There is an ancient proverb by Confucius that goes: “The Customer is Always Right.” Okay, so it might not be that ancient, and it probably wasn’t Confucius who said it. Regardless, this mode is the operational basis of all retail and commercial practices in the U.S. And it isn’t an easy one to keep track of, since the general buying public’s taste is constantly shifting with the tide of the trend.
Overall, most of the stress factors in commercial business come from the Financial AP and AR processes, which are document-intensive and time-consuming enterprises involving Invoices, POs, Checks, and a myriad of approvals that follow a pretty lengthy process. Honestly, I’d hate to see that flowchart! So how do commercial businesses ensure smooth financial operations on the back end for the sake of better consumer satisfaction?
Since a great deal of the back-end operation involves punching numbers, calculations, and basically paper-pushing, the most basic and cost-effective solution is AUTOMATION. Automate, Automate, Automate! The more you automate, the less time you spend performing data entry, manually auditing work, looking for important documentation, or pushing notifications, implementations, and updates for approval.
The most known method of automation is called Business Process Optimization, and it involves centralizing the existing back-end commercial process and optimizing it so that personnel can continue to function with their existing Accounts Payable Receivable system, while reaping the benefits of automating their most tedious and time-consuming tasks. Centralization allows all scanned documents to be automatically routed to a central location where the AP process takes place.
The benefits of BPO include:
- Reduction of storage costs
- A Paperless Office
- Bottom line cost savings
- Decrease in invoice processing time
- Faster consumer-response rate
- Increased ROI
Another plus of BPO is the general uplifting of department morale as personnel discovers the added benefit of refocusing their time from tedious manual tasks to growth-oriented enterprises. Contact DataBank to find out how BPO can benefit your department or to ask any questions regarding general Invoice Automation processes. OR! Download our free case study below to learn how we helped Northeast Utilities revitalize their AP processes.