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Featured Article /// November
Author: PJ Yates
Put Your Reconciliation Process on Auto-Pilot.
Close Your Books Faster & More Accurately With Automation.
Home sales have decreased rapidly as a result of the federal reserve increasing interest rates over the past two years in order to combat inflation. In response, many lenders have resorted to significant layoffs in an attempt to cut costs. However, history has shown us that markets always recover eventually. A competitive job market and an increase in hiring will help companies keep up with demand when the market does start to rebound.
Technology has allowed businesses to break the pattern of lay-offs during market downturns and hiring binges during upswings. With automation, companies can improve employee productivity while reducing pressure on staff. For example, lenders can handle seasonality in their business while still running smoothly and keeping headcount stable by automating repetitive tasks. This way, employees don’t have to waste time on data entry or document chasing anymore; they’re free to focus on activities that make money such as developing strong client relationships – something only humans can do well.
Integrating automation into processes isn’t as easy as it sounds. For teams to successfully use automation, leaders must think through several factors that will influence whether or not employees adopt the automated tools. The plan should include:
Employees need to be on board with the changes happening in the organization and see the benefits of buy-in.
By auditing processes, we can build a framework for guaranteed success.
After implementing automation, enable growth by providing continuous training.
Garner employee buy-in
Automation has been wrongly associated with the notion that robots will eventually put humans out of jobs. However, according to research conducted by McKinsey & Company, this isn’t the case. In fact, businesses that implement automation often don’t reduce their workforce; instead, employees are reassigned to higher-level functions where they can add more value.
For instance, let’s examine the banking industry. Most of these businesses have started using technology to automate certain consumer processes. Even though there are now ATMs and online banking options available, tellers and other bank employees are still needed. Automation handled the low-level tasks that didn’t require much thought so that personnel could focus on areas that would bring in more revenue. Also, if we look at past trends, we can see that usually when new technology is introduced it creates more jobs as well as increases how productive existing workers are.
Although automation has several advantages, some employees might be skeptical about it. In order to ensure that your team makes the most of automation, you need to lead by example and explain the benefits of using technology. It’s also necessary for managers to understand how their employees use current systems so they can help them see how automating various processes will improve their workflows. Although there are usually procedures in place for handling different tasks, employees often develop their own methods (“micro” processes) for getting around a broken or ineffective system.
By showing how automation can help employees save time otherwise spent on band-aid workarounds, managers can establish the case for why their team should use it. For example, the time saved from inputting data is only one of many areas where employees may benefit from automation. Managers should also explain how technology and automation can help employees focus more on developing customer relationships and securing new business. Benefits like these, along with creating an open dialogue for questions or concerns, are key for leaders who want to successfully introduce automation.
Develop an automation framework
Automation cannot be used in every possible business situation. Automation should only be utilized for processes where human beings don’t add much value or can effortlessly do the work. Also, businesses must keep track of every detail of the process, including the unplanned steps employees have come up with on their own. By taking the time to understand how employees interact with processes on a daily basis, administrators can see where tasks are breaking down. Managers can then implement automation to create a consistent process.
Each process should have defined targets for what outputs are expected. For example, if you automate data entry, one goal could be to lower the number of errors made in loan documents by 10%, when compared to the current average of 13% across all loans. By understanding and setting expectations for each automated trigger, it becomes possible to measure whether or not the new process is successful. Regular reporting also lessens the chance that adopting new technology will become a wasted investment while simultaneously allowing businesses to keep improving long after the initial implementation is complete.
Continue to champion automation after implementation
Benchmarks are necessary for checking the effectiveness of automation, but businesses need to remember that implementation is only the beginning. The market always changes, and over time new opportunities for automation will arise. Deeper integrations between partners, enabled by technological advancement, will allow for more tasks to be automated throughout the loan production process.
although companies may automate various processes, employee training will still behoove employers in the long-run. New systems aren’t learned overnight – it requires time and effort to properly master them. Because of this, those in leadership positions must be patient while their employees receive the necessary training. This process takes continuous repetitions over a period of time until it becomes familiar to staff members. Only then will they offer helpful insights that organizations can use to identify more areas worthy of automation efforts within the company structure.
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