How Workflow Automation Improves SMB Functions

Finding it a challenge to scale up your business in Asia? You’re not alone. According to a recent World Economic Forum study, 67% of small to medium-sized businesses (SMBs) struggled with maintaining and growing their operations.

Despite your best efforts, limited resources can get in the way of achieving your goals for expansion and growth. Furthermore, employees working in SMBs sometimes have to double hat. Serving two roles simultaneously such as Finance and HR can lead to burnout and poor job performance.

Fortunately, workplace automation offers a solution. Software robots can handle repetitive tasks, freeing up your employees’ time to focus on more valuable work for the company. Automated workflows can simplify your processes and scale your business in a more cost-effective way.

Which workflows or business processes can an SMB automate? Monotonous, error-prone, and repetitive tasks that consume employees' valuable time and energy when they need to be completed on a large scale.

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Consider how workflow automation solutions can improve these existing business process workflows:

1. Invoicing: Keep up with the Numbers

Processing invoices is a routine task for SMBs. However, manually handling many invoices can become time-consuming and labour-intensive.

Accounts payable (AP) automation removes the human element in AP processes by using AI-driven data capture, touchless processing, and electronic workflow capabilities. It saves time, improves productivity, reduces errors, and lowers process costs. Accountants and business owners will definitely appreciate these benefits.

2. Data Processing: Software Robots Free up Staff’s Time

SMBs often face challenges due to tedious and repetitive workflows. For example, mid-sized financial advisory company Lifetime found that senior staff members spent hours manually extracting data to use in custom-built customer portals, which was inefficient and resource-intensive. They were determined to find a better solution.

Lifetime turned to a Robotic Process Automation (RPA) solution where software-based robotics use rules-based programming to learn and execute repetitive tasks, allowing it to imitate human interactions.

RPA helps SMBs streamline monotonous work that would otherwise need human effort, resulting in faster and better project outcomes. For instance, the task of "stitching together" information for Lifetime’s client portals can now be executed in just minutes.

3. Document Signing and Approvals: No More Waiting for Physical Signatures

Many SMBs spend considerable time and effort obtaining physical signatures from clients, vendors, or collaborators. This often leads to delays and increased operational costs, particularly when signatories are in different cities or countries.

eSignature solutions can fast-track the execution of time-sensitive contracts. These digital solutions use Public Key Infrastructure (PKI) issued by a trusted certification authority, ensuring secure and legally binding document signing. eSignature solutions can also be integrated with document management systems to reduce downtime.

Understanding the Impact of SMB Automation

You may have questions about the effects of automation on your business processes. To address your concerns, we've compiled and answered frequently asked questions on the subject.

How Secure is Small Business Automation? Can it Increase Your Vulnerability to Cyber Threats?

When implemented with best practices, SMB automation can be very secure. Most reputable workflow automation platforms make security a top priority: employing encryption, secure access controls, and regular software updates to neutralise potential threats.

However, introducing any new technology into your business operations can expose new vulnerabilities if not implemented and managed correctly. SMBs should not only choose reputable platforms, but also implement cybersecurity measures and conduct regular security assessments to minimise potential vulnerabilities.

How can Workflow Automation Increase Your Competitive Advantage?

Improve Customer Experience

Workflow automation boosts efficiency across all your business operations. This means a faster turn around time for your clients and customers. It also gives your team more time and resources to reinvest in strategic activities that add value to your business like enhancing your clients and customers experience with your products.

Drive Innovation

SMBs that embrace small business automation are ready to innovate as well. “Automation can trigger innovation by freeing up resources and providing data and insights,” Sunil Ranka of the Forbes Technology Council explains that automation and innovation can create a positive feedback loop that drives each other forward. “Innovation can serve as a spark for automation by leading to the development of new technologies and tools.”

How Easy is it to Adopt Workflow Automation?

Technological progress has made it easier for SMBs to implement workflow automation solutions. Unlike dated and costly systems, today's platforms are designed to be scalable. They cater to SMBs and businesses that are ready to grow.

Advances in artificial intelligence and deep learning also enable workflow automation to be applied across multiple departments, creating opportunities for enterprise-wide implementation as the technology evolves.

However, you should consider investing in the right infrastructure and IT personnel to implement these solutions in your business.

Start Automating Your Workflows with FUJIIFLM Business Innovation Today

Still weighing the pros and cons of adopting workflow automation? Let us help you make an informed decision on the right small and mid-size business automation solution for your business.