Business Automation Software for Finance & HR - Mynd Integrated

Large-scale enterprises usually prefer a system or technology that is capable of performing repetitive tasks on a day-to-day basis. The function of a typical business automation range from minimizing human input, reducing chances of error, making processes faster, increasing efficiency and above all, saving costs that are incurred for repetitive tasks. With the evolution of technology, large and medium scale enterprises are in need of business software that would seamlessly sync people, resources and processes. Finance and HR department across business verticals also felt the need of such business automation software to carry on businesses operations in a problem-solving work environment.

 Broadly, business process automation can be subdivided into the following 4 groups

1.      Marketing automation

Organizations spend millions on labour cost and need to recruit a huge workforce for sales and engagement. A business process automation software helps in targeting, directing, accomplishing and judging the success rate of marketing channels. A simple email marketing automation software can yield thousands of leads, manage all the data, deliver sales, and identify buyers as per pre-defined criteria.

2.      Finance automation

One of the chief functions of finance automation software is accounting and keeping books. Automation helps in saving time, cost and labour for raising invoices, totaling collections from bills, managing applications of credit and debit cards, keeping backup of data, storing information of customers, and a whole range of other financial services. There are many software providers who specialize in a variety of finance automation software according to individual business models. One of the leading business process automation software providers in the segment, Mynd Integrated Solution offers transformational experiences to organizations with their AP, AR, and logistics process automation software range – Pearl, Arise, LMS, and Assure.

3.      Process automation

This type of automation software helps an organization resolve issues related to efficiency by improving organizational value. An integral part of process automation, RBA (robotic process automation) automates routine tasks, while BPA (Business process automation) helps in aggregating data so that employees can draw conclusions to issues quickly and accurately. Business automation processes are widely used in service industries like hospitality and traveling. 

4.      Human resource 

From hiring for positions, to issuing pay-slips and rolling out incentives and referrals, the HR department of any large or medium scale organization has to undergo multi-step processes involving multiple individuals. The HR department also needs to track productivity and efficiency of employees, improve provisioning processes and roll out benefits- all with the sole objective of boosting organizational productivity.

Challenges faced by Business Automation Software for Finance & HR

As AI-enabled finance and HR automation software is adopted by more organizations by every passing day, it is not that they are completely free of challenges. A bunch of HR processes involve personal matters related to employees which are beyond the understanding of AI. Emotional intelligence, soft skills and humane actions are needed to address those. In such complex cases, often HR personnel are required to intervene and follow extensive process of human interaction. A few other challenges of business automation processes are-

Integration of processes- Teams, employees on personal level and organization as a whole often find it extremely difficult to integrate the new processes into the current ones. On a general note, business automation processes contain more than one specialized feature created as per desired business outcome. Merging the same into existing processes and hierarchies - into present IT infrastructure, teams and business models become extremely challenging.

Security and privacy- Another biggest challenge of business automation processes is its compatibility with existing protocols and infrastructure for security and privacy. Getting systems and processes automated means a greater risk of cybercrimes, where vital data about organization can be stolen, leaked, misused or held for ransom. Hence, organizations need to strengthen their policies for privacy and security for both structured and unstructured data.

Funding- Planning, designing and implementing a customized business automation process can cost millions. The huge sum is not always affordable for mid-scale industries. Although the software suites save a lot of cost in the long run, the tariff of developing the perfect one needs heavy funding. The more complex and advanced the software, the more cost to build it. Thus, the idea of business automation solution impacts the budget greatly.

 Conclusion

Business automation software suites have become an absolute necessity in today’s business horizon. A majority of these business process automation services are customizable- offering to suit organization’s business model and market demands. Moreover, leading automation service providers like Mynd Integrated Solution also offer tracking tools which the management can use to determine performance of automation software. The HR automation software helps organizations get rid of additional manpower, making the organization achieve more for less. The Solution offered by reputed providers are customizable for functioning on all cloud platforms, thereby providing end-to-end Solution.