Spreadsheets have been around for over four decades now and have, for a long time, been the back office’s best friend. From finance and accounting to human resources, IT and data management, and many more behind-the-scenes departments, spreadsheets have been the ‘IT’ tool for running numbers and processing a lot of data. Unfortunately, as man is to error, over 88% of spreadsheets are erroneous due to simple human mistakes like miskeyed numbers or incorrect formulas.
In fact, studies have shown that several large businesses have lost quite some money at some point due to spreadsheet errors. For example, Canadian power company TransAlta lost a whole 24 million dollars on contract bids in 2003, and 9 years later, JP Morgan Chase lost $6.2 billion in trading, all because of a spreadsheet mistake. Thankfully, now, with digitization, there are several technologies that can help businesses do better. For instance, intelligent automation helps handle various office tasks automatically thus reducing human error. Let’s talk about it.
What is intelligent automation?
Intelligent automation is actually a technology that uses AI, machine learning and robotic process automation (RPA) to automate different tasks around the office. Basically, AI helps it look at large chunks of data, spot trends and make decisions based on what it sees way faster than a human ever could. This is actually what powers AI finance solutions, which can analyze huge data in seconds, spot any financial anomalies and even suggest smarter budgeting or investment strategies.
Intelligent automation systems can also learn from the data they process and get smarter over time because of their machine-learning capabilities. RPA, on the other hand, helps them deal with repetitive and rule-based duties. As businesses grow, data volumes are also growing, and speed and accuracy are of the essence to sustain that growth.
In fact, studies have shown that 85% of the businesses using intelligent automation have seen a serious reduction in errors. And it’s not in a slow but sure way because the same businesses are able to cut their processing times by up to 80%. So, instead of your team manually doing everything on spreadsheets, employing intelligent automation can do most of that, saving you time and money.
Areas being transformed by intelligent automation
Intelligent automation is taking over several departments in our businesses in an admirable way. In the finance and accounting sector, things like invoicing and auditing have actually become easier because the system can automatically match transactions, flag any mistakes and even run financial reports accurately. This saves finance teams the hassle of sitting for endless hours chasing down invoices and reconciling numbers on spreadsheets.
When it comes to human resources, intelligent automation somehow puts a smile on employees’ faces, especially when their wages are due, because it automates the payroll systems, helping people get paid on time. Plus, it has reduced the drama around leaves by enabling people to request their leave through a transparent and automated system. Onboarding and offboarding of employees have also become simpler and more consistent.
In supply management, intelligent automation has transformed how stock management is done. With automation, businesses can track their inventory in real time without having to go through multiple spreadsheets. The system can also order supplies automatically in time and manage vendor communication so you can reduce the unforeseen ‘we-are-out-of-stock’ situations.
Not forgetting the IT and data management departments, which deal with loads of data. At least automation helps them clean and organize the information quickly and in an easy-to-access manner, saving them the time it would take to scroll through thousands of rows on a spreadsheet just to locate something. It also continuously monitors the system, and if it notices anything abnormal, it addresses it proactively, preventing potential damage.
Why intelligent automation
Honestly, spreadsheets have done a good job for years, but with the rate at which things are moving, some tasks are getting too complex for the sheets. No wonder intelligent automation is rising to handle the advancements efficiently. One of the biggest wins of smart automation systems has been the evident increase in accuracy. As we have seen above, spreadsheets have been notorious for small mistakes that have resulted in big messes, mainly due to human error.
Automation has managed to change things by reducing the human effort involved in data handling, which is reflected in the 85% reduction in manual errors seen in companies using it. Plus, tasks that used to take hours or even days can now be completed in minutes, all thanks to intelligent automation. This allows your teams to focus on business strategies and moving forward rather than bulky spreadsheet work.
Intelligent automation also really fits into most businesses’ scalability goals since it grows with the business. Whether you are managing numbers in the hundreds or the millions, the system can continuously serve you without slowing down or crashing like overloaded spreadsheets.
Also, to stay relevant in your business today, you have to move with the trends, and things are moving pretty fast for humans to track. Luckily, an automated system can do the tracking and keep you up-to-date, allowing you to make informed moves.
Isn’t it evident that intelligent automation is actually changing how companies handle their back-office businesses? Now, things are faster and more accurate than in the days of endless spreadsheets.
