Larger enterprises have long been the first entities to purchase the most advanced technology once it appears in the market, especially as these firms tend to enjoy more flexible budgets and a greater range of resources than their smaller counterparts. However, modern movements in corporate computing, most importantly out-of-the-box and ready software, have completely flipped this trend on its head, with entrepreneurs now having access to some of the most advanced tools out there that come with more affordable price tags and support intuitive use.
In many ways, out of the box ready software and other trends in the IT market have leveled the playing field between small and large businesses, while the power of the Internet with respect to accessing the global marketplace has had similarly positive impacts on the entrepreneurial community. With this in mind, small business owners should be focusing on provisioning and procuring technologies that will help boost efficiency, productivity and operational success.
Few solutions can compare to the abilities of automation software in terms of securing optimal corporate management and resource allocation efficiency. As more corporate operations in virtually every industry move into digital environments, small business owners would do well to consider looking into automated data capture and transaction automation software (i.e. requisition processing, invoice processing, contracts/recurring invoices, expense report processing and sales order processing), among others, that can streamline core functions and tasks for their companies.
What to expect
Small Business Computing recently listed some of the more commonly enjoyed benefits entrepreneurs will attain when properly using advanced automation software, affirming that it is critically important to begin looking into these technologies to remain competitive in increasingly saturated markets. For one, the source noted that the fundamental advantage that automation offers is more time for human resources, managers and IT personnel to focus on more strategic matters rather than routine maintenance, data entry and other arduous tasks.
According to the news provider, on top of that saved time, staff members' productivity has been found to be positively impacted by automation software on a large scale, as engagement and morale gains therein translate to more progressive operational performance. One would be hard-pressed to find an employee who sincerely enjoys handling tasks such as data entry and invoice processing on a daily basis, and this essentially eradicates the responsibilities from the workforce.
As a note, companies will need to maintain oversight of these activities and ensure that all processing and management protocols are moving along accurately and efficiently. However, the amount of time it takes to do this is far less than would be the case when those same employees were doing the grunt labor involved in the various departments targeted by automation.
Finally, Small Business Computing noted that legal compliance performance can actually be strengthened through automation, as a reduction of inaccuracies and a more efficient oversight process translate to fewer risks of penalties and sanctions. This is especially true for small businesses that manage financial and medical records within their corporate infrastructure.
Further considerations
The automation economy continues to grow amid dramatically rising volumes of demand. For some perspective on this matter, MarketsandMarkets released a study last month that forecast the process automation and instrumentation industry to expand at a compound annual growth rate of more than 6 percent between this year and 2020, hitting a total global annual revenue size of $180 billion by the beginning of the next decade.
This translates to higher levels of competition and subsequently more innovative thinking on behalf of providers with respect to capabilities and pricing, thus yielding a buyers' market. Small business owners who have not yet considered jumping into the automation game should do so soon, as the benefits can be enormous.
