Updated 25 November 2019. The bets on automation and Artificial Intelligence (AI) are big. Close to 92% of Fortune 1000 companies have increased their investment in AI and Big data.1 According to an IDC report, more than US$37.5 billion will be spent on AI this year. And by 2023, spending will reach US$97.9 billion2. Companies keen on digital transformation are looking for new ways to achieve business goals and BPO automation can make it happen.
Inroads to automation
One of the easiest ways to explore automation is through Robotic Process Automation (RPA). Repetitive back office tasks such as sending emails, tracking transactions, data entries, paying invoices and web site scraping are some of the essential business processes that can be automated via RPA.
Even small automation implementations can boost productivity by as much as 100%. Instead of spending hours going through hundreds of invoices, RPA bots can perform these tasks in half the time or even less—freeing up resources for higher value work such as sales, marketing, design, writing, problem solving and strategising.
BPO automation is key
More companies are looking to BPO providers for automation support in order to be more competitive. For instance, the banking sector has been losing ground to Fintech startups because the latter’s agility in rolling out innovative solutions. That’s why analysts are urging banks to outsource some of the business processes so they can be innovative as fintech companies. Outsourcing firms have the necessary capabilities, infrastructure and talent to help organisations with their digital transformation initiatives. Outsourcing automation requirements can reduce operational costs and reallocate resources to their core business or expand it further. Aside from RPA, companies are tapping BPOs to develop intelligent chatbots to improve customer service and answer inquiries 24/7 and reduce overhead costs.
Furthermore, BPO automation will allow businesses to upskill their staff, save time, minimise compliance risks and enhance consistency. For organisations who want to succeed and expand further, the clock is ticking: BPO automation is the ticket to success.
Automating business processes a no-brainer
Acquire BPO CEO Scott Stavretis, in the most recent edition of Australian Financial Review, discusses how the benefits of business process automation far outweighs any drawbacks. A business process expert himself, he guarantees automation is more than just about cost reduction—it’s about upskilling the existing workforce, compliance, consistency and better customer experience.
“A robotic process will deliver the same outcome every time, consistently. You don’t need to manage it, it doesn’t have a bad day. You’ll get the same, consistent answer and predictable response,” says Stavretis.
Click here to read the article