Automation
Business Automation
When a business is ready to expand, what sorts of things do they typically consider? While growing an internal workforce may be the first thing that comes to mind, business automation should likely be included at the top of the list. In fact, there are a lot of advantages that can be achieved when automating specific processes.
When implemented correctly, business automation tools can transform the way a company operates and can often improve efficiency drastically. For example, while AI-powered digital assistants may not be able to replace humans entirely, they can definitely augment how we work. Nearly 15% of all customer service interactions are conducted by chatbots. The better news? Those chatbots are gaining higher quality leads than most sales teams.
No matter what repetitive tasks your business has, from customer service to internal processes, working with a talented business automation developer can help ensure they are correctly handled. Simultaneously automation will also free up team members who would otherwise be bogged down on menial tasks to focus on the aspects of the business that truly matter. That's a win if you ask me.
Why is Business Automation a Smart Choice?
If you are a business owner, you are most certainly well aware that the most important and invaluable resource you have is your time. Automation can save you a considerable amount of that time by allowing processes to be handled by AI and creating a schedule that keeps everything on track. But that isn't the only benefit of automation.
Business Automation is Effective
Are you looking for the best way to draw the maximum value available out of your current team that you already have? When appropriately implemented, business automation solutions will allow each team member to execute a wide range of ongoing and complex campaigns. For instance, automated marketing can provide in-depth reports to keep track of every Facebook post, Tweet, email, or text message that a team publishes. That feedback and opportunity for analysis are invaluable.
Business Automation Maintains Consistency
Maintaining consistency is a significant feature of business automation. Having a system that will produce a reliable and consistent result no matter how the responsible team members feel or the pressure they are under is critical for small businesses. It eliminates or, at least, dramatically reduces the margin for human errors, which can be pretty damaging to a brand.
What is Possible with Business Automation?
While this is an excellent question, the real question should be, "What isn't possible with automation?" The truth is, if you can dream it, our development team can likely make it a reality. We know that some people might need a little push to see the possibilities – and that is okay! The best thing to do is think of where your business might be bottlenecking or determine how AI could improve processes.
Here are some great starting points to start your journey into business automation:
Business Automation in Action: TEDC Reset
During the COVID-19 pandemic, the Tulsa Economic Development Corporation (TEDC) required business automation software that could expedite the loan application and approval process for the Tulsa County Business RESET Program. To be effective, this software would need to determine what paperwork would be required by an applicant, organize and rename the documents for official use, and provide accountability options to ensure that forgivable loans reach a peak level of forgiveness.
Some of the core specifications required to meet this goal included:
While the software was a resounding success, the end of the program signaled new opportunities for this business automation software to flourish among other conventional and non-conventional lending providers. In essence, the goal of this software is to improve efficiency throughout the loan application and review process to ensure that funding can be obtained as quickly as possible.
How Did the TEDC Business Automation Software Work?
The TEDC Application Software was built to accommodate multiple application types, including for-profit and non-profit usage. Each application submitted through the software would be automatically considered based on company type, the number of employees within the organization, and other granular criteria needed. The system would automatically pull the required documents needed to complete the loan process with this information available.
Since TEDC is a non-traditional lender, they often have multiple ways to grant a loan to an inquiring applicant. Through the TEDC Application Software, each facet of these different loan types is analyzed, and the applicant is only served the documents that make the most sense for the loan options that they are pursuing; however, it is essential to note that the type of documents served to the applicant will also vary based on their filing status. (e.g., LLC., Corp, or DBA.).
For a loan to be successful, applicants must also define how the funds will be used if approved. At this point in the process, the users must also specify all owner information and submit to a request for a background check. This helps determine loan eligibility and helps loan processors better understand if an applicant is suitable for the defined loan type and what risks are possible for the lender.
Once a loan application had been submitted through the TEDC Application Software, the information was automatically sent to the County Commissioners' office to expand the available loan information. This data included a variety of demographics, including race, age, gender, voting district, and much more. By incorporating this feature, the city could determine what groups were actively looking for funding more easily.
The TEDC Application Software was integrated with SharePoint to improve the approval process. A folder was automatically generated to house all needed documents when an application was received. Each submitted document would be scanned to determine what document was submitted and then was renamed to add the applicant's name and date. Once all needed documents were completed, a summary spreadsheet was compiled to allow a loan processor to see if the submitted documents met the loan criteria easily.
Since the Tulsa County Business RESET Program was forgivable, each funded project was automatically given access to the "forgiveness center." On this screen, applicants could track their progress in meeting the $5k of needed receipts to achieve forgiveness. Like other document processing stages, receipts could be uploaded by type and expenditure to automatically track what is still required for maximum forgiveness. Once the total had been met, a notification was automatically sent to a loan officer to be marked as closed.
Our business automation software increased their productivity and capability to process applications by over 1000%! What could it do for your business?