Still haven’t added workflow automation to your team’s day-to-day processes? Could it be because you’re still not sold on the value of workflow automation? Or you’re not ready to make the investment?
You’re not alone. Only 4% of businesses have achieved a digitized, fully automated workspace, according to our digital maturity findings with Mantis Research.
But perhaps change is on the horizon. Businesses small and large are now investing in workflow automation for time and cost savings, ROI, and increased accuracy. That means no more manual data entry, email attachments, or copying and pasting. The right teams receive the right data when they need it.
Still not convinced? We’ve compiled over 25 workflow automation statistics that demonstrate the power of digitizing your business processes.
Trends in Workflow Automation
- According to McKinsey research, 50% of all work can be automated. Thirty-one percent of businesses have taken the step to automate at least one function.
- Due to the growing need for IT systems, streamlined communications, and optimized resource utilization, the global business process automation market is projected to grow to $19.6 billion by 2026.
- Seventy-five percent of companies report that using workflow automation gives them a strong competitive advantage.
- Sixty-two percent of businesses have identified three or more major inefficiencies or bottlenecks in their business processes that could potentially be solved with effective workflow automation.
- The top inefficiencies workflow automation could solve include:
-54% cite poor communication
-44% cite repetitive errors
-42% cite delays in project deployment
-24% cite compliance
-17% cite growing costs
- Seventy-six percent of businesses use automation for standardizing daily workflows. Fifty-eight percent use automation for data/reporting and planning, and 36% use it for regulation or compliance.
- Although smaller companies have been slower to add workflow automation, those that have report more success (65%) than larger organizations (55%).
- Sixty-two percent of businesses have identified three or more major inefficiencies or bottlenecks in their business processes that could potentially be solved with effective workflow automation.
Learn More: Discover even more trends in workplace automation from our Practically Speaking podcast.
Cost Savings and ROI of Workflow Automation
- Gartner estimates that total print costs—from hardware to maintenance to supplies—eat up 1-3% of a company’s overall revenue. While 3% may not seem like a lot, it can add up quickly: For every $100,000 in revenue, you could be spending up to $3,000 on paper and printing.
- Formstack’s 2022 State of Digital Maturity report found that 51% of workers spend at least two hours per day on repetitive tasks.
- Workflow automation can save companies anywhere from $10,000 to millions per year. The average company saves $46,000 annually.
- Employees who use marketing automation can experience an increase in lead quantity by 80%. Automation is also responsible for an increase in conversions by 75% and qualified leads by 451%.
- Sixty-one percent of businesses who invest in a marketing workflow automation program see a return on investment within six months.
- According to Moz, companies that use workflow automation to send emails receive twice as many leads and 58% more conversions than companies that send generic email blasts.
- McKinsey found that 30% of sales-specific activities can be automated, resulting in a reduction in order processing time and overall cost reduction by 10-15%.
Time Savings of Workflow Automation
- McKinsey estimates that 60% of employees could save 30% of their time with workflow automation.
- Managers say, on average, that they spend at least eight hours per week (or an entire work day) on manual data tasks. Further, 25% of managers devote 20 or more weekly hours to these tasks.
- Companies report the hiring and employee onboarding process to be 67% faster when using workflow automation.
- In California, an insurance company that adopted workflow automation decreased their quote generation time from 14 days to just 14 minutes.
Listen Now: Kyle Judkins, VP Entertainment and Tech at Texas Legends, shows how to replace hundreds of spreadsheets with just one automation.
Increased Accuracy from Workflow Automation
- Thirty-two percent of companies experienced less human error after adopting workflow automation, which increased their overall productivity, efficiency, and accuracy.
- Gitnux claims data accuracy increases by 88% when using workflow automation— higher than any other document processing method.
- Workflow and robotic automations can detect and respond to phishing attacks up to 70% more efficiently.
- Thirty-four percent of small and mid-sized businesses say using workflow automation decreases data entry errors.
Feeling Inexperienced? Daniel Zrůst, Solutions Architect at Make, breaks down workflow automation without the need for code or technical experience.
Formstack Helps You Work Faster and Smarter with Workflow Automation
Employees are tired of paper pushing and hunting down the data they need to do their jobs. They also want digital innovation and ease. In our State of Digital Maturity report, 72% of workers say they believe inefficient processes negatively impact their job. Without digitization and automation, employees experience higher levels of frustration, stress, and dissatisfaction.
The Formstack Platform empowers your company to achieve more in less time—improving the employee experience and positively impacting customers. Our no-code, drag-and-drop workflow builder makes it easy for anyone on your team to build and customize the workflows you need to stay productive. Whether you’re capturing new leads, sending proposals for approval, or gathering customer signatures, we help you save time, money, (and headache) with one easy-to-use visual workflow builder.
Unlock the power of workflow automation with help from our Workflow Inspiration Guide. Or, see Formstack in action now with a free 14-day trial.
