Some organizations are losing up to $1.3 million a year due to inefficient tasks weighing employees down, according to a report by Formstack and Mantis Research which surveyed 2,000 workers.
While automation might seem the obvious answer, not all businesses are open to change. In organizations with primarily manual, paper-based workflows, 3 in 5 respondents said their biggest struggle with implementing automation was a desire to stick to the status quo, according to the report.
And in another article from them, more companies are adopting process intelligence technologies to rationalize everyday business operations, according to an HFS survey of more than 400 senior IT and business executives commissioned by global professional services firm Genpact.
Nearly one-quarter of respondents said their companies planned double-digit growth in process intelligence spending over the next 12 to 18 months.
Couple that with Qualtrics XM’s data saying 60% of IT leaders said improving operational efficiency in their IT organization is a “critical area of focus.” Only 39% said customer growth and retention are critical focus areas, and 43% said driving innovation is key. IT leaders also see improving data management as a crucial area of focus. Half of respondents cited ‘improving data quality and management as a critical area of focus. It’s a top three area of focus for IT leaders in Brazil, France, Germany, the U.K., and the U.S.
Why do we care?
I often quip that boring things are super profitable. Invoicing and payment processing… doesn’t sound sexy. Big area to think about.
There’s a theme. Helping organizations with their processes via technology investments is still a wide-open field of possibilities.