OK – we understand that we don’t want thechemical known as BPA in our water bottles. But when it comes to the BPA that stands for ‘business process automation’ – well that’s a good thing. A recent survey from CompTIA revealed that more and more businesses are using workflow automation to boost efficiency and overhaul existing business processes. Technologies like direct deposit are streamlining activities, and helping businesses get more done faster, growing their scope and market share. The industry of business process management (BPM) and business process automation (BPA) is projected to grow to $7.6 billion in 2016, up from $4.4 billion in 2012.
How BPA Leads to Competitive Advantage
By automating simple and regular tasks, business process management techniques free up employees to focus on more complex processes. Many businesses find that BPA tools make it easier to reach new customers and allow for faster and easier business decisions by offering robust analytics. Additionally, implementing these tools can reduce the unnecessary growth of departmental information silos and make it easier for cross-department communication. By making the business process more visible across the board, business process automation can eliminate accidental or unnecessary redundancies and duplication. BPA can also reduce errors in work and eliminate or reduce troublesome bottlenecks that challenge office productivity. The combined positive effects of business process automation add up to a major competitive advantage in the marketplace.
Once the domain of only the largest corporations, BPM and BPA have now come down enough in costs to be available to many more companies, leading to increased efficiency across the board. Three-quarters of small businesses responding to the CompTIA survey indicated significant growth in the use of BPA technology over the last two years. Additionally, 43 percent of large businesses report applying BPM tools to every area of business practice.
Types of BPA Tools
The most common BPA tools adopted by businesses, according to the CompTIA study were:
- Cloud computing, with 65 percent adoption
- Mobile technology, with 51 percent adoption
- Data analytics, with 45 percent adoption
- Project management, with 36 percent adoption
- Machine to machine, with 25 percent adoption
Process-specific tools automate just one part of the workflow, such as employee reviews, expenses or invoice processing. There is no one ideal solution for BPA/BPM within the workplace. Instead, it's a good idea to review business practices and come up with a list of specific processes most in need of improvement. An easy place to start is AP Automation. Start by automating these processes, then continue to add automation tools as budget and desire allows.
- Driving AP Success With Automation Part 3: How to Save Time and Money While Increasing Compliance
- Driving AP Success With Automation Part 2: How to Create More Efficient Processes With AP Automation
- VAT IT Partners With Emburse to Help Companies Save 27% on Expenses
- Driving Success With Automation Part 1: 4 Common AP Management Bottlenecks
- The Future of Finance: 5 Predictions For Digital Transformation in 2022 And Beyond
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.