Where might these gains come from? Look at some of these areas in your business and see if these complaints sound familiar.
Ask your customer-facing workers what complaints are bubbling to the top, and what issues are causing the most concern or frustration. In talking with them, you may learn about the need for process improvements that can benefit the entire organization, as well as your customers. Generally, the most common need is to break down silos and better share information between workers and departments.
Another area to look for productivity enhancements is tedious tasks; for example in accounts payable, or any other heavy data-driven processes. For accounting professionals, these employees are likely dealing with a bevy of issues related to document management and the ongoing digitization of invoicing. As a result, many companies are beginning to turn to digitized tools for expense reporting (and many other functions).
In addition, the majority of receipts that most businesses get are still in paper format — which for many businesses makes it difficult to find and match invoices between paper and digital resources. In fact, for some businesses, it can take up to three weeks2
to fully process a simple invoice. The right accounts payable solution
can cut down the invoicing process to just four days or often less — and that’s a lot of time and money saved.