The Pros And Cons Of Automating Business Transactions

The Pros And Cons Of Automating Business Transactions
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Machines are taking over the world (que Kate Connor saying “I hate technology” in Terminator) and some may be adverse to accepting the ease with which they make business transactions flow.

However, the implementation of technology in a large variety of businesses has increased productivity through the means of automation.

There are some flaws involved with this process, but there are benefits as well.

It Makes The Process Faster

I think the obvious point when it comes to automating business transactions is that it makes the whole process a lot faster.

There’s efficiency involved with automated transactions that don’t necessitate human effort. It costs fewer labor hours, and fewer labor hours is equal to less money invested in the process.

If a request to make a purchase order is filed manually, for instance, there may be a longer approval period, a reduction in efficiency, and a lessened level of accountability if you can’t tell who approved which purchase order due to improperly filed work.

You are also able to maintain a larger amount of accountability with an easier retrieval process of invoice or purchase order history. If you can easily access previous transactions, the labour hours investigating invoice history are decreased.

A way to enact this process is to use an invoice template that is designed for spreadsheet software. Invoice templates can be made for a variety of businesses from legal firms to freelance, all suited for the unique requirements of said industries.

Reduces Human Error

People make mistakes. It happens all of the time, and it’s something you learn to accept in business. However, consistent mistakes decrease productivity and drive up expenses.

Labour hours invested in solving mistakes, investigating who made the mistakes, and training the persons who made the error, all contribute to increasing costs. 

Accountability may not be able to be properly upheld due to improperly filed paperwork, and this can be frustrating. As for forgiving as we all might try to be if we can reduce the number of errors made within the workplace we’ll try and do it.

Less Personable Interactions

People can make the workplace better simply through human interaction. Customer-service can really go a long way when it comes to preserving a client relationship or reaching new customers.

When we get on a first-name basis with people and we enjoy seeing them, dealing with an automated process can seem like a major defect.

However, that’s not to say you can’t check in with your customers on a regular basis in order to capitalize on the “customer-service” effect.

Simply by checking up with clients on a relatively consistent basis to make sure they are satisfied can increase the personable qualities of your business.

Automation increases efficiency, which ultimately means shorter periods of time spent in labour, and more time serving customers. It also reduces the factor of human error, and the intensive expenses associated with correcting and training to combat these mistakes.

It can make our business appear less personable, but there are methods of circumventing this detriment. Not without its flaws, technology is making progress in automating our business transactions for the better of customers and the workplace.

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Paschal Okafor is NaijaTechGuide Team Lead. The article The Pros And Cons Of Automating Business Transactions was written by Abu Obaida. The article was last modified: March 13th, 2021
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