November 8, 2024 • 4 Min Read

Today’s top trend? Business optimization and automation. With over half (56%) of respondents prioritizing this area, according to our poll, leaders are focused on boosting efficiency and cutting costs across the board. Ready to dive deeper into what this means for you? Read on.

Why Companies are Betting Big on Business Process Automation

Let’s be honest: no one wakes up thinking, “Today’s the day for inefficiency!” Yet, repetitive tasks and preventable errors can drain time and money before we even realize it. That’s why so many organizations embrace business process automation— it uncovers hidden inefficiencies, boosts productivity, and cuts costs in powerful ways. Below, we explore four key areas where automation can give organizations a competitive edge.

Today, business process automation is essential, especially in sectors like healthcare, where precision is critical. According to McKinsey, by automating tasks like invoicing, order processing, and inventory management, companies can achieve substantial savings, with studies showing potential cost reductions of 20-30% across industries. This efficiency is vital as healthcare organizations face rising demands and regulatory challenges, where automation can also speed up operations by up to 60%, freeing staff to focus more on patient care. McKinsey has also found that automation could address around 30-50% of common administrative tasks in healthcare, easing back-office burdens and improving overall service quality.

Take, for example, our collaboration with a healthcare client facing heightened fraud risks due to complex manual workflows. Through the adoption of secure, automated processes, we helped them not only reduce fraud exposure but also enhance their operational speed and accuracy, effectively reallocating valuable resources to support business growth. This shift speaks to the power of automation: when organizations streamline their workflows, they realize potential that drives better outcomes across the board—from reduced overheads to improved client satisfaction.

As industries across the spectrum lean into digital transformation, automation paves the way for smarter, safer, and more efficient operations.

In the financial services industry, automation serves as a powerful lever for reducing costs and enhancing operational efficiency. A recent report from PwC highlights that automation can cut operational costs by up to 40%, while a study from MIT Sloan finds that implementing generative AI can boost worker performance by nearly 40% compared to those without AI support. As economic uncertainties and regulatory changes loom, these efficiencies are more than advantageous—they are essential for financial institutions striving to stay competitive and resilient.

While automation addresses repetitive, error-prone tasks such as transaction processing, compliance checks, and data entry, its bigger purpose is to empower teams to focus on strategic growth initiatives. Veracity’s work with financial clients exemplifies this transformative power of automation, not just in operational efficiency but in unlocking higher-level strategic opportunities.

For instance, by implementing customized tax automation solutions in the healthcare sector, Veracity enhanced both compliance and accounting functions. This shift illustrates how automation enables organizations to focus on innovation, optimize resource allocation, and remain agile in the face of regulatory and market changes—positioning them to drive future growth and resilience.

As organizations grow and adapt, scaling a positive and cohesive employee experience has become both an opportunity and a challenge. Business process automation is key in empowering teams to achieve seamless internal operations, especially as remote work and dispersed teams continue to become the norm. According to Gallup, organizations with highly engaged employees are significantly more productive, reporting a 17% increase in productivity alongside a 41% reduction in absenteeism. By fostering engagement and supporting streamlined workflows, companies can build resilient teams prepared to thrive in a dynamic business landscape.

Veracity’s work with a global client to build a unified intranet experience underscores the transformative impact of automation on scaling employee engagement. By implementing automated tools to streamline communications and centralize resources, Veracity helped the client create a seamless, unified intranet accessible across multiple regions and time zones. This automation of business processes allowed for consistent, real-time access to information, fostering a collaborative environment where employees feel connected and supported regardless of their location.

Automation in the employee experience space isn’t just about scaling processes; it’s about creating a sustainable, engaging, and empowering work environment that grows with the organization.

Be Driven by the Data

In the government sector, where data is essential for informed decision-making, business process automation reshapes how agencies collect, analyze, and act on vast amounts of information. By leveraging automated data workflows, government organizations can move beyond reactive responses to proactively anticipate community needs, allocate resources effectively, and enhance transparency. According to insights from Public Sector Network, automation in government can drive substantial improvements in service delivery and operational efficiency, creating a foundation for a more responsive and data-driven public sector. Additionally, AI-powered automation is shown to streamline repetitive processes, allowing agencies to better meet citizen needs with personalized, efficient services.

Veracity’s work with a government client highlights this transformation. Tasked with optimizing digital workflows and improving data accessibility, Veracity implemented automated data collection and analysis tools that streamlined the client’s processes and created a unified view of essential information. As a result, the agency could generate insights that informed policy decisions, reduced processing times, and improved response accuracy.

For government agencies, automation doesn’t just enhance internal efficiency—it strengthens public trust by providing faster, more accurate services and enabling data-backed transparency. In a sector that relies heavily on timely and accurate information, automation enables government entities to better serve their communities, adapt to changing needs, and build a resilient infrastructure that supports future innovation.

Want to Learn More About How Business Process Optimization Can Impact Your Business?

Business process optimization and automation have become non-negotiable strategies for staying competitive. The benefits offer efficiency gains that drive real impact—from cutting costs to scaling operations seamlessly across industries.

Want to learn more about how business process optimization can impact your business? Connect with us today.