The MIDMRKT CIO Forum is an opportunity for IT leaders to discuss the challenges and successes they’ve had in their current positions. One format that helps attendees build relationships and gain peer insights is the roundtable discussion, which happens on day one and day two of the Forum. Business automation is among the topics being discussed this Fall.
To begin the conversation, let’s take a minute to review how midmarket organizations are using different types of automation to better position their organizations.
Midmarket organizations are now positioned to adopt business automation technologies. Robotic process automation (RPA), digital process automation (DPA) and a host of other automation strategies work independently or together to provide these businesses with right-size technology.
Robotic Process Automation
RPA is ideal for automating monotonous, repetitive business tasks. If your business is dependent on the price of gold each day, a bot could retrieve the price and update your quotes accordingly, or simply disperse the information to your sales team.
“Past due” reminders are also easily automated. Set the bot to retrieve invoices that have not been paid, in 30-day increments. Program the bot to populate a form letter with the appropriate information automatically and set it either to print or email the completed letter.
Chat bots can greet customers as they enter your website. The bots can resolve simple customer and potential customer issues such as tracking an order or checking inventory. They can also gather enough information to elevate an issue to appropriate human personnel for resolution.
RPA saves time and money, allowing you to use your existing workforce better by eliminating those commonplace tasks.
Digital Process Automation
DPA synthesizes many RPA tasks and the human component, streamlining entire business processes to improve your overall brand experience for customers, partners and vendors. Valued at approximately $6.9 billion in 2018, the DPA market is expected to grow to $14.27 billion by 2024.
DPA builds on the business management process that includes streamlining functions and ensuring that all personnel have the information they need on hand to serve all company stakeholders in the best way.
To accomplish that task, DPA relies heavily on properly programmed RPAs, artificial intelligence and machine-learning.
Supply chain-management is only one arena in which DPA creates a significant cost savings and value-added process. Simple RPAs also can track currency changes, alerting a midmarket business when it’s best to buy raw materials or sell finished product internationally.
Through a more-sophisticated customer relationship management system, purchasing agents know when to buy the materials, and your sales team knows when to contact which clients with favorable sales information regarding the end product.
Purchasing, sales and international markets are now easily connected through DPA to streamline the entire sales business process.
Other Automation Strategies
Movement to the cloud ranks No. 1 in automation strategies. Many midmarket businesses view that strategy as an opportunity to increase profitability. Using cloud services frees up an IT department to concentrate on business-automation strategies that will increase profitability rather than having to manage server farms and software programs. It also allows for easier collaboration among employees as everyone uses the same version of each program, regardless of department or function.
Mobility follows movement to the cloud. With an increased reliance on off-site employees, mobility plays a key role in enabling communication across all available channels. In addition, customers and other stakeholders rely on smartphones, tablets and other mobile devices to get access to company information, research product lines and place orders. Mobility is a business-automation strategy that allows midmarket companies to increase business growth.
Regardless of whether your company is still in the paper-and-pencil or brick-and-mortar stage, or on its way to total technology integration, RPA, DPA and other automation strategies will play an integral role in the future profitability and viability of your business.
Join us for more discussion at the MIDMRKT CIO Forum on October 27th – 29th in Tucson, AZ!