Top Ways That Automation Is Improving Business Efficiency

Artificial intelligence (AI) is widely considered the next big game changer in the business landscape thanks to its ability to address longstanding pain points that have plagued productivity and revenue across all enterprise sizes.

Whereas companies previously had to deal with any and every process manually, AI allows them to streamline daily operations without compromising accuracy. As a result of this, Statista’s global AI outlook notes that corporate investments in this technology have drastically risen over the past few years. Within the past decade, the total money poured into AI is nearly $940 billion. In 2021 alone, businesses around the world invested a whopping $276.1 billion in the sector.

Interestingly, despite the undeniable interest that the business industry has shown in AI, other studies show that many professionals remain uncertain about how this innovation can help them. In a 2024 Orgvue report, up to 50% of all respondents admitted that they didn’t know how best to use automation tools within their workplace.

If you’re similarly unsure how AI’s automation capabilities can serve your business, read on to find out some of the top ways.

Top Automation Ways for Business Improvement

Accounting and Finance

According to numerous surveys, financial issues are among the top reasons why businesses fail or feel pressure. For instance, Quickbooks determined that 69% of business owners consider cash flow to be the biggest threat to their company. On top of this, because of the accountant shortage, a growing number of businesses are handling the complexities of finances on their own. Naturally, this causes extra strain and expense that many businesses are unable to sustain.

That said, with automation, businesses can make use of carefully crafted programs that gather, organize, and even interpret financial data. This is evident in SOFTRAX’s revenue recognition software, which is a cloud-based solution that automates complex revenue management processes. Most notably, this uses enterprise-level functionality to streamline revenue recognition in compliance with the sweeping changes brought on by the ASC 606 and IFRS 15. As it eliminates the need for spreadsheets and workarounds, it reduces the risk of human error while still executing financial essentials efficiently, accurately, and compliantly. This can help businesses not only keep up with accounting needs but also allow employees to focus on more sensitive financial projects.

Product Fulfillment

Consumer returns are a growing concern for business owners around the world due to the cost they force companies to shoulder. The Desire Company estimates that companies spend upwards of $50 billion on returns every year. This can understandably be a financial drain for many business entities, especially if they’re working off a more modest team. With automation though, returns can be prevented from the get-go with more finetuned product fulfillment. As seen in Amazon’s automated intelligence model, it can help sellers detect product defects. This helps prevent returns from unsatisfied customers. The same service can also cross-reference any defective products that accidentally get sent to the customer with the original order form. This helps to then pinpoint the precise moment in the product fulfillment cycle wherein the mix-up occurred. In the long run, this safeguards not only company expenses but also reputation.

Customer Service

Over 83% of consumers say that customer service is a major factor in determining how much they trust and stay loyal to a business. One of the biggest customer service aspects that most consumers are critical of is how timely and helpful a company’s responses are. On average, polls show that most consumers expect an immediate response to any query they pose. Similarly, businesses tend to lose out on potential leads if they take more than 10 minutes to reply.

While meeting these demands was nearly impossible in the past, automation has made customer service much more doable for businesses. Via AI, companies can utilize chatbots to take on the bulk of customer service responsibilities, which tend to be rather rudimentary anyway. This includes helping customers with frictionless self-service to address simple concerns and providing more basic information on generic company questions. As per a Forbes article on customer service AI, this is helpful on two levels. On one hand, chatbots can give customers the timely attention and service that they require immediately. This can help prevent feelings of confusion or disengagement. At the same time, because chatbots can field consumer concerns, it prevents human agents from feeling burned out and unable to handle more pressing issues. This can help businesses prevent extra costs related to unaddressed customer complaints and high customer service agent turnover.

Business Strategy

As the field of business becomes more competitive, leaders are always on the lookout for more tools that can help them get ahead. After all, getting a pulse on future trends is a key advantage that minimizes risks and heightens growth opportunities. In our previous post on predictive analytics, we highlighted a study from PWC about AI-focused companies that states companies that lean on this innovation can expect an additional $15.7 trillion in global GDP. This is largely because AI can help with predictive analysis. Because automation tools can effectively sieve through massive amounts of data in a relatively short time, they’re able to arm companies with data-backed projections. This can help guide critical endeavors, like marketing, without straining human employees or putting budgets on the line.