Automation in Sales and Marketing
Sales and marketing teams are using automation technology to improve their conversion rates, lead capture, and deal closing. Automating the buyer journey improves customer engagement and interaction. These statistics throw light on how organizations are building their sales and marketing automation strategy.
Survey respondents have credited AI-driven automation with increasing revenue in pricing, customer service analytics, and prediction of likelihood to buy.
• 55% of global marketers plan to increase spending on overall marketing technology in the next year.
• Automation in sales boosts productivity within the department by 14.5% and brings down marketing costs by 12.2%.
• Using Salesforce, sales teams have been able to close 30% more deals, reduce the sales cycle by 18%, and save 14% of admin time.
• Sales automation in lead nurturing has shown a 200% increase in conversions for different brands.
• B2B marketers have seen an average increase of 10% in their sales pipeline by automating their sales.
• The quality of leads can be significantly improved through marketing automation.
• As many as 67% of marketing leaders are making use of marketing automation platforms.
• Marketing automation spending is expected to surpass 25 billion USD by 2023 with a growth rate of 14%.
• Sales personnel can automate offers based on browsing history to provide personalized offers. Personalized offers are known to increase sales by 20%.
• Sales personnel that use marketing automation to improve the quality of leads have been able to generate 3 times more leads every month.
• 74% of the marketers surveyed agree that the main reason why business owners and marketers use automation is to save time and costs.
• Conversions are estimated to increase by 77% by spending on marketing automation solutions.
• As many as 91% of online marketers see automation as a critical factor in the success of their marketing campaigns.
• 50% of sales time is wasted on unproductive prospecting.
• 92% of marketing automation users say that the main use of automation is to improve lead generation, increase customer retention, and lead nurturing.
• 75% of the companies use marketing automation software.
• 83% of marketing departments automate social media posting, 75% automate email marketing, 58% automate social media advertising, and 36% automate social media engagement.
In automated email marketing, the welcome sequence is the most common automated email marketing technique. The second most common strategy is the lead nurturing emails.
Most businesses agree that automated landing pages are effective in lead generation.
• Only a meager 2% of companies are using sales automation for sales order fulfillment.
• 39% of companies automate sales prospecting.
• 36% of companies use automation to generate sales quotes.
• 18% of IT leaders say that their marketing departments are seeing the highest ROI from automation.
• More than half of the businesses surveyed claim that sales and marketing automation increases their conversion rates significantly.
• 58% of companies use chatbots for sales or marketing.
• 39% of the organizations say that their marketing automation system produces higher-quality leads.
• According to a survey, 59% of the Fortune 500 companies are using marketing automation and this number is steadily increasing.
• A study conducted by Omnisend revealed that omnichannel sales automation is likely to create customer retention of 90% and an increase of 250% in engagement and purchase rates.
Automation in Advertising
Google automated bidding is among the most used advertising automated software. Let us look at some statistics about automation in advertising.
• 70% of the advertisers used Google’s automated bidding software in 2019.
• A whopping 130,000 USD can be saved by businesses annually by automating advertising strategies.
• Programmatic advertising accounted for more than 80% of digital display marketing in the US in 2018.
• It is expected that by the end of 2020, 90% of mobile display advertisements will be negotiated automatically via programmatic ads.
• From 32% of automated display ads in 2016, the figure doubled to 64% in 2019.
• Most companies would be able to automate 80% of their advertising processes by 2022.
Automation in Finance
The finance and accounting function is a critical one in any business. The highest levels of accuracy and consistency are required while handling financial transactions. Automating key finance and accounting processes improves the accuracy and efficiency of transactions and data handling. Here are some of the finance and accounting automation statistics for your reference.
• The Global Market for Accounting Software is forecasted to grow at a CAGR of 8.02% from 2018 to 2026, with the market value poised to reach 20.4 billion USD by 2026.
• According to a McKinsey survey, CEOs could save 20% of the time they spend on financial tasks via automation.
