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Business has always been about survival of the fittest, and it’s no different today. As the pandemic changes the face of business and creates a paradigm shift towards the new normal, innovation has become even more important in service-oriented companies. The times when companies were content with just staying afloat are long gone. You either adapt innovatively to the times or prepare to bite the dust.
Now, a new category of technology is enabling companies to take their services to another level: manufacturing. This category is known as intelligent automation – the computerization of processes traditionally performed by humans.
Introducing intelligent automation to create more revenue streams
Intelligent automation is at the heart of brands’ efforts to offer their customers the best possible experience. It is becoming increasingly important for businesses aiming to provide top-notch customer service. By automating processes and tasks traditionally performed by humans, companies can free up their experienced employees to focus on more proactive, customer-centric activities.
For example, insurance claims handlers now don’t have to be claims adjusters, so you can hire people who are just good negotiators. When you embed expertise in intelligent automation systems, you create a high-quality service that can be operated at massive scale, regardless of the size of the workforce, because services are more resilient than people and are available 24 hours a day, 365 days a year. The result is an improved customer experience, which in turn leads to increased revenue.
Service-oriented companies cannot ignore the need to automate more while ensuring that customer demands are met. This can be achieved without going the long way of software development or overhauling entire existing systems. There is a menu of no-code SaaS-based intelligent automation platforms to choose from.
Also see: 11 ways to automate your business and increase efficiency
Production continues intelligent automation
Intelligent automation is also about generating new revenue streams. Right now, it’s driving professional services companies away from the traditional status quo and towards transforming their intellectual property into AI-powered products and services. These generate new streams of recurring revenue. In fact, one professional services firm Rainbird client quickly generated hundreds of thousands of dollars in revenue with an automated tax credit solution.
Other industries have also experienced healthy growth. Take robo-advisors, who have launched a new suite of automated investment advisor and manager products. Corresponding InvestopediaThe industry has seen massive growth as client assets under management by robo-advisors reached nearly $1 trillion in 2020 and is expected to reach $2.9 trillion globally by 2025.
Interestingly, robo-advisers don’t necessarily require machine learning, although many believe they do. Instead, robo-advisers can be empowered by transparent, auditable decision automation—a key component of intelligent automation. Decision automation goes beyond the capabilities of the simple decision tree and enables intelligent automation that helps service-oriented companies become more agile and responsive to customer needs by producing expertise. In other words, it is an important tool for companies that want to gain a competitive advantage.
How service-oriented companies can use their knowledge to increase sales
Producing knowledge may not be at the top of your strategy, but that doesn’t mean it can’t be quickly incorporated into your growth plans. Here are some insights your business can adopt:
Identify what you want to achieve and your purpose, then find a trusted advisor who has the empathy to understand what you want to achieve and a reputation for supporting change.
Do your research, be well educated and informed so you can distinguish between the possible and the impossible.
Experiment and AB test. Experiment with your education by using no-code tools so you can start and learn as you go.
Engage colleagues and brainstorm. Automation is here to stay. It’s best to take your employees with you on the journey, as organizations that adopt the citizen developer mentality develop faster.
See also: 6 Ways Your Customer Service Department Can Generate More Sales
Customization has always been the name of the game, and one-way service-led businesses can innovate further by adopting intelligent automation. Not only does it provide other sources of revenue generation, but it also makes your business resilient, scalable, competitive and different from your peers.
https://www.entrepreneur.com/article/422512 How service-oriented companies can “produce” knowledge and increase sales