AI and process automation to increase efficiency and reduce costs


Gamco Team

In this article we are going to focus on how the artificial intelligence (AI) can increase efficiency and reduce your company's costs by automating processes that are carried out.

Many companies, aware that they can no longer rely solely on traditional ways of doing business, are incorporating technologies based on artificial intelligence to avoid becoming obsolete and remain competitive. In this way, new business models and new methods are emerging to reduce costs while maintaining and even improving the quality of the product or service.

Of course, the incorporation of artificial intelligence-based technologies is becoming increasingly necessary to significantly improve the efficiency and quality of products and services.

Automation is key to market survival

In today's fast-changing and competitive market, many companies' budgets are becoming increasingly limited and their resources more limited, while user expectations are rising, especially in terms of competitive prices and shorter delivery times.

Therefore, the implementation of AI in processes, in order to anticipate and adapt to the new challenges posed by emerging trends, is becoming one of the main differentiating factors among companies.

Process automation through the use of new cognitive technologies are key to helping companies optimize their processes, employee productivity, inventory and relevant information.

You may also be interested in: What is Intelligent Process Automation in the enterprise?resas?

There is no doubt that AI is transforming, for example, the FMCG industry: from supply chain optimization to product and/or service customization and delivery.

More and more companies that are implementing AI-based technologies to optimize their productive processes. This frees them from activities that add little or no value, reduces errors and increases the speed of operations or transactions.

It is clear that AI holds enormous potential to offer solutions innovative and profitable to organizations. 

But, how does artificial intelligence improve efficiency and bring new benefits to your company by automating processes?

Basically, AI applied in automation helps to identify and eliminate repetitive and/or unnecessary tasks, i.e., the need for human intervention in certain processes, thus freeing personnel - to a certain extent, as they must take responsibility for supervision and maintenance - to perform tasks that add value to the organization.

Various studies indicate that the majority of companies in the different sectors of the economy sectorsthat implement machine learning achieve an improvement of more than 200 % in the KPIs of its business processes.

To make this transformation possible and efficient for your business, it is first necessary to identify and analyze, with the support of artificial intelligence, those processes that can be automated - stock control, classification, packaging, shipping, etc. - as well as the areas and departments involved, in order to properly assess their cost and feasibility.

Towards a culture of process automation

Automation not only makes it possible to reduce production time and costs, but also to establish a more precise and consistent production dynamic. In short, it is a matter of integrating a global "culture of automation" into the company to boost its future performance and scalability. 

In the following section, we are going to see how we can realize an intelligent process automation in our company.

How to implement intelligent automation

The first thing we must do is to detect critical workflows and determine which automations are possible - and necessary - in our company, in order to specify the most appropriate process automation infrastructure in each case, as well as the management of the same by the organization's personnel, who must be involved from the outset to acquire the necessary knowledge and skills. This is the only way to ensure that the proposed technological ecosystem develops smoothly. 

In order to perform intelligent process automation, it is therefore essential to lay a solid working foundation that allows us to involve, align and harmonize the processes with the actors involved in our company.

A correct allocation of individual and interdepartmental responsibilities is, of course, essential for the subsequent centralization of processes with the help of AI-based technologies.

The use of artificial intelligence to improve process automation also has a number of additional benefits, which are listed below.

Why should companies use artificial intelligence to increase efficiency and reduce costs?

  1. Organizes, categorizes and analyzes large amounts of data quickly from the company's structured and unstructured data. This means a reduction in processing costs, which leads to significant savings. In this sense, the less time spent on a given process, the less impact it will have on the bottom line. Related to this issue, AI makes it possible to obtain increasingly accurate data that provides a detailed view of a company's financial status.
  1. The automation of processes allows accessing valuable information quickly because it maintains records for each project, invoice, report, etc. This translates into instant access to the most accurate data available, allowing for more accurate financial forecasting and more efficient management.
  1. Reduces decision making time analyzing data from different sources and providing real-time support, improving the company's ability to adapt to market changes.
  1. Eliminates or reduces repetitive tasks time-consuming tasks, such as entering information into databases or invoicing. This enables workers to focus on more important and engaging tasks. In addition, workers can access the information they need from any location and/or device, which encourages mobility.
  1. Performs quality controls on mass consumer products.The company can identify patterns and trends in production that facilitate detection or prevention before they reach the market. For example, in electronics production, component deficiencies can be detected before products are assembled.
  1. Automates customer service thanks to natural language processing and machine learning, chatbots, for example, will improve the user/customer experience and provide faster and more effective service.
  1. Optimizes the management of the production chain. By incorporating machine learning algorithms and predictive analytics, lead times are reduced by up to 50 %, improving customer satisfaction and competitiveness. In addition, inventory and logistics processes are simplified with the aim of facilitating demand forecasting to control the level of stock required, reducing storage and transportation costs.
  1. Improved lead time predictability because it analyzes traffic patterns, delivery history and weather forecasts. In this way, it can better predict when a package will be delivered, as well as optimize logistics routes to avoid delays and reduce transportation costs.

We have already seen that an excellent way to improve the efficiency of our business is to automate processes. So, what technologies can we implement to automate our company's processes?

Technological tools used to automate processes

  1. Artificial intelligence (AI). It is our main ally when it comes to automating processes through the identification of patterns, by analyzing a huge amount of data that facilitates both decision making and the identification of new sales opportunities.
  1. Business management software (ERP). Software used to manage different processes, from inventory management to accounting and logistics. It will be the main source of data for artificial intelligence, from which it will be able to learn and optimize all processes in the value chain of each company.

You may be interested in: What is an ERP? Functions and why a company should have it

  1. Contract Lifecycle Management Software CLM. A program that automates management tasks in order to control the life cycle of an organization's contracts. This optimizes workflows and reduces the need for manual intervention in contract management.
  1. Robots and autonomous systems for automation. They can be used as substitutes for human labor in repetitive and/or hazardous tasks, reducing risks to workers and improving efficiency. They are used, for example, for labeling products, assembling parts or loading and unloading materials. 
  1. Electronic signatures. It saves time and costs associated with printing, mailing and paper management, thus contributing to the improvement of sustainability and environmental care. In addition, encryption and authentication methods are used to guarantee the signer's identity and the integrity of the signed document, thus complying with international security and compliance standards.

In conclusion, we can state that Implementing AI-based technologies to automate certain processes significantly improves business efficiency. because:

  • Reduces errors.
  • Optimizes production and delivery times.
  • Improves product quality.
  • Eliminate unnecessary processes.
  • Reduces time for decision making.
company automation

Our Automation Software

We offer accurate and efficient process automation solutions thanks to the implementation of Artificial Intelligence modules.

ERP vs CRM system: What is the difference?

If you don't know the difference between an ERP (Enterprise Resource Planning) system and a CRM (Customer Relationship Management) system, here's what you need to know about the [...]

Read More »
The future of lending thanks to artificial intelligence

The financial sector is constantly implementing new technologies to modernize and digitize its functions. One of the reasons for this is the processing of [...]

Read More »
Digital Transformation in SMEs

Nowadays digital transformation is key in any type of business. The 40% of Spanish companies will not exist in its current form in the next few [...]

Read More »
What is chargeback? Find out how it affects your business

Chargeback refers to refunds that occur when, at the request of a cardholder, the bank requests a refund on his or her behalf [...].

Read More »
See more entries
© Gamco 2021, All Rights Reserved - Legal notice - Privacy - Cookies