Whether we’re ordering a takeaway, checking in luggage at the airport or doing the weekly shop, automation has become a part of our everyday lives.
Technology now allows businesses to be work beyond the opening hours, enabling customers to get what they want, when they want it.
So, every business should be asking themselves: “Are we using automation to its full potential?”
More to the point though, sales leaders should be asking themselves whether or not they're using automation to sell as best they can?
The answer is likely no. Most sales teams are still yet to unlock the full potential of automation, which is a little unfair really considering the heavy investment in software for other departments such as marketing and finance.
That said, with so much time wasted on admin tasks in the sales team, automating your finance decisions can be one of the easiest and best ways to improve the way you run your sales team.
Here are a few reasons why finance automation can help you and your sales team to close more deals.
1. Customers hate waiting for a decision
Customers aren’t the most patient bunch. And who can blame them?
We now live in a world where the power lies entirely in the customer's hands, with literally dozens of options to choose from in every buying decision we make.
Customers know that if they don’t have their query answered within a satisfactory timescale, they can take their business elsewhere and buy from one of your competitors.
Showing your customers that you value their time by eliminating any unnecessary waiting will serve you very well when it comes to closing the deal.
According to Forrester research, 66% of adults feel that valuing their time is the most important thing a company can do to provide them with a good online customer experience.
What's more, customers are prepared to wait only 45 seconds for a response via live chat.
So imagine how they feel when you take hours - sometimes even days - to get back to them with a decision on whether or not you can secure them finance on a leasing deal.
Leasing automation software now exists which can have you and your customers accepted in about 3 minutes.
Imagine how impressed customers will be when, rather than having to get back to them, you can just put them on hold for a few minutes and close the deal there and then.
More to the point, this eliminates any risk of them looking on a competitor's site while they wait for your decision, meaning you get the deal every time.
2. Manual underwriting is time consuming
It’s important that all credit assessments are accurate to minimise the risk of a customer getting a no.
When it’s a human doing the checks, they’ll want to ensure that they’re not approving any customers who fall outside of their credit assessment policies.
That’s all well and good, but couldn’t that time be better spent elsewhere?
Full or partial automation of your customer acceptance process provides you with a quick, error-free and uniform credit assessment policy and near-instantaneous decisions.
AI also provides a level of reliability that can't be matched by humans, increasing the likelihood of deals going through.
3. AI provides a platform to do more business
There’s an old adage: ‘Do more by doing less’.
In a nutshell, that’s what automation enables you to do.
Instead of conducting manual credit checks, automating the process frees up your salespeople to get down to what really matters: finding prospects and closing deals.
Finance automation also reduces your business’ paper trail by automatically generating e-documents that don’t need to be sent in the post, which only serves to add further delay to the process of closing a deal.
A good finance automation system will automatically populate documents that your customers can sign online.
Rather than taking our jobs as Hollywood may suggest, automation is coming for our admin and paperwork, saving your sales team time and enabling them to make more money.
Not so scary at all really, is it?
Thanks for reading. If you're interested in using the sort of finance automation we've spoken about in this blog, click here to book a demo of PROPP today or call 0800 086 9404 to find out more.