Tag Archives: automation

Interesting Automation Facts

As more millennials hit the workforce, businesses are forced to adapt their antiquated processes to accommodate for this tech-savvy, educated group of individuals. As a result, businesses now more than ever are investing in automation technology to streamline manual, cumbersome tasks — allowing their staff more time to focus on strategic operations.

But automation technology is nothing new. As it turns out, many people don’t know a lot about the history of automation. From when it started and why, to who has leveraged it — there are many surprising facts spanning the topic.

Whether you are reading this for fun or to find a fact to help enforce a business initiative, here are five interesting facts about automation technology that you may not know.

5 Interesting Facts About Automation Technology

  1. The Greeks used it.
    Although it may seem like a new technology, automation dates back to ancient Greece. The Latinization of the Greek automaton, or “acting of one’s own will”, was first used by Homer. In fact, complex mechanical devices are known to have existed in Hellenistic Greece, including the only surviving example of the earliest known analog computer — the Antikythera mechanism.
  2. There was a Golden Age.
    The period from 1860 to 1910 is known as “The Golden Age of Automata”. In Paris, many small family-based companies of automata makers flourished. These rare and expensive French automata continue to attract collectors from around the world.
  3. There are lots, and I mean lots, of technologies to choose from.
    From 2016 to 2017, marketing automation alone saw a 36% rise in vendors (source: MarTech). Automation has been adopted in every industry, each using it to solve problems unique to their sector. Information Technology (IT), Computer-Aided Manufacturing (CAM), Numerically Controlled (NC) equipment, robots, and Flexible Manufacturing Systems (FMS) are just a fraction of the different technologies currently available.
  4. There’s a type of automation named after Detroit.
    “Detroit automation” consists of moving parts from one machine to another while automatic adjustments are made to the positioning of the tools that shape them. For example, when a block of wood goes into the end of one machine, and a finished wooden doll comes out of another machine.
  5. Esker on Demand, a document process automation technology, has automated the amount of pages equivalent to the weight of nearly 10,000 sumo wrestlers.
    The amount of paper we use today is excessive — it’s been estimated that in the U.S. we use 65,395,000,000 sheets of paper each day. Document process automation lends a helping hand by reducing unnecessary paper consumption while optimizing business processes.

Know of any other interesting facts that should be included? Let us know below in the comments!

Building a Successful Business Case for AP Automation

Accounts payable (AP) and finance managers are aware of the advantages that AP automation has to offer. But it’s never as easy as simply selecting a vendor and implementing a solution. Before an automated AP invoicing project can hit the ground running, one critical hurdle must be cleared — getting buy-in from upper management and other key stakeholders.

The good news is, despite upper management consistently being cited as the biggest obstacle to AP automation, they understand the general benefits. According to survey results compiled by the Institute of Finance & Management (IOFM), the c-suite believes AP would benefit from automation more than any other finance/administrative function.

Check out this SlideShare to learn how to enable AP and finance managers to embrace their responsibility and equip themselves with the knowledge and strategies needed to make AP automation a reality. By better understanding how automated AP invoicing works, AP and finance managers can cite key performance indicators (KPIs) and analytics to more effectively persuade their organization’s top decision makers.

The 7 Essential KPIs of Accounts Payable [SlideShare]

Even in the digital age, many accounts payable (AP) departments remain inundated with paper and manual-based processes … which seems crazy when a recent study by Aberdeen Group found that 60% of organizations identified eliminating complex and/or risky processes as a top priority for digital transformation.

Process metrics are the key to improvement

Managing all of the paper in your AP department isn’t an easy job, and it doesn’t leave much time to assess your process and find where issues are. But to make improvements, you’ve got to start somewhere — and Key Performance Indicators (KPIs) are a great place.

The 7 essential KPIs of accounts payable

Don’t worry, we’ve got your back. This SlideShare will give you a head start in exploring the effectiveness of your process with the 7 fundamental KPIs of AP. Let’s jump right in!

How can you identify problem areas in your process?

