In today’s day and age, businesses around the globe are operating in a digital environment, and conventional businesses are nowhere in sight. Businesses are, therefore, on a constant lookout and are scouting for ways to optimize their operations, cut down on costs, and improve overall efficiency. One approach that has gained traction is intelligent automation (IA). One crucial approach that is now in vogue is the seamless integration of intelligent automation (IA). By meticulously combining automation with the ability to make decisions with AI, companies can seamlessly optimize their processes while also reducing the need for human input thereby increasing the overall productivity levels. However, for the managers, the question that lingers and is somewhat of a hot potato is – what is the true return on investment (ROI) for intelligent automation?
This succinct blog throws light on Implementing the ROI of intelligent automation with a real-life case study of a mid-sized financial services firm that aimed to cut down on its operational inefficiencies while improving the overall customer satisfaction levels.
The Major Roadblock: Rising Operational Costs
The financial services firm struggled with its ever-growing operational expenses. The management was not able to control it as the processes were highly labor-intensive. Manual data entry, customer engagement and compliance with regulations took a lot of time while also increasing the overall customer churn rates. In addition to that, human errors would seep into critical workflows, and this resulted in severe, costly penalties due to non-compliance with regulatory standards.
However, the management quickly realized their shortcomings and understood that they needed a sustainable and long-term solution that would not just cut down on costs but also improve accuracy and performance across all departments. This is exactly where they embraced intelligent automation.
The Solution: Implementing Intelligent Automation
The firm decided to partner with us in order to implement intelligent automation across its various verticals. We helped the firm end-to-end and we primarily began by automating repetitive tasks such as :
- 1. Data entry and document processing
- 2. Compliance checks and reporting
- 3. Customer onboarding workflows
We strategically implemented AI-driven automation software, as a result of which the firm was able to seamlessly handle large volumes of data that too with minimal human supervision. In addition to this, we also incorporated machine learning algorithms within the systems to facilitate a quick and smart decision-making process, thus allowing the system to adapt to new compliance rules and customer preferences independently.
The Outcome: Tangible ROI from Intelligent Automation
Within just a few months of implementation, the firm witnessed impressive results that highlighted the incredible ROI of intelligent automation:
1. Cost Savings: The automation helped significantly cut down labor costs by 35% as fewer staff were required to perform manual tasks. In addition, the various penalties associated with human errors dropped by a whopping 50%, thus saving the company millions of dollars, which it would’ve otherwise spent.
2. Enhanced Efficiency: Tasks that primarily took days to complete, such as on-boarding new clients or verifying compliance documentation, were now completed at lightning speed, that is, just, within a few hours. This, therefore, led to a stellar reduction of about 40% in the overall process time.
3. Enhanced Customer Experience: Customers are the most valuable asset for any business. Therefore, faster service delivery and more accurate data processing contributed to an increase in customer satisfaction rate by 25%, and this, in turn, led to an 18% increase in client retention.
4. Scalability: Our expertise helped the firm grow and scale its operations without having the need to hire additional staff. This was essentially because of the flexibility and scalability that the intelligent automation system offers.
Conclusion: Measuring the ROI of Intelligent Automation
This case study throws light on how intelligent automation offers a direct and an indirect positive return on investment. The automation offered not just financial benefits in terms of reduced costs, but the benefits were also operational and well-aided in enhanced customer satisfaction. Therefore, for companies that are keen on scaling efficiently while also minimizing risks and costs, intelligent automation truly stands as an incredible game-changer.
Are you ready to unlock the power of intelligent automation for your business? We at Macgence stand tall, and we specialize in delivering innovative automation solutions that drive real ROI. So regardless of whether you want to streamline your processes, boost efficiency, enhance productivity or if you are just keen on cutting down on operational costs, we at Macgence have got you covered. We offer the best-in-class customized services that are designed to meet your distinct business needs. Contact us today to learn how we can help you transform your business in this digital era.
