Business Workflow Automation is a big thing, and it is getting bigger. In fact, the more the technology behind workflow automation evolves, the more the market grows. One study predicts that by 2023 the valuation of the business workflow automation market will be 18.45 billion USD. (That is up from its 4.26 billion value in 2016).[i] Another study shows the ever-increasing impact that various technological advancements like cloud computing, big data, and artificial intelligence have on the market.[ii] What does this mean for your company in the grand scheme of things? As your company grows and becomes more complex, your team can rely on workflow automation technology to automate processes.
Simply put, the more your company relies on workflow automation software, the higher the benefits you will start to derive from the technology. Here are a few benefits that you stand to gain:
Streamlined and optimized workflows result in increased productivity across the entity. Increased efficiency is derived by lowering/eliminating human errors in a process, as well as by reducing the time needed to manage a process.
Lower operating costs.
Automating processes helps reduce the level of resources needed to manage a process. The reduced cost on resources more than offsets the cost of automation tools.
Ability to focus on core activities.
Freeing employees from handling mundane administrative duties helps not just increase moral but also provides the opportunity to focus on customer service.
Automating a process helps reduce errors and delays, which in turn helps better manage risks.
Ability to move to a paperless environment.
The advantage of accessing documents from anywhere are enormous. This, together with the ability to manage a process from a mobile device, makes a good case for harnessing the power of process automation.
With all the current capabilities and growing advantages of workflow automation, is your company leveraging business workflow automation to the fullest?
[i] “Workflow Automation Market by Process, Operations, Deployment, Organization Size, Offering, Industry, and Geography – Global Forecast to 2023”, https://www.marketsandmarkets.com/Market-Reports/workflow-automation-market-83962755.html.
[ii] “Business Workflow Automation Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2017 to 2026”, https://www.xploremr.com/report/1181/business-workflow-automation-market.
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