Four types of business automation:
What does marketing automation entail? It’s the process of using technology and software to automate repetitive marketing tasks. It’s also implementing technology and tools to market more effectively across multiple channels. This includes email marketing, advertising campaigns, and social media marketing, among others.
75% of marketers use at least one marketing automation tool already, and it makes sense when you look at the market size. According to a study by Statista that examined marketing automation technology revenue worldwide between 2017 and 2023, the entire global marketing automation market size is expected to reach a whopping 25.1 billion U.S. dollars by the end of 2023. Advertising automation alone can save businesses $130,000 each year in costs.
Human Resources (HR) automation
Similarly, Human Resources automation uses software to digitize and automate HR-related tasks, especially time-consuming, repetitive ones such as employee onboarding, timekeeping and payroll. This enhances efficiency and productivity, freeing up time for the HR department to focus on more complex tasks such as decision making or planning and implementing strategy. Naturally, this in turn lowers the capacity for human error (mitigating risk) and reduces costs spent on manual HR processing.
Accounting and finance automation
Automating the accounting process means applying software to automate tasks related to finance and accounting departments. This can include processes such as accounts reconciliation, creating financial statements, and updating financial records. Again, automating these tasks so there is minimal human intervention results in lower costs and greater efficiency overall.
Accounting and finance automation leads to better data integrity by lowering the potential for human error. It leads to speedier approvals (as these can sometimes take longer when they go to management and get bottlenecked) as well as speedier customer payments. Automation also allows for greater visibility and transparency, providing your organization with greater insight internally to see what is and isn’t working with your data.
According to Robert Half, a recruitment agency, there are several main duties and tasks that will be affected by accounting automation. These include:
Number-crunching, and any other job that involves algorithms, such as calculating depreciation, can be automated by robotic process automation (RPA) tools.
Accounts will need a deep understanding of compliance, but machine learning (ML) can help improve the effectiveness of automated controls. With both automation and aware accountants, you should be able to avoid any costly compliance breaches.
In terms of person-to-person interaction, automation can’t replace humans – but natural language processing (NLP) can aid in automating some of these scenarios through chatbots and similar tools. It can also help automate processes such as preparing contracts and documents.
Strategizing requires human creativity, of course, but artificial intelligence (AI) can help with the analysis required.
Process automation (not to be confused with workflow automation) is applying technology to automate repeatable tasks or sub-tasks. This is done by applying user-defined rules to drive business operations.