Opinions expressed by Entrepreneur the contributors are theirs.
Business has always been about survival of the fittest, and it’s no different today. With the pandemic disrupting the face of business and creating a paradigm shift to the new normal, innovation in service-oriented businesses has become even more critical. Long gone are the days of businesses just staying afloat. Either you innovatively adapt to the times, or you prepare to bite the dust.
Now, a new category of technology is allowing companies to take their services to another level: productization. This category is called intelligent automation – the computerization of processes traditionally done by humans.
Embrace intelligent automation to create more revenue streams
Intelligent automation is at the center of brands’ efforts to provide their customers with the best experience. It is becoming increasingly important for businesses aiming to provide superior customer service. By automating processes and tasks that humans traditionally perform, companies can free up their experienced employees to focus on more proactive, customer-centric activities.
For example, insurance claims handlers no longer need to be claims adjusters, so you can hire people who are just good negotiators. If you embed expertise in intelligent automation systems, you create a high-quality service that can operate at scale, regardless of workforce size, 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 needs are met. This can be achieved without going through the long road of software engineering or overhauling entire existing systems. There’s a menu of no-code SaaS-based smart automation platforms to choose from.
Related: 11 Ways to Automate Your Business and Increase Efficiency
Productization takes smart automation one step further
Intelligent automation is also about generating new revenue streams. Right now, this is moving professional services firms away from the traditional status quo to turn their intellectual property into AI-powered products and services. These generate new recurring revenue streams. In fact, a professional services firm client of Rainbird quickly generated hundreds of thousands of dollars in revenue thanks to an automated tax credit solution.
Other industries also experienced healthy growth. Take robo-advisors, which have brought a new suite of automated products for investment advisers and managers to market. According to Investopediathe industry has seen massive growth, with client assets managed by robo-advisors reaching nearly $1 trillion in 2020, and expected to reach $2.9 trillion globally by 2025.
Interestingly, robo-advisors don’t necessarily need machine learning, although many believe they do. Instead, robo-advisors can be powered by transparent and auditable decision automation, a key part of intelligent automation. Decision automation goes beyond the capabilities of the humble decision tree and enables intelligent automation to help service-oriented businesses become more agile and responsive to customer needs by producing expertise. In other words, it’s an important tool for companies looking to gain a competitive advantage.
How service-oriented companies can produce their knowledge to increase their income
Productivizing knowledge may not be at the top of your strategy, but that doesn’t mean it can’t be quickly incorporated into your business growth plans. Here are some ideas your business can adopt:
Identify what you’re aiming to achieve and its purpose, then seek out a trusted advisor who has the empathy to understand what you want to achieve and the reputation for supporting change.
Do your research, be well educated and informed so you can tell the possible from the impossible.
Experience and AB test. Allow your education to turn into experimentation by leveraging no-code tools to get you started and learn as you go.
Engage your colleagues and brainstorm. Automation is here to stay. It’s best to take your staff with you because organizations that embrace the citizen developer mindset scale faster.
Related: 6 Ways Your Customer Service Can Generate More Revenue
Adaptation has always been the name of the game, and service-oriented businesses can scale in innovative ways by embracing intelligent automation. Not only does it provide other streams to generate revenue, but it also makes your business resilient, scalable, competitive, and differentiated from your competition.