In a world that is embracing digitalization at an extraordinary pace, business process automation services have become the backbone of countless industries. Our focus today resides on one such service: “mortgage automation” – an extensive process extending from loan origination to underwriting and servicing.
What Are Business Process Automation Services?
At its simplest, business process automation (BPA) entails utilizing technology to streamline, simplify, and automate business operations. It can range from automating tasks like data entry and invoice processing to user-generated processes like customer service requests and employee onboarding. To put it succinctly, any workflow, routine, or process that can be automated to improve efficiency and eliminate tedious tasks falls within the realm of BPA.
To illustrate, consider the case of mortgage automation. BPA can enhance customer satisfaction and cut down processing time by automating multiple steps in the mortgage process, such as form filling and verification of documents, which were traditionally done manually.
Why Business Process Automation Services Matter?
Despite the clear advantages of BPA, many executives may find themselves asking, “Why should I automate?” Below are compelling reasons rooted in research findings and expert insights:
Cost Savings and Efficiency: BPA significantly reduces the time and resources spent on repetitive tasks. According to a report from McKinsey, automation can decrease the time spent on these tasks by 20%. Additionally, the Boston Consulting Group predicts a 10-25% reduction in costs due to BPA over the next decade, with 60% savings attainable in some functions.
Accuracy and Timeliness: Human tasks are prone to errors. With BPA, tasks such as data entry, calculations, and reporting can be carried out accurately, preventing costly mistakes and delays. For instance,mortgage automation streamlines loan origination, reduces mistakes in data extraction from loan applications, and ensures timely communication with the client.
Employee Satisfaction and Retention: Employees generally appreciate the opportunity to engage in value-added tasks rather than mundane, repetitive ones. They are more likely to feel satisfied and stay loyal to the company. Professor Leslie Willcocks, an expert in technology, work, and globalization, suggests that automation “takes the robot out of the human” by eliminating repetitive tasks, enabling employees to focus on creative, problem-solving duties.
Balancing Automation and Human Intervention
Despite its apparent benefits, discussions around BPA often trigger certain concerns. Critiques typically orbit around job insecurity and the fear of total human exclusion from operations.
However, as automation expert Tom Taulli postulates, “Automation does not necessarily mean total replacement of the human workforce.” Instead, it empower humans to function more effectively by offloading mundane tasks and freeing up time for higher-level, strategic work. In mortgage automation, for instance, loan officers can focus more on personalized client advising once tasks like documentation are taken care of by BPA.
The future of the workforce isn’t humans versus machines, but humans working harmoniously with machines. Technology and automation are not adversaries but system-enhancers; they help us concentrate our efforts where they matter most.
In an increasingly digitized business landscape, employing business process automation services is not just about staying ahead, but about staying relevant. Mortgage automation is one brilliant instance of how BPA can remodel and improve an industry.
The pathway to process automation requires a precise understanding of one’s business model and a well-executed implementation strategy. Utilized wisely, BPA is a powerful accomplice for businesses to reduce costs, boost efficiency, and leverage their workforce more effectively.
Fearing automation is resisting progress. Embrace it and harness the future of business today. Remember, as Andrew Ng, co-founder of Coursera and a seasoned AI expert, rightly said, “AI is the new electricity. Just as 100 years ago electricity transformed industry after industry, AI will now do the same.” So, let’s not dread automation, let’s adopt and mobilize it for our benefit.