‘A fast-growing organization’ is a euphemism often used to refer to small organizations or start-ups. Organizations in this category may have grown out of their infancy but are yet to crossover to the next, relatively stable stage. As the leadership navigates through the rough waters of market, competition they may ignore or overlook signs that the team needs technology enablers like automation to get past the teething problems and move the graph upwards. Implementing automation solutions at the right time can help a ‘growing’ organization to scale at will and grow faster.
Red Flag 1 : Low Accuracy Rates
Industries like hospitality and Insurance deal with huge volumes of sensitive data. Though these industries can boast of a high degree of digital proficiency, the tools are operated manually which allows for errors to creep in. While a minimum margin for error is allowed, it’s a red flag if the customer care department of an insurance provider or a hospitality enterprise is continuously busy. Unhappy Customers mean a bad word of mouth which in turn translates to poor brand image and hence slow growth. Automation of complex, repititive and mundane tasks can help organizations deliver better quality of service to their end customers and maintain a high level of customer satisfaction.
Red Flag 2 : Lack of skilled manpower
Attracting and retaining talent during these volatile times is a herculean task. The highly competent millennial job seeker is at the head of the negotiating table and monetary compensation is no longer the key driver. The war for technology talent is on and raging. If you notice an unusually high number of employees exiting your organization, it is a red flag that you should invest in a more reliable workforce. When there is a high demand for your product/service, manpower crunch should be the last thing keeping you from capitalizing on that demand.
Red Flag 3: Fluctuating Demand
As the demand for service fluctuates based on many external factors, it is not a very logical decision to build a team and let them sit idle during lean times. Nor is it wise to retain a small team and tax them when the workload increases as this could lead to an increase in discrepancies. If your industry is dependent on multiple external factors is another red flag, is a clear indicator that you should implement automation solutions. This will help mitigate risks and maintain business continuity irrespective of dependencies.
Automation solutions can help scale at will, so you are no longer at the mercy of the markets or the manpower. With the benefits of automation, organizations are empowered to enter newer markets and plot their growth graph at a pace which aligns with their plans.
You can start off by automating the simplest use cases which yield the maximum ROI. Once you witness the ease RPA can deliver it will convince you to move to IPA and eventually to a higher level of hyperautomation.
While the red flags may be islands on their own, an ideal state of hyperautomation cannot be achieved by dealing with them individually. Quick win use cases need to be combined with a holistic approach in line with the long term business strategy, for automation to achieve the desired business goals.
Increasing Adoption of Automation
The global RPA market is estimated to touch $8.75 billion by 2024, according to a report by Grand View Research. This is enough proof that organizations are understanding the value that RPA can provide and are ready to make that intelligent investment to grow faster.
By automating big data-related processes, organizations can recognize and study patterns in consumer behavior which will allow them to make informed decisions. Implementing automation solutions at the right time can help organizations to overcome the hurdles of manpower crunch, uncertain markets and reduce errors. It is crucial to also find the right automation partner to handhold you through this journey. Watch out for our next post on how you should zero in on a reliable automation partner.