• Bot interactions with humans in the banking sector are expected to reach a 90% success rate by 2022.
• McKinsey predicted automation and AI to take up 10-25% of banking tasks.
• ICICI bank has deployed more than 750 robots to handle daily transactions and interactions with these robots have recorded 100% accuracy. Also, the bank was able to cut down on the time spent on complaint redressal about ATM cash disbursal from 12 hours to 4 hours via automation.
• 19% of automation fall under order to cash.
• Since the outbreak of COVID 19, financial services and technology sectors have adopted automation rampantly, with as many as 88% and 76% of the executives reporting increased implementation.
• More than 50% of CEOs of banking and financial organizations are focusing on simplifying their products and operations by adopting process automation.
Insurance is another business sector that is prime for automation. There are several tasks in insurance transactions that require quick turnaround and verification of data. Manual execution of these tasks is a laborious task that is prone to inaccuracies. Automating tedious insurance tasks provides relief from repetitive work for insurance personnel. Some statistics explore the effectiveness of automation in insurance.
A report predicts that customer service and claims adjustment tasks will see a 16% displacement. The report also predicts that by 2030, the United States forecasts 46% of its insurance claims processing jobs to be automated.
2017 Deloitte insights predicted a loss of 22.7 million insurance jobs in the US because of automation and the creation of 13.6 new ones over the next 10 years.
In 2018, claims review was considered one of the biggest processes to be automated. 30% of the insurers were considering robotic process automation as a popular choice for automating this process.
Automation was able to bring down the quote generation time for insurance agents in California to 4 minutes as opposed to 14 days. The form that adopted this automation solution saw a 70% increase in sales.
Automation in the Manufacturing sector
The manufacturing sector is among the earliest adopters of automation. Large manufacturing units can improve the quality of products and save time and costs through automation. Some of the statistics reiterate the usefulness of automation in the manufacturing sector.
• IT and Engineering Industries account for nearly 40% of an organization’s automation.
• A McKinsey Report estimates that automating manufacturing tasks can increase annual productivity by 1.4%.
• As per a report, 749 billion work hours can be saved by automating 64% of manufacturing tasks.
• An Oxford report estimates that implementing automation in the manufacturing sector could reach 4.9 trillion USD by 2030.
• According to a report by the World Economic Forum, 42% of the time spent on manufacturing tasks will be automated by robots by 2022.
• A PwC study states that the use of automation in 3 key industries will contribute 15.7 trillion USD to the global economy.
Customer Service Automation Statistics
Automating tasks in customer service has a direct impact on customer engagement and experience. It boosts the company’s reputation and improves customer retention.
• 34% of the organizations are using guided self-service.
• 65% of the customer service experts say that automating feedback gathering helps analyze customer behavior effectively.
• 38% of the customer representatives say that their organizations use chatbots to automate customer service interactions.
Automation in Healthcare
The global healthcare automation market is expected to grow at the rate of 8.415% in 7 years. Growing at this rate, this industry is expected to show profits amounting to 63 million USD by 2026.
A McKinsey report states that to match the demand for assisted care, the purchase of medical robots has risen by 50% every year. The Global Medical Robotics Market is expected to reach 20 billion USD by 2023.
Statistics around Challenges or Roadblocks to Adoption of Workflow automation
31% of the respondents are concerned about labor displacement and job loss that could be caused by automation and artificial intelligence.
7-24% of currently employed women and 8-28% of men may need to transition to different skill sets due to changes in labor demand due to automation.
Automation statistics listed above are compelling enough for businesses to consider the automation of key functions of their company. The benefits of automation clearly outnumber the challenges. Implementing a cloud workflow automation solution like Cflow enables organizations to streamline their operations, which in turn improves productivity. Users can easily customize workflows according to the unique requirements of their business. The no-code workflow automation software creates workflows within minutes using a visual form builder. Your search for a customizable workflow solution ends with Cflow. Explore more by signing up for a free trial today.