Workflow automation through workflow software is technology that can transform the way businesses operate.
Today, artificial intelligence (AI) and robotic process automation (RPA) are allowing businesses to automate just about any manual workflow.
By eliminating manual processes and replacing them with workflow software, businesses can streamline their operations, reduce errors, and save time and money.
In this article, we will explore six benefits of workflow automation and how it can help businesses improve their productivity, efficiency, and bottom line using examples.
The Six Benefits of Workflow Automation
One of the primary benefits of workflow automation is increased efficiency. By automating routine tasks, businesses can reduce the time it takes to complete them, as well as the likelihood of errors.
This can lead to faster completion times and increased productivity.
For example, automated data entry significantly reduces the amount of time it takes to enter data into a system. It also eliminates errors that can occur when data is entered manually.
And then, adding human verification to automated data entry creates a process where you get near 100% accuracy of automated data entry.
See how CoreIntegrator’s verified data capture service provides touchless yet accurate data entry:
Consistency and Standardization
Consistency and standardization are other important benefits of workflow automation. Businesses set automated tasks. They are then performed consistently. This improves the quality of work and reduces the errors.
For example, in addition to saving massive amounts of time (and money!), automated purchase order systems reduce the risk of human error. That’s because manual purchase orders are prone to typos, incorrect quantities, and prices.
But an automated system ensures accuracy and consistency in the data. This helps to prevent any misunderstandings or disputes with vendors. It also prevents duplicate payments.
An automated purchase order system also helps companies improve their supplier relationships. With consistent, accurate and timely communication, companies can work closely with suppliers to ensure that the right products are delivered on time and at the right price.
Finally, workflow software solutions like CoreIntegrator integrate with your enterprise resource planning (ERP) or accounting systems, to provide a seamless and efficient purchase order process. This integration ensures that data is consistently accurate, up-to-date, and accessible from a single source, reducing the risk of errors and saving time.
Improved collaboration is another benefit of workflow automation.
Automated workflows improve communication and collaboration between team members. Tasks are automatically assigned and notifications are sent when tasks are completed.
This can help to ensure that team members are aware of the status of tasks and can work together to complete them.
For example, automating the approval process for invoices can not only speed up the process, it can ensure that all team members are aware of the approval status of the invoice – in real time!
Check out why managers love invoice approval automation, for example:
Time and Cost Savings
Time and cost savings are significant benefits of workflow automation. Automated workflows save time and reduce costs. They eliminate the need for manual labor, reduce the risk of errors, and improve efficiency.
For example, automating the procure to pay process can significantly reduce the time and cost it takes to process invoices and make payments. Industry averages say that an AP clerk’s all-in cost to a company (salary plus benefits) is about $27 per hour. This means that at 5 invoices per hour the average hard cost of labor alone to manually process a single invoice is $2.25 per invoice.
But A/P One invoice automation enables that clerk to process invoices SIX TIMES FASTER. Which translates to a hard labor cost of $0.50 – fifty cents per invoice using A/P One!
Quick workflow automation savings calculation: your company could save $1.75 per invoice in hard labor costs alone with AP automation – that’s a 78% savings!
Increased visibility is another benefit of workflow automation. Automation provides real-time visibility into the status of tasks and workflows. This allows businesses to identify and address bottlenecks and other issues more quickly.
This can help businesses make more informed decisions and improve their operations.
With workflow software, you can create KPIs (key performance indicators) around data that is automatically captured by your workflow automation software.
Then, you can create and use AP dashboards to track things like invoice aging and efficiency. You can even use them to identify inefficiencies in the process and correct them!
This will significantly improve your bottom line. See how:
Scalability is also an important benefit of workflow automation. Automated workflows can be easily scaled up or down to accommodate changes in workload. Thereby making it easier for businesses to adapt to changes in demand.
For example, automating the procure to pay process helps businesses handle a larger volume of invoices without having to hire additional staff.
Consider Theresa Rago at Starr Companies. She said, “We kept adding additional AP and document management staff. So many that we eventually took a step back and decided to create standardized individual automated workflows for each department.”
“The biggest benefit is that our AP department isn’t doing any data entry anymore. And they used to do excel spreadsheet for allocations – it was a mix of paper and electronic files. It worked – but it was painful. Now AP staff simply review the document/invoice in the system, press a button and then it is sent to Microsoft GP. All of which is also automated.”
Starr and Theresa also used CoreIntegrator Enterprise to customize automation around refunds, recurring invoices and policy adjustments. And it’s all in one place, along with approvals and full documentation.
Theresa also reports that the ability to see the status of payments in CoreIntegrator Enterprise has reduced the number Microsoft Dynamics GP licenses Starr needs to hold. “Eliminating the expense of additional GP licenses is just a cherry on top,” she said.
Bottom Line – Six Benefits of Workflow Automation
In conclusion, workflow automation can provide several benefits to businesses. These include increased efficiency, consistency and standardization, improved collaboration, time and cost savings, increased visibility, and scalability.
By automating routine tasks, businesses can streamline their operations, reduce errors, and save time and money. This allows them to focus on core business activities and provide better service to their customers.
With the increasing availability of workflow automation tools, businesses of all sizes can now take advantage of this technology to improve their operations and gain a competitive edge.
So, if you are interested in finding out how your organization can benefit from workflow automation software, click or tap here to request a personalized no-obligation consultation today!