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Chapter 2: Automation by Industry

Streamline, consolidate, track

Time to read: 5 minutes

As previously mentioned in Chapter 1, there are so many potential processes you can automate. To help you decide, we looked at where leading organizations are finding the most success with automation and chosen the top business processes by industry. Use this guide to decide where you can get started with automation.

Contents

Business process automation for financial services

The world of finance moves quickly. And the shift to all things digital has raised clients’ expectations for fast, quality service. As employees work to build a secure future for their clients, they also have to constantly manage security and compliance requirements. Help employees focus on building relationships that improve client satisfaction and grow wallet share by automating document-heavy workflows.
 
77%

of full-time workers say automation solutions have provided them with more time to deepen their relationships with customers.”

New Salesforce Research Links Lower Stress Levels and Business Automation

Here are a few questions to help you decide where to start with business process automation.

  • Is it taking too long to onboard new clients?
  • Are clients bogged down with multiple forms that ask the same information?
  • Are employees spending too much time on manual data entry or searching for client data?
  • Are clients getting frustrated with slow response times?

Financial services processes that are good candidates for automation

Client Onboarding
Streamline forms and data input to get new clients up and running quickly.

Loan Origination
Integrate data sources so teams can process multiple applications in parallel and improve accuracy.

Investment & Asset Management
Help advisors quickly build an investment plan by giving them access to all data points about a client.

How do you measure success?

Track and measure these KPIs to gauge how automation is impacting your business.

  • Decreased client churn rate
  • Improved client retention
  • Increased net promoter score (NPS)
  • Faster approvals
  • Increased lending efficiency
  • Decreased time to client value

Business process automation for insurance

People’s lives can be transformed in a moment. Agents need to act quickly to provide clients with stability and financial security in difficult times. Help them focus on your clients’ most pressing needs by automating repetitive tasks and streamlining data sources.

According to Workfusion, automation can reduce the time it takes to process claims by 50%.

Top Use Cases for Automation in the Insurance Industry

Here are a few questions to help you decide where to start with business process automation.

  • Are claims taking too long to process, leading to higher administrative costs?
  • Is there too much back and forth between internal teams when responding to clients’ needs?
  • Are customers waiting too long for claims to process?
  • Is it difficult for agents to find the information they need to support clients?
  • Is the net promoter score (NPS) low?

Insurance processes that are good candidates for automation

Claims Management
Streamline how your teams review, validate, and process compensation claims.

Policy Management
Streamline how you create quotes and renewals, issue and implement policies, and prepare loss run reports.

How do you measure success?

Track and measure these KPIs to gauge how automation is impacting your business.

  • Shorter time to process claims and distribute payment
  • Improved net promoter score (NPS)
  • Increased accuracy of processed claims
  • Increased lending efficiency, decreased processing time
  • Decreased operational costs
  • Fewer fraudulent claims

Business process automation for the public sector

Government services impact all of us. And when services such as issuing drivers licenses or collecting taxes are streamlined, citizens, businesses, and communities save valuable time and money. Help improve everything from talent recruitment to public safety by automating repetitive processes and reducing paperwork and manual input. Automation will lead to outcomes everyone can get behind — massive cost savings, more confidence in government, and modern services.

Ernst & Young recently reported that by 2025, 30% of employees across many states will be eligible to retire. Governments will have to do more with less and do it better for a demanding public.

How is Intelligent Automation Disrupting the Public Sector

Here are a few questions to help you decide where to start with business process automation.

  • Are claims taking too long to process and driving higher administrator costs?
  • Are there too many handoffs between different agencies doing the same tasks?
  • Is it hard to find information because it's scattered across different systems and agencies?
  • Is there too much manual paperwork?

Public Sector processes that are good candidates for automation

Unemployment Claims Management
Streamline how applicants apply for support and how employees verify claimant information so claims are processed faster and more accurately.

Grant Management
Consolidate applicant information so applications can be reviewed easily and funds can be distributed quickly.

Permit Management
Review, track, and process permit applications from submission through inspection, all the way to completion.

How do you measure success?

Track and measure these KPIs to gauge how automation is impacting your business.

  • Shorter time to process claims and distribute payment
  • Lower employee turnover
  • Increased accuracy of processed claims
  • Faster grant and permit processing
  • Decreased overall operational costs

Business process automation for retail

Consumers want convenience above all else. Retailers have to improve the experience for consumers, engage new customers, and empower sales associates with automation tools. From easily tracking inventory to processing sales and refunds quickly, the right automation tools can help them meet consumers’ needs faster and more accurately.

According to a McKinsey report, retail activities that can be automated account for approximately 30-40% of merchants' time.

Automation in retail: An executive overview for getting ready

Here are a few questions to help you decide where to start with business process automation.

  • Are customers abandoning shopping carts?
  • Do you have an excessive amount of “dead stock”?
  • Is it hard for sales associates to track available inventory?
  • Is your pick-and-pack process taking too long?
  • Are customers complaining about incorrectly filled orders?

Retail processes that are good candidates for automation

Return Merchandise Authorization
Make sure returns are processed quickly, ensuring customer satisfaction and accuracy of inventory.

Order Fulfillment
Get customer orders filled and delivered quickly.

Contactless Food Delivery Management
Deliver a seamless, error-free, digital takeout experience and reduce the time guests spend in close contact with restaurant staff and other guests.

How do you measure success?

Track and measure these KPIs to gauge how automation is impacting your business.

  • Improved customer satisfaction
  • Decreased refund or exchange ratio
  • Improved upsell revenue per return
  • Decreased average shipping costs
  • Improved order accuracy
  • Improved associate efficiency

Business process automation for professional services

Professional Services Organizations (PSOs) are committed to delivering projects on time, on spec, and on budget. Newer pricing and billing models provide more predictable revenue streams, but they also increase the complexity of the quote-to-cash cycle. Help your consultants streamline project tracking, invoicing, staffing, and compliance requirements by automating workflows. You can also automate tasks to boost collaboration, connecting teams across the organization to help them meet deadlines.
 
Service organizations are also benefiting from the increased use of integrated business applications to push productivity to new levels resulting in average sector net profit of 15.7%.”
Service Performance Insight, "15th annual 2022 Professional Services Maturity™ Benchmark"

Here are a few questions to help you decide where to start with business process automation.

  • Do you have a high client churn rate?
  • Are you seeing a high number of client support calls/tickets?
  • Is there excessive back and forth between teams or departments?
  • Does your team struggle with access to the right information and accurate insights?
  • Are you experiencing low customer satisfaction?

Professional Services processes that are good candidates for automation

Client Onboarding
Get your new client projects scoped, staffed, and started quickly.

Account Management
Identify upsell and cross-sell opportunities.

Quality Management
Make sure quality service is consistent across all products and interactions.

How do you measure success?

Track and measure these KPIs to gauge how automation is impacting your business.

  • Decreased client churn
  • Improved client satisfaction
  • Improved rate of renewal
  • Revenue growth
  • Boosted revenue per client

Ready to automate your business? Learn how Orchestrator can help.

 

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