Manual processes can be a significant drain on time and resources. They require high levels of time and effort from staff and are vulnerable to human mistakes and scalability issues. Luckily, there are digital solutions available that can improve workflows by automating tasks. Across the UK, AI and Automation tools are widely used throughout all markets to increase outputs and drive better results.
The act of reworking manual processes into a digital format is known as Digital Transformation. Digital transformation can be achieved in a variety of ways, and the choice of technological tools used will depend on the needs of the business. Many businesses rely on cloud-based services, databases, AI, and automation tools to stay competitive by improving operations, increasing efficiency, and enabling faster, more responsive service delivery.
Using technology to automate business decisions
One way to digitally transform and revolutionise your business’ performance is by automating decisions. You can now make business decisions in a matter of seconds using automated data collation and checks. Not only do these tools improve turnaround times, but they can help minimise risk of human error and provide a better experience for staff and customers.
Automated decision making is a valuable tool to use during tasks that require careful due diligence, such as onboarding. Let’s explore common reasons why you might introduce automated decision-making tools into your onboarding process so you can decide if it is the right next step for you:
Why should I automate my business decisions?
Save time and money
Automation can significantly reduce the time it takes to onboard new clients and run thorough ID and credit checks. As a result, the hours that would have been spent reviewing new applications can instead be used on other tasks. Red Flag Automate saves UK-based companies an countless hours per month, increasing productivity in the areas of business where it matters most.
Improve relationships with clients and suppliers
Onboarding processes and due diligence checks often require a lot of communication and paperwork chasing. Due to this, they can be tedious, time-consuming, and expensive for both parties. Through digital transformation, you can improve this experience and make a positive first impression on new business partners. Our onboarding automation tool allows you to perform credit, fraud, anti-money laundering, ID verification, and bank verification checks in under 10 seconds and in a single click, reducing the need for excessive emails and paperwork.
Reduce the risk of errors
Even with careful assessments and planning, manual business activities leave room for human error. The provision of incomplete information, tiredness, and a lack of attention to detail can lead staff to miss critical information, resulting in costly and time-consuming errors. By automating decisions in your business, you can rely on data-driven checks to reduce the number of mistakes made.
Accelerate business growth
Digital transformation can improve business performance by freeing time and resources for tasks where human input is more critical, such as product development, marketing planning, and customer relationship management. Technological tools are also easily scalable, ensuring your business can expand without incurring excessive costs.
Easily compare businesses with streamlined results
Comparing potential business partners is much easier and more effective with the help of technology. Manual processes often result in scattered and incomplete data, making it challenging to make informed decisions. In a digitally transformed review process, however, you can easily view all the necessary information in one place, helping to keep your decision-making processes efficient and fair.
Automating onboarding decisions with Red Flag Alert
Manually onboarding new clients and suppliers is a costly and complex process. There are many financial and legislative considerations to account for, and it can be challenging to determine whether a business is safe to work with. With strict government regulations such as Anti-Money Laundering (AML) in place, it is important to ensure that your company is adequately screening businesses before entering trade deals.
Red Flag Automate can help you streamline due diligence processes and seamlessly onboard new clients and suppliers efficiently. With due diligence checks that take only seconds, our tools can seamlessly adapt to your changing needs as your business grows. As you scale, automated decisions can help prevent errors and save time, energy, and resources, which you can reinvest into your business and drive further growth. Get a free trial today and digitally transform your onboarding process with Automate.