Previously, business automation was a luxury available mainly to large, wealthy companies. Recently, advances in AI, machine learning and cloud computing are making these solutions more accessible to small- and middle-sized businesses (SMBs).

Automation affords SMBs across many industries the opportunity to improve productivity and financial performance. Many companies are adopting strategies in areas like human resources, finance, e-commerce, production and more.

According to Salesforce, 75% of SMBs are exploring AI, with many organizations hoping to increase their investment this year. Companies interested in implementing automation should develop a plan that aligns with their culture and financial goals.

Advantages of Automation:

1. Reduce manual processes: Automation reduces errors, streamlines tasks, and allows employees to focus on higher-value activities.
2. Increase cost savings: While automation requires an upfront investment, it increases productivity and efficiency, resulting in reduced operating expenses and improved margins.
3. Streamline financial operations: Automated payment solutions improve accuracy, reduce fraud and enhance working capital visibility.
4. Upskill employees: Automation can fill in skill gaps and allow time for organizations to train employees in higher-level work, which is valuable for positions that may be hard to hire.

Steps to Building an Automation Strategy:

1. Create a roadmap: Align automation with business goals and set milestones.
2. Prioritize your process: Focus on highly manual, high value and expensive processes or areas that provide an opportunity for growth or revenue generation.
3. Set clear objectives: Define goals and measure progress to ensure ROI, e.g. hours saved or errors reduced.
4. Choose the right technology: Evaluate solutions and compare vendors based on expertise, cost and alignment with business objectives.
5. Plan for the investment: Calculate your ROI and consider financing options like commercial loans.
6. Train and support employees: Develop a plan to integrate automation and address employee concerns.
7. Monitor and optimize: Continuously review and adjust the automation strategy.

To develop an informed plan to implement automation, SMBs should leverage the expertise of specialists. Fifth Third experts can help companies identify the best way to finance improvements, providing organizations with helpful guidance as opportunities in automation grow and change.

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