  1. Measure the number of invoices processed per employee (or per month). You’ll notice an impressive boost in productivity after automating your invoice processing.
  2. Calculate the cost of processing each invoice. They quickly add up to an expensive AP process. According to a 2015 PayStream Advisors study, the average all-inclusive cost to manually process an invoice is $40.70. Yikes!
  3. Gauge the timeliness of your payments. Chances are you’re missing out on early payment discounts if you’re having to manually process invoices. That’s more money down the drain.
  4. Measure your captured discounts. Don’t have any? That’s a red flag for bigger problems within your AP department.
  5. Check the level of automation already implemented … if you have any. Sorry, email doesn’t count as automation!
  6. Determine the percentage of duplicated invoices paid. Your supplier may enjoy the extra payment, but we promise your boss doesn’t.
  7. Calculate the percentage of erroneous payments. Payment errors put a large strain on the AP department.

Digital Transformation – More Than a Simple Challenge, it is a Perspective Shift for Companies!

 

We are excited to share a guest blog post from SlimPay today. This post focuses on how digital transformation is creating change for companies a crossed several industries. Companies have to adjust how they develop and market their product in order to leverage opportunities through digital trends. This blog post is a two-part series when you’re done reading this post make sure you check out part 2!

GAFAM (Google, Amazon, Facebook, Apple & Microsoft) have transformed consumers’ habits, propelling them in a 100% digital world. Many other digital companies since then appeared in several sectors, from transportation to energy or leisure, generating an expansion of digital offers and making it sometimes difficult for traditional companies to follow the trend. Perceived as a threat by some companies, the digital transformation may also be an opportunity to re-invent, invest in new projects and take advantage of the new trends.

A recent Harvard Business Review ’s survey stated that companies are convinced of the importance to start a transformation by 2020. In its 2017-2020 plan, BNP Paribas announced the acceleration of its digital transformation.

How to face this challenge? What are the main steps and what to expect exactly?

PART 1 –  Digital transformation as a marketing and sales lever

The digital transformation quickly changed the competitive landscape in many industries. All the companies had to adjust their product development as well as marketing strategies in order to leverage opportunities offered by the digital trend.

Enlarge the scope: new audiences, new products

The digital age transformed our relationship to time, freedom, leisure as well as our consumption habits (unlimited access to music or movies, SaaS solutions, online banks, new transportation services, mobile applications). Whether it is to win back lost market shares or target a new audience, to enlarge an existing offer or improve a service level, the digital trend is an opportunity to innovate and remain competitive.

Those innovations are possible thanks to the analysis of usages, new habits of each audience segment and through the observation of other sectors to get inspired. Key elements are crucial to consider when creating or adapting an offer: think mobile, be customer focused (in terms of added value and features), do not forget the basics of marketing mix that are product, price, promotion, packaging, as well as payment that is taking on a more important role in the customer journey.

Accelerate profitability: how to launch an offer efficiently

The digital is also a good way to launch new offers and projects quickly for a limited cost. Beyond online promotion that allows high visibility for a minimum of budget, each step of the launch can now be managed online: customer acquisition, subscription step, sales channels, etc. Thanks to the cloud technology and SaaS solutions, it is now possible to create a 100% digital customer journey. Traditional process is now replaced by more efficient methods which is a clear opportunity for all types of companies.

Subscription: a viable business model

Already well known in the press sector, subscription and pay-as-you-go models developed a lot over the past few years, especially in the digital services industry. Benefits for consumers are obvious (freedom, budget management…), but also are benefits for companies (predictability of recurring revenue, revenue growth) : this reinforces viability of this model that attracts a lot of start-ups. Thus, many sectors are entering subscription commerce to sell their offer.

Maximize customer relationship

Big data is a revolution in terms of customer knowledge. Thanks to data collection, it is now possible to understand customer habits, journey and preferences. This customer-centric approach allows to customize offers and generates new types of interactions between brands and consumers. Social networks are also a new communication channel, in which consumers express themselves freely and this can be used as a source of inspiration for companies.

Digitalization opens up new paths for a customer experience that can be improved. But it is also creating new challenges such as subscribers’ management, customers’ app experiences, payment management … It must be handled cleverly!

