When I recently read about Amazon’s new robots
that they are rolling out to replace employees who box & pack orders, I immediately thought,
“Hmmm, another repetitive task being automated.”
You know who deals with a lot of repetitive tasks? Accountants & bookkeepers.
Clearly, our space is ripe for further automation.
One area that has usually been manual & repetitive has been the payments space. Paying bills is sometimes a pain for clients and this work has been outsourced to firms to handle.
Apps like Bill.com have enabled for more streamlined payments, but this week they released a new feature set
that automatically handles processing & approving invoices thanks to artificial intelligence which has been trained on 52 million bills.
Bill.com claims that the invoicing processing & approval process will be further sped up by a factor of 2 to 3 times. Quite an improvement.
What this means is that it’s important to analyze our own repetitive workflows to see what we can automate for a few reasons:
1) To stay relevant
2) To reduce costs
3) To increase capacity
4) To improve the customer experience
Is there something else you would like to read about? Don’t hesitate to just respond to this email by letting me know what you want to see. I’d love to get some feedback :)
And with that, let’s move on to this week’s Future Firm Weekly Top 5: