Many businesses have been hit hard during the Coronavirus pandemic and are starting the long journey of recovery as the country gradually starts to return to normal.
Driving higher levels of income is of course a priority if a return to profitability is to be achieved, however cutting costs is equally important in helping to improve the bottom line.
The unprecedented crisis has forced a growing number of businesses to move away from physical retail units on the high street to a lower cost, more automated online only business model.
Some of the biggest companies in the world are looking to cut costs by removing costly manual processes and replacing them with state-of-the-art automated solutions.
Sony recently reported that installing unmanned production lines was expected to cut costs 70 per cent at its mainstay TV factory in Malaysia by the fiscal year 2023, compared with 2018.
The shift has also improved the profitability of Sony’s electronics and medical businesses, with their operating profit margin rising to 7.2 per cent in the fiscal year that ended in March compared with 3.3 per cent in fiscal 2018.
Automation can help a wide range of business types
Automation is an area of technology which is fast becoming more accessible. Once restricted to larger businesses with big budgets to fund coding experts, low-code solutions have taken automation into the mainstream.
The use of new software is now eliminating the need for valuable employees to spend countless hours on highly repetitive tasks.
Through technology, simple tasks can be completed at speed with accuracy, reducing the risk of errors in manually input information.
The advantages are clear in enabling employees to spend time on adding value to functions core to the business and driving growth.
The major benefits of increased automation
- Improved efficiency – Automation can cut processing time, reduce operating costs, increase profit, and reduce demand on cash flow.
- Increased quality – Automated processes reduce the scope for human error and increase consistency.
- Additional insights – By combining analytics with automated processes, a business can access value-added insights that would have been difficult to obtain previously.
- Social distancing – During a time of self-isolation as we are currently experiencing, automation can reduce or eliminate the need for human interaction.
Seeking expert help
Whether your business is in its infancy, or well established and expanding into new product areas or new markets, the challenges of introducing automation, at home or abroad, will be a tough ask without expert assistance.
Automation can save time and make organisations more efficient.
With new technology coming on stream almost daily, expert practitioners can assist businesses as they transition into the modern age.
It’s worth engaging with business specialists, to effectively manage your day-to-day strategies for growth to help you climb the ladder.
Expanding your sales and marketing reach through a greater focus on digital channels will require some out-of-the-box thinking.
In addition to creating the new channels, you will also have other considerations, such as IT security, revised pricing, marketing the new channel to your existing audience (or new ones), and customer service and support.