How to Boost Your ROI Through Business Automation Software Development
Reports show that the market size of business process automation is expected to reach $19.6 billion by 2026, which is a significant increase from the current $9.8 billion. Moreover, business automation software development is the fastest-growing enterprise software category. Last year alone, the category grew up to about 63%. With these numbers in mind, it is safe to say software development services directed at business automation are in great demand. One of the primary reasons for such a focus is that business automation software development boosts Return on Investment (ROI) for organizations. At this point, let’s explore how software development for business automation may impact your ROI as well.
Overview of business process automation in software development
When it comes to automation, the key to understanding is that only a few types of processes can be fully automated. Furthermore, going with automation does not mean you can automate everything within your company. That is why when embarking on business automation software development, you need to select a range of tasks within particular workflows. Essentially, you need to single out the scope of tasks that can be potentially automated and the business elements that are impossible to complete without human input.
In a nutshell, what business automation software development delivers is the orchestration of processes, which means they can run without bringing humans into the loop. Essentially, machines can complete tasks both within and outside an organization. With Artificial Intelligence (AI) and Machine Learning (ML) entering the scene, business automation has made a massive leap forward. Yet, even with AI and ML, automation is still not a panacea. You should understand the limits of automation for your particular organization and also consider how it can free up time for those tasks that can be done without human impact.
Benefits of software product development for business automation
At this point, we know that software development for business automation is not a silver bullet. However, this strategy can free up time for your teams to focus on more top-priority tasks. One can say that to tap into business automation, you may need to augment your team with business automation software developers. At this point, when you have the scope for business process automation, you need to know where to apply team augmentation. Further, we explore various aspects business automation brings that boost ROI as an outcome.
- Reducing expenses
Bloomberg indicates companies find it hard to measure ROI accurately. While it is true, the best ROI indicator is expense reduction. You can say that the indicator of your business automation software development efficiency is how much expenses it allows you to trim within your business operations. In such a case, you can use Full-Time Equivalent (FTE) for automated processes to count cost savings. For example, if a task requires ten full-time employees, and you can substitute those people with business automation tools, you get a 10 FTE benefit from the business automation software development. In terms of numbers, if the average annual wage for those employees is $60,000, business automation can save you $500,000. As a result, the strategy works, and your expenses go down.
Scaling businesses can be difficult. Forbes outlines various vital factors that make company growth a challenging task. Often, a response to scaling is extending your development team. Yet, in most cases, a growing business means increasing the volume of products you make or services you deliver. In such a case, if you can use business automation software development to automate some of the processes related to product development, you will find yourself in a win-win situation. Automation can help you deliver products faster and grow your business more efficiently. As an outcome, the more your firm scales, the greater ROI you receive.
- Enhancing marketing strategies
Excellent marketing performance is a direct way to a better ROI. When integrating software product development for business automation into marketing, you can get various tools to help you turn marketing performance into ROI. How come? In short, you can automate marketing processes like segmentation, targeting, and data management. It all helps save time, resources, and effort. Equipped with automation instruments, smaller marketing teams can compete with larger ones. They can plan marketing campaigns faster and process data easier with AI and ML. With automation, you receive smaller marketing teams completing the same number of tasks as larger units without automation tools. In such a case, you cut expenses on marketing and receive higher marketing performance simultaneously, which leads to an ROI boost.
- Understanding what your customers need
One more way how business automation software development boosts ROI is through a deeper understanding of customer behaviors. Specifically, you give different automated tools to your marketers so they can easily have an accurate look at consumer behaviors. AI and ML can process vast volumes of customer data and grant accurate insights into consumer purchasing behaviors. Automation instruments can process everything, from demographic information to consumer preferences. Equipped with valuable insights, marketers develop better channels and marketing strategies. As a result, you get more customers and sell more products, boosting your ROI.
The role of custom software development in business automation
Now, we have a clear picture of how business automation boosts ROI: It is done through reduced expenses, improved business scaling, and more effective marketing. Appealing to business automation software development is a logical step. However, you need to understand what type of software you need:
- A custom Customer Relationship Management (CRM) platform
- Enterprise Resource Planning (ERP) software
- Inventory Management Systems (IMS)
- Order Management Systems (OMS)
The products of custom software development business automation help you adopt automation in different parts of your business. Choosing the automation software you need depends on what you want to automate.
Business automation software development does boost ROI: We’ve provided enough evidence to support this statement. Automation instruments reduce expenses, help your companies grow faster, and increase your marketing performance. Interestingly, nobody knows how high ROI can go with business automation. While some say about ROI skyrocketing as high as 400%, your business can be the one showing even better results.
We at nCube build tech units according to your requirements. Contact us if you need a team of skilled and experienced business automation software developers for your organization.