Automation for business growth
Companies need to understand that automation isn’t about just buying innovation; it’s about making a strategic investment into maximize their business model.
Brands fear that implementing technology will undermine profit when taking into account the time invested in learning new tools and processes. While tech investments do require time, which can be a luxury that brands can't afford, this investment is offset with efficiencies and increased productivity, which saves brands money in the long run. Automation will become the driving force for business growth in the future, but also the present.
It is critical that brands and businesses look at automation as a driver for growth, but what’s even more critical is that brands make sure that the right tech isn’t trying to fix the wrong business problem. The operational model that a business has may have been a driver for growth in the past, until industries changed. Companies need to understand that the automation they implement picks up where they left off, for good or for bad. When companies prioritize developing effective operational systems, the automation will then compliment and grow the business. If not, automation will help your leaky ship sink faster instead of landing on dry land.
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
For companies to fully take advantage of automation the right way, they must keep three ideas in mind.
1) Find the defects: Automation can’t fix defects. This could be product design, financial reporting, market research or production. When companies take a look at their business flaws, they can find opportunities to streamline the workspace and utilize automation that can detect inefficiencies and replace it with higher performing and higher-quality processes. These inefficiencies are already causing slower production and slower return without brands being aware. No one likes losing money, especially when you're losing it right under your nose.
2) Find the experience: The way consumers interact with and connect with brands has changed, from product reviews sections to likes on social channels. This change brings with it new market research insights, which means new strategies for engaging with your consumer. When companies leverage new digital strategies, they’re sitting in the passenger seat of the consumer experience and allowing their consumer to show them what they want. Technology has made it possible to make the world a little smaller by seeing our shared experiences; it's on companies to harness those insights and create new consumer experiences that change the way we interact with a brand.
3) Find the purpose: Businesses need to have a defined purpose for automation and ask the right questions. Why does prioritizing this area for automation matter more than another area? What's the ROI on utilizing tech to aid the consumer experience? Asking these questions and more, means you're seeking innovation without just buying innovation. Rolling out automation to speed up production or save on cost puts profitability on the forefront of business growth.
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