Boo! Now, if that didn’t scare you, neither should automation.
But, the unfortunate reality is that some people do view automation as something to be feared because they believe it can’t possibly be better, safer or more efficient than a real live human being doing the same job.
There are fears that automation is all the same and it will result in cookie-cutter services that can’t effectively deal with issues or problems. Then there’s also the wild notion that automation software will one day become so advanced it takes over the world… cue post-apocalyptic scenes from any sci-fi film about rabid robots.
As you can imagine, this is far from the truth.
In fact, a life without automation is far more frightening. Imagine having to manually sort your useful emails from your junk, manually pay for every single bill or manually input your details every time you wanted to log into ANYTHING. It sends shudders down our spines just thinking about it.
For many businesses, automation really is the way forward if you want to save money, save time and increase visibility throughout their processes. The trick is knowing which automation tools you need, what approach best suits your business model and how you can make the most out of automated processes in a way that works best for you and your requirements.
ASSUMPTIONS ABOUT AUTOMATION
As with the fear of automation, many people assume they know a lot more about automation thanks to the media, sci-fi films and plain hearsay without digging any deeper. A common assumption is that automation means a linear robotic process that churns out the same automated responses and emails to every single customer regardless of their actual needs. Think of those pre-recorded messages you get when you call through to an out of hours service number - infuriating, right?
It’s also all in the name. When you think of the word automated, you imagine that it refers to the same action being carried out in the same automatic way regardless of the stimulus or action that caused it to react. And, whilst this can be true of some low-level automated systems, you won't find that at Invevo.
WHAT MAKES AUTOMATION SO GREAT?
A long while ago, we recognised that the areas where businesses were struggling to streamline and failing to improve efficiency were in their cash collection, risk management and workflow processes. Staff spent many tedious hours working on manual tasks and inputting data when they could have been spending their time doing something much better - like driving forward company goals or eating a doughnut.
What was the way around this, you ask? Automation! Organisations grow and thrive when efficiency, productivity and accuracy are at the forefront of the business. And that’s why implementing automation tools to reduce manual tasks is a huge benefit. Just look at the stats:
- Thanks to automation success, 73% of IT leaders say that employees are saving between 10 and 50% of the time they previously spent doing manual tasks (Salesforce)
- Automation software leads to reduced labour costs, according to 31% of business leaders (WorkMarket)
- And 85% of business leaders believe that automating some of the workloads will give them and their employees more time to focus on the goals that truly matter to the company (WorkMarket)
Pretty impressive stuff! So, you program your automated software to carry out repetitive manual tasks, and then you’re all set, right? Well, not quite.
Firstly, at Invevo, we know that one size doesn’t fit all (trust us, we know those that have tried). We don’t use the same automated rule for everything and call it a day. Instead, we like to go a couple of steps further. Why? Because no two customers are the same, so they shouldn’t be treated the same either.
Our customer segmentation is a real UPS, and we know it. Once you can understand there's a difference between high-risk and low-risk customers, you can identify them and treat them accordingly. This is especially important when you’re looking to automate your collection decisions across your entire customer base.
When collecting debt, the way you chase your customers is all about risk. So you have to ask yourself: are you aware of their risk? Do you know how to react appropriately to get your desired result? Do you know how to do that in the most efficient way possible?
If the answer is no, then don’t worry. We can help! By understanding the simple fact that different people work in different ways, we can supply you with the tools to approach your automated cash collection and risk management processes as efficiently as possible.
HOW DOES IT WORK?
Our automated Invevo software works by overlaying risk elements and risk management, which are put into place when you create the rules to automate. The software gives you the ability to create rules that automatically refer back to the customer segmentation. These will segment your workflow strategies so you can target different customer groups. And if anything changes? Well, this is all updated in real-time, so any automated rules applied will change, too. If a customer changes from a high-risk to a low-risk, then they will be treated accordingly without the need for any manual input.
Thanks to our intelligent workflow automation engine, you can be safe in the knowledge that you will deliver the right communications, at the right time, in your customers’ preferred way.
WHAT ARE THE BENEFITS?
In case it wasn’t clear by now, automation is not only a time-saving solution, but it’s also money-saving. Think about it, if you’ve got intelligent automated responses that know exactly how your customers work, then your employees can be spending their time actively increasing cash flow, rather than chasing it.
Thanks to real-time data updates, the chances of chasing the wrong customers, for the wrong amount in the wrong way is a thing of the past. Plus, automating decisions throughout your workflow not only increases operational efficiency, but it allows you to gain greater control over your business processes as you can have a clear picture of where everything is at.
And, of course, it goes without saying that less room for human error means a better experience for your customers, which means a better NPS for your business!