The introduction of various technological advancements in the digital age has prompted many businesses to adopt new tools to increase their competitive advantage. One great example is the use of automation software in business, which enables increased productivity and performance. According to Gitnux, 66% of business organizations currently use or are interested in automation, marking a 9% increase from 2018. This rising demand can be attributed to the ability of automation software to streamline processes and reduce costs.
A Grand View Research report stated that the market value of the professional services automation software industry was at $11.52 billion in 2023 and is expected to grow by 11.9% by 2030. In the ever-changing professional landscape, the rising growth of automation software is poised to reshape the future of business. Here’s what future entrepreneurs need to know:
How Automation Impacts Business Performance
Automation’s goal is simple: minimize the need for human input and increase efficiency through tools that can perform tasks such as data encoding, document processing, and customer interaction. That way, employees won’t have to do these mundane tasks; instead, they can focus on crafting more strategic innovations and improving customer engagement to boost business revenue. Through intelligent automation, businesses can use artificial intelligence algorithms and machine learning to examine data, recognize patterns, and make product recommendations. Companies can gain valuable insights into current market trends, business performance, and even the behavior of their customers to help them identify revenue-generating opportunities and tailor their offerings to consumer needs and preferences – all with the help of automation’s ability to process real-time data.
Examples of automation for businesses
Businesses use automation software to their advantage by incorporating tools that automatically manage contract renewal to avoid potential revenue loss and leakage. Softrax’s contract renewal management software consolidates all tasks involved in contract renewal in one application. Through this software, companies that follow the business-to-business model can track contract status and see future outlooks of revenue streams to gain better insight into renewal-generated revenues. It also provides a detailed look into a contract’s lifecycle and automatically customizes contract renewal by date, location, customer, or product to save time and resources, enabling businesses to focus on improving other aspects of their services instead of manually working on contract renewal processes.
Businesses can also rely on email marketing software to automate workflows and improve sales through customer engagement. HubStop’s email marketing software enables segmented email campaigns that potentially boost return on investment (ROI) through personalized and dynamic email content that targets specific audiences. Meanwhile, Mailchimp, another email marketing tool, offers customizable templates that are perfect for startup business owners with little to no experience in email marketing. Some email marketing software tools also provide analytics so businesses can measure their performance and ROI. With this software, companies can increase brand awareness through targeted and personalized email campaigns that can potentially boost their income.
Regulations for automation
While automation offers a promising future for businesses, regulations to ensure that technological tools are ethically used are being echoed in Congress, especially with the rise of AI and how it’s leveraged by automation software for businesses. Our previous article mentioned how having policies on AI and automation can increase public trust in businesses, thus boosting customer retention and growth. Since AI tools use large data sets that may sometimes contain sensitive information, enterprises must ensure that regulations that protect customers’ privacy are in place.
Even the White House released an executive order seeking to manage AI use. Through the EO, companies behind the world’s biggest AI systems must notify the government regarding their safety testing. It also instructs the National Institute of Standards and Technology to formulate standardized tests to measure AI models’ safety. This way, businesses that rely on AI-powered automation can protect their customers’ sensitive data and other sensitive company information.
Automation software is reshaping the future of businesses by boosting revenue and efficiency through streamlined processes. However, such tech advancements also need regulations to ensure they’re being maximized for the benefit of consumers, which is why policies on AI and automation software use are essential.
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