Time is Money: How Automation Combats Revenue Loss

By 2020-11-05 Blog
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Running a business is all about managing your resources, both in terms of how much money you have and how many employees you need to get the work done. Despite this, many businesses still opt to leave data entry, processing, and other busywork to their employees when these tasks could be completed using automated data extraction.

Corporate competition has never been more intense, and in an age of aggressive technological advancement, shockingly few companies are opting to automate their data entry processes. Beyond that, automation could be a key aspect of a business’ recovery strategy during the pandemic.

Automation is one of the keys to combatting revenue loss in the age of COVID-19. To that end, this blog will discuss the ways automation can free up crucial company resources. We’ll also look at how your company might use it to start recovering from the pandemic’s blow.

Automation in Business: Less Money, More Manpower

Consider a large company. These typically have an entire section of their administration team dedicated to data processing, invoice filing, receipt reconciliations, and other busywork associated with data manipulation. They might have a dozen people focused on filing invoices alone, each of which must be paid a fair salary (not to mention the overheads).

Now, imagine this same company implements invoice scanning and data capture technology to automate this process. The same number of invoices are processed faster, with greater accuracy, and it all costs less than paying twelve employees to accomplish the task. Imagine these employees upskilling in other parts of the company and contributing to its growth, thanks to their lightened workload. Imagine the revenue benefits from such a change!

Automation is, at its core, a way to save money. However, the downstream benefits of automating easy data manipulation tasks are undeniable. As in the example above, implementing advanced data extraction technology for busywork can result in:

  • Elevated output
  • Faster work completion
  • More detailed analyses (and thus more granular reporting)
  • Opportunity for greater optimisation thanks to this granular reporting

All these benefits can occur at no additional cost. That’s the power of automation.

Automation in the Age of COVID

The pandemic has rocked many businesses to their core, decimating incoming revenue and forcing changes to processes, company structure, and consumer behaviour. To deal with these changes, businesses need to take a fresh look at their processes, actively identifying and fulfilling opportunities for optimisation.

If you remove a portion of costs associated with data processing, it can help bring your business back into the black. Even if you are currently in the black, automation can free up money to invest in marketing, promotion, or upskilling to help your business adapt. Thanks to shifts in consumer behaviour and the necessity of an online presence (one you might need to create), this money could be the difference between success and failure.

In the short-term, automating certain processes will reduce costs for a business, thus helping it to stay afloat. In the long-term, the granular data resulting from this automation can help businesses identify other ways to optimise their operations. This is a very tangible benefit for businesses currently struggling under the weight of a changing world.

If you are considering automation for your business, it’s crucial to choose software with the right capabilities for your business’s needs. Speed, accuracy, and a learning capability are all aspects of the right software, that will help you along the way instead of dragging you down.

Implement the next generation automated data entry software in your business.

Save time, improve accuracy, and work smarter with Xtracta. We deliver data how you want it, optimising your business with our powerful OCR AI and data extraction technology. To learn more about how our software works and how it could improve your business, enquire with the Xtracta team today.