as the ability to pay by credit card, bank transfer or extend your payment terms via a buy now pay later (BNPL) facility.

With an accounts payable management system, you may see other benefits across your business, such as:

Better cash flow visibility, so you always know when outflows will occur
Time savings through being able to pay multiple suppliers in one place
Stronger cash flow, so you can invest in other areas of business growth

Boost efficiencies and automate your business with Spenda

Spenda helps businesses to adapt, innovate and evolve so they can work smarter, not harder. Whether you’re looking to boost productivity, streamline your processes from order to delivery, or get paid faster, we’ll work with you to build a tech stack that will help you achieve your unique goals.

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Keen to see Spenda in action? Book a free demo with one of our payment experts today.