Workflow automation improves the way companies perform essential functions. With a renewed emphasis on speed, accuracy and efficiency, an automated workflow makes companies more competitive in the fast-paced modern business environment. In addition to these benefits, automation also opens a window into a company’s processes that provides managers and C-suite executives with valuable strategic insights that can revolutionize the way an organization does business.
Workflow Automation Software Provides Important Management Insights
Transitioning from a paper-based manual workflow to an automated one brings big rewards to firms of all sizes. Businesses will enjoy major cost savings alongside big productivity improvements, while also minimizing workflow disruptions that can lead to lost revenue and efficiency.
Beyond these, automation also provides enhanced visibility into workflow processes. This can be an important strategic development for executives and managers, as nearly 70 percent of controllers asked in one IOFM survey reported improved cash management transparency as their highest priority. In addition to cash flow and financials, though, decision makers can better account for what employees spend their time doing during a work day and gain a deeper understanding of where and how company funds are being spent.
Workflow automation software logs available data as it becomes available. Reports generated from this new data give management a better chance of anticipating market trends and, ultimately, staying ahead of the competition. Managing supply chains, budget forecasting and reporting, and staying in regulatory compliance are all aided by these new analytical insights.
More Information Helps Managers Solve Problems and Anticipate Trends
Automation also allows management to be more proactive with any issues that arise. Instead of the wait-and-see approach necessitated by a slow-moving manual process, management can follow along as situations develop, to see both where the problems occur and, more importantly, what might be done to solve them.
Exception handling, volume ebbs and spikes, cash flow anomalies and spend information: workflow automation software shines a real-time light on what a business does and how it does it, in both good times and bad.
Apart from short-term firefighting, long-term strategic outlooks are also vastly improved with this new information. Analysts can put comprehensive trend reports together more quickly, with more information than ever before. For busy C-suite executives with many different jobs to do, this quick turnaround can prove invaluable. Strategy changes, whether in response to problems or based in a friendly forecast, can be implemented as soon as they’re decided upon, and later adjusted on the fly to suit the new reality generated.
This can affect everything from market positioning, spend decisions and leveraging during contract negotiations.
New Insights Keep Your Business Up to Speed
Manual, paper-based processes are familiar, but they become more outdated every day. Relying on paper and human hands in the fast-moving digital marketplace opens your company up to unnecessary errors and inefficiencies, while simultaneously keeping management blind to changing situations and developing information. Workflow automation software allows organizations log data, track its development and analyze trends with a strategic eye. The management insights generated with these new analytics help companies keep up with the speed of modern business, both now and going forward into a constantly changing future.