When we start working with clients who want to grow their mortgage broker business, scale their operations or create a saleable asset, they are often surprised that we put so much focus into automation of key tasks.
But, the truth is, if you’re running a business, automation is key to growth. It not only helps you grow your revenue, but can also free up your time so you can focus on other areas of your business. Plus, if you’re looking to sell your business as an asset in the future, setting it up in such a way that works to its maximum efficiency is going to set you ahead of the rest.
Organizations that have implemented automation have reported a cost reduction of 24%, which is up from 19% in 2019.
Here are four reasons why automation is essential for business growth:
1. Automation saves time.
Time is money, and automation can save you a lot of time. Automating repetitive tasks frees up your time so you can focus on other areas of your business. Do a quick mental note of all the repetitive tasks in your mortgage broker business and you’ll see just how efficient you could become! (Think loan application process, uploading customer documents, following up lenders etc. – SO much can be automated if you know how).
52% of business leaders believe that 10-30% of their daily tasks can be automated.
2. Automation increases efficiency.
When you automate tasks, you eliminate the need for manual input and error-prone processes. This increases your team’s efficiency and allows them to focus on more important tasks. When you consider the amount of moving parts in taking a client from lead to lean, consider all the potential risk factors there are if we are relying purely on manual handling of these processes.
As many as 51% of automation initiatives aim at boosting business efficiency.
90% of executives expect their automation investments to improve the capacity of their workforce over the next 3 years.
42% of business leaders agree that automation accelerates the completion of repetitive tasks.
3. Automation reduces costs.
Automating tasks can help you reduce your operational costs. By eliminating the need for manual labor, you can save on wages and other associated costs. This doesn’t necessarily mean you have to cut people from your team, but it does mean they can perform tasks that will contribute to more business growth in other areas.
ICICI bank has deployed more than 750 robots to handle daily transactions and interactions with these robots have recorded 100% accuracy. Also, the bank was able to cut down on the time spent on complaint redressal about ATM cash disbursal from 12 hours to 4 hours via automation.
4. Automation enables growth.
Automation is essential for businesses that want to grow. It allows you to scale your operations and free up your time so you can focus on other areas of your business. Automation is the key to unlocking growth potential in your business.
More than 50% of CEOs of banking and financial organizations are focusing on simplifying their products and operations by adopting process automation.
Also, it doesn’t have to be hard and you can start small with a few minor tasks. Although, be warned that you will likely want to add more to your automated task list!
As many as 85% of business leaders believe that automation of their workload will enable them and their employees to focus more on strategic goals that are important for business success.
If you’re not already using automation in your business, now is the time to start. Implementing automation can help you save time, increase efficiency, reduce costs, and enable growth. Automation is the key to unlocking the full potential of your business.
Wondering how to get started with automation? Book your discovery call with Christian Paterson today or fill in this online form for more information.
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