Business process automation (BPA) includes software solutions such as accounting software and inventory control software. These solutions automate administrative and financial functions within a business and when the company is a large enterprise they often implement a robust solution such as enterprise resource planning software.
There’s a strong belief among small businesses that handling all their functions manually is more cost-effective than investing in BPA – this is inaccurate
BPA can assist small companies in many different ways but most importantly it underpins a business’ scalability. Most entrepreneurs don’t start their business venture with the hope that it remains a one-man show or a small entity. In fact, entrepreneurial activities are embarked on often with the purpose of attracting investment and exit strategies are included in the game plan so that they are available for acquisition if the opportunity arises. Therefore, using available business finance to invest in BPA solutions to assist with efficiency and ensuring accuracy in areas such as financial consolidation is important. When the likes of bookkeeping and inventory control or even customer relationship management (CRM) are handled manually there is room for inaccuracies caused by human error and inefficiency in finding pertinent documents or have a sub-par archiving system. Efficiency, speed and accuracy are paramount to business success resulting in increased profit margins.
Small businesses with streamlined integrated processes are far easier to manage as they grow and as they increase their staff complement
The different silos of data that a company has to hold onto for operational purposes are many and the information remains disparate which means that consolidating data between operations is difficult and time-consuming. Whereas using BPA solutions that offer modular systems that grow as the business grows and integrate with other systems is ideal as reporting, consolidation and updating information is quick and easy.
Many consumers enjoy dealing with small businesses as they receive personalised, individual attention but cracks will begin appearing should the business lack efficiency
By automating everyday tasks and reporting, more time can be spent on the customer interaction and service delivery. What’s more BPA results in a quicker invoicing and payment system, with information on hand should a customer have a query. Also, customer data can be compiled which will ultimately assist the business with understanding its consumer.