We are rapidly approaching a new historical period where activities traditionally performed manually, are more and more done automatically by machines.
The adoption of automated applications and systems aims to streamline operations by removing the need for manual and repetitive tasks to more efficiently manage key operations processes.
According to SalesForce: “47% of Businesses see the largest ROI from Automation in their operation department”.
More companies are investing in business process automation to increase efficiency, boost revenues, and deliver a better Customer Experience. Automation was a cost-prohibitive measure in the past due to the expensive servers and the team of experts involved to manage and maintain them. But today, thanks to the development of cloud-based platforms, automation tools have become more accessible.
Innovation has therefore the power to redefine a smarter economic system where certain businesses can be run autonomously. A vision for the future economy, in which forces that were once centralised might become decentralised and vice versa. Blockchain has the potential to support automation and underpin this economic vision, known as a programmable economy.
Automating operations is crucial to a business today, to achieve agility, innovation, and speed.
Why should operations management be automated?
Operations planning is getting more volatile and elaborate, as generalised uncertainty increases on a global scale. To tackle these challenges, a business might require a more resilient and robust operations planning system to achieve total performance.
Automating operations reduces complex and time-consuming tasks. Research by the CMO Council found that “businesses lose up to $1 trillion each year as a result of mismanaged tasks”. To effectively manage and optimise complex environments, IT organisations are using artificial intelligence to spot bottlenecks, delays, and failures in advance.
By collecting and analysing vast volumes of data, AI tools can trigger auto-remediation workflows and redirect resources to prevent CPU overloads and process failures.
Automating operations improves operational efficiency, drastically reducing downtime, by allowing much more controlled management of the operations.
As procedures are performed in a standard manner, automation has the potential to limit human errors and reduce operating costs for cyclical and recurrent activities.
By automating operations your business can achieve:
- Efficiency: By taking humans out of repetitive tasks, you can save time and reduce the error average.
- Reliability: Automating routine tasks, like updating permissions or configuring servers, minimises human error and reduce the frequency and severity of outages.
- Flexibility: IT automation solutions often provide direct integrations and low-code API accessibility to enable IT ops teams to rapidly implement new technologies, or gather new, cross-platform processes, without having to create custom scripts.
- Visibility: By automating the monitoring of processes and systems, IT operations teams can unlock insight, and optimise SLAs, by managing workloads at risk of overrunning, automatically addressing failures with auto-remediation.
- Productivity: Machines can handle multiple tasks simultaneously, ergo speeding up processes.
Automating business operations can help standardise processes, achieve consistent results, and increase transparency across the organisation.
Business process automation allows employees to spend more time focusing on value-added activities.
McKinsey research states that “by automating manual and repetitive tasks, successful operations centres are reducing costs by 30 to 60% while increasing delivery quality”.
Compliance automation is also an indispensable element today that all business organisations should take into consideration. The cost of non-compliance and security risks are increasing and companies are called to adopt compliance automation. The process of compliance automation accurately blends compliance and security controls into one platform. Automation enables continuous detection and remediation of compliance issues, in aid of your business operations and security.
As the first contract negotiation and management platform, Trakti automates templating, negotiation and obligation management processes.
Thanks to our Smart contract modules, integrated into the blockchain, our platform automates the management of your contracts to execute automatically, all rules, up to payments and eSignature, in compliance with eIDAS.
Trakti enables +30 features in a single no-code platform, accessible to everyone, also to those who have no coding skills. Our platform tracks all changes, offers, approvals and reviews, to improve compliance and controls. Trakti automatically generates a comparison grid that simplifies the evaluation of offers.
To improve compliance and controls, our platform provides KYC/AML checks integrations to facilitate client ID checks, and simplify supplier control, traceability and review during onboarding processes.
With Trakti, you can customise the proposal to your specific needs, and improve collaboration to make it easy for all members of a specific group to monitor the evolution of a deal. By increasing and facilitating cooperation and communication with all your peers in the organisation, our platform reduces complexity while improving efficiency.
All the information and documents are consistent and easily discoverable: securely stored, organised in specific posts, and connected to the related deals.
Ready to drive digital transformation?
Discover how Trakti can boost your business operations.