Technology plays a key role in helping industrial companies conduct business as efficiently and effectively as possible. These firms are constantly on the lookout for the most up-to-date software, and many have found automation programs to be extremely valuable.
As a result, the worldwide industrial automation market is projected to reach $47.57 billion by 2015, according to a recent study by TechNavio. The report found that the sector is being driven largely by the ability to integrate these processes, like invoice automation, with other industrial software.
"The integration of industrial automation control solutions with plant management systems is one of the key trends in the market," said an analyst at TechNavio. "To optimize plant operations, organizations across the globe need automation control solutions that can be easily and effectively integrated with other plant operations."
The Asia-Pacific region is expected to achieve the fastest growth rate in the world from 2011 to 2015. According to a separate study by TechNavio, communication automation software, including SaaS-based marketing automation, will also grow significantly during that time frame, with an 8.16 compound annual growth rate.
Improving the supply chain
When it comes to industrial firms, enhancing worker and business efficiency typically leads to substantial cost savings. Therefore, manufacturers and suppliers are constantly looking for ways to improve their supply chains.
Invoicing, through its ability to provide an organized electronic workflow, offers a potential solution. As the TechNavio analyst noted, many industrial companies are integrating automation tools like "control, process electrification, power distribution and systems management."
"These processes enable organizations to obtain information from all parts of the plant at a central location, reducing the failure rate and improving the decision-making process," the analyst said.
According to a recent blog post for The Times of India, technology has become key to managing the flow of information. But handling electronic workflow throughout the supply chain requires an array of tools, including enterprise resource planning systems, top-notch data communication services and invoice automation. Invoicing in particular can drastically reduce the time it takes to complete a task or project, by minimizing what used to be multiple functions into a single keystroke.
As the source noted, effective supply chain management improves the efficiency of a company's internal functions and its collaboration with the supplier. In addition, by providing real-time data, organizations can respond quickly to an issue, thereby mitigating any potential damage.