Buzz Update How Service-Led Companies Can ‘Produce’ Knowledge & Increase Revenue TOU

Buzz Update How Service-Led Companies Can ‘Produce’ Knowledge & Increase Revenue

 TOU

How Service-Led Companies Can ‘Produce’ Knowledge & Increase Revenue

Views expressed by Entrepreneur Collaborators are their own.

Business has always been about the survival of the fittest, and it is no different today. As the pandemic disrupted the business face and created a paradigm shift to the new normalcy, innovation in service-led organizations became more complex. Gone are the days when businesses were just as satisfying as floating. You are innovatively changing with the times or getting ready to dust off.

Now, a new category of technology is allowing companies to take their services to another level: productivity. That category is called intelligent automation – the computerization of processes traditionally performed by humans.

Adopting intelligent automation to create more revenue streams

Intelligent automation is central to brands’ efforts to provide the best experience for their customers. This is especially important for companies that aim to provide superior customer service. By automating the processes and functions that humans traditionally perform, businesses enable their experienced employees to focus on more active, customer-centric activities.

For example, insurance claim handlers no longer need to be claim experts, so you can hire people who are good negotiators. If you specialize in intelligent automation systems, you will create a high-quality service that can operate at a tremendous level regardless of the size of the workforce, as the services are more resilient to the public and are available 24/7, 365 days a year. . The result is improved customer experience, which leads to increased revenue.

Service-led businesses cannot ignore the need for further automation when making sure customer needs are met. This can be achieved without going through the long haul of software engineering or repairing entire systems that already exist. There is no menu of code SaaS-based Intelligent Automation Platforms to choose from.

Related: 11 Ways to Automate and Increase Your Business

Productivity takes intelligent automation further

Intelligent automation is also about creating new revenue streams. Currently, it is leading professional service organizations to transform their intellectual property away from traditional status into AI-based products and services. These are generating new streams of recurring earnings. In fact, the professional services company is the client Rainbird Produces hundreds of thousands of dollars in revenue fast with automated tax credit solution.

Other industries have also achieved healthy growth. Take Robo-Advisors, an automated investment advisor and manager who has been able to bring a new suite of products to market. According to InvestopediaThe industry is projected to grow tremendously as client assets managed by robot-consultants reach nearly $ 1 trillion by 2020, reaching $ 2.9 trillion worldwide by 2025.

Interestingly, robot-advisors do not require machine learning, but many assume they do. Instead, robot-advisers can gain power through transparent, auditable decision automation – a key component of intelligent automation. Decision automation transcends the capabilities of the modest decision tree and enables intelligent automation to help service-led organizations respond more efficiently and to customer needs by generating expertise. In other words, it is an important tool for companies that want to take advantage of competition.

How service-led companies can generate their knowledge to maximize revenue

Producing knowledge may not be at the top of your strategy, but that does not mean it will not be rapidly integrated into your business growth plans. Below are some insights your organization can adopt:

  1. Identify what you want to achieve and its purpose, and then proceed to find a trusted advisor who understands what you want to achieve and has a reputation for supporting change.

  2. Investigate, study well and get information so that you can tell the difference between the possible and the impossible.

  3. Experiment and AB test. Allow your education to experimentally change no-code tools to allow you to get started and learn as you go.

  4. Engage colleagues and brainstorm. Automation is right here. As companies that adopt a citizen developer mentality are growing rapidly, it is best to take your workforce with you.

Related: 6 Ways Your Customer Service Department Can Earn More Revenue

Adaptation is always the name of the game, and one-way service-lead companies are constantly innovating by adopting intelligent automation. In addition to providing other streams to generate revenue, it also makes your organization resilient, scalable, competitive and different from your competitors.

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