How would you describe your business processes? Do they run smoothly and efficiently, with few errors being made? Or are they just the opposite – are they riddled with inefficiency, waste, and frequent costly mistakes?
Those inefficiencies, waste, and costly errors can often be chalked up to manual processes, many of which rely on spreadsheets. However, the situation doesn’t have to be that way. Application development can streamline business processes by converting spreadsheet systems into applications.
Algorithmic Business: What It Is and How It Can Help Your Company
Gartner defines algorithmic business as the industrial use of complex mathematical algorithms. These algorithms are considered pivotal to driving process automation that can differentiate companies from their competitors.
Stephen Prentice, VP, and fellow at Gartner said in an interview that the analyst firm is confident that algorithmic business will create greater levels of disruption in the economy than ever before. But, how can they help your firm?
Algorithms “consume” data and then generate answers to questions (some of which you didn’t realize you were about to ask). For example, Amazon’s recommendation engine suggests what customers should buy next through the online mega-retailer. The algorithms Amazon uses utilize that data in order to match customers with the items they want to purchase. Your company doesn’t have to be Amazon in order to make use of algorithms, though.
Imagine being able to optimize your pricing in real time based on current data patterns. Maybe someday LinkedIn will be able to suggest experts or partners that can help your business complete vital projects. Gartner analysts envision a future where these scenarios are possible.
Enabling the Foundations of Algorithmic Business
While some of the applications of algorithmic business might be available in the future, you can start streamlining your business processes now through app development.
Application development can automate business processes. For example, an application can generate a financial report with a few clicks. With accurate, timely data being “fed” into the application, you can create results that are not only trustworthy, but that will enable you to make better business decisions.
Your finance department isn’t the only unit that can be made more efficient through business process automation. Application development could create processes that automate software updates, security monitoring, billing, shipping documentation, and purchase orders (to name a few).
Application development simplifies the collection and retrieval of information. When business processes are converted to applications, it saves time and money as well as significantly reducing the possibility of errors. When humans enter or modify data, the risk of errors (especially costly ones) grows and is much greater.
Automating your business processes will not only make you feel innovative and more competitive, it will save you time and money, too. To learn more about how your data can help with business process automation, contact us.
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