Read the 2nd part An agile answer for a successful transformation

Amerock Hardware Cuts Processing Time with Esker’s Cloud-Based Order Processing Solution

Sydney, Australia — September 13, 2017 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced it is working with Amerock® Hardware, a supplier of decorative and functional hardware solutions, to automate. 

Of the roughly 15,000 customer orders Amerock receives each month, about 6,000 were previously non-automated and required manual intervention. With staff spending 70-75 percent of their day on data entry, the company sought to drive revenue and greater efficiency through an automation solution. Esker’s Order Processing solution was chosen for its ability to help Amerock segment its customer base, improve processing speed, engage in proactive customer service and reduce errors.

Today, 66 percent of Amerock’s non-automated orders are processed through Esker. This has allowed the company to shift its customer service department from a transactional role to a relational one. Processing via Esker has also brought the company greater peace of mind with the ability to track documents at every step of the workflow.

“We’ve been thrilled with the results that Esker has delivered,” said Kathy Wigginton, director of customer service at Amerock. “Instead of focusing on data entry, our staff is able to work on tasks like proactive outbound calling to ensure a positive customer experience and increase revenue.”

Benefits achieved through automation

Since Esker’s seamless integration with Amerock’s SAP® system, the company has experienced significant benefits, including:

  • Reduction in processing time; from nine minutes to less than two and a half minutes
  • Headcount stability even after losing three staff members due to natural attrition
  • Increased staff productivity; more time to spend on value-added activities
  • Improved customer experience; staff is more available to answer customer calls and inquiries
  • Heightened visibility; customisable dashboards display how many orders are coming in, their formats, etc.

In regards to Amerock’s future plans with Esker, Kathy Wigginton added: “We are even considering expanding our use of the Order Processing solution, as well as branching out to other departments like purchasing and accounts receivable.”

About Amerock

Since 1929, Amerock Hardware has set out to offer decorative hardware solutions that inspire, coordinate and help express personal style throughout the home. Today, Amerock is a part of The Piedmont Hardware Group and is headquartered in Mooresville, North Carolina. Their brand focus is to continue to offer outstanding quality, exceptional customer service and innovative design solutions. Amerock offers a complete line of decorative and functional cabinet hardware, bath hardware, hook and rail, and wall plates.

The Business Case for Automating Stress Out of Your CSRs’ Lives

 

 

We all know the feeling. It’s certainly happened to me on more than one occasion.

There you are watching television, flipping through a magazine or checking your online news feed when, suddenly, you come across an urgent message about … [cue loud, menacing music] … THE DANGERS OF STRESS.

Naturally, processing this bit of “helpful” information only makes you more stressed out about how often you’re needlessly stressing out. A slice of deliciously cruel irony if there ever was one.

But let’s be honest: When put in perspective, the stressors of the average person are fairly trivial. Most of us live in general equanimity compared to, say, what a typical Customer Service Representative (CSR) contends with on a daily basis. It’s not a coincidence that the average turnover rate for CSRs in the U.S. is 33% — nearly doublewhat the average turnover rate is among all professions.

These statistics are not lost on today’s forward-thinking companies.

As business leaders shift their focus to more value-added strategies such as customer experience improvement, the link between CSR burnout and business profitability has become painfully clear. After all, it costs a lot of money to find, hire and train new employees. The question is, can anything significant really be done about a department that’s long been synonymous with high-stress and high-turnover rates?

When looking at how order processing automation fits into a customer service environment, the answer appears to be a resounding “Yes.”

Chronic stress & customer service

Although stress can be a positive and motivating force in small doses, the long-term activation of the body’s stress-response system opens the door to some pretty serious health issues: It can alter mood, memory and sleeping patterns; it can contribute to headaches, heart disease, and musculoskeletal disorders; and, it can even affect how a person’s genes express themselves!

Unfortunately for many CSRs, prolonged exposure to stress is all in a day’s work. When they’re not fielding calls from needy customers, CSRs can be found performing the mind-numbing task of hand-entering order data into their department’s ERP system or hunting down a lost document. And, when a mistake is made and the arrows of blame start to fly, you can bet that the biggest targets hang on the backs of CSRs.

These types of stressors are so prevalent in environments that rely on manual and paper-based processes that they’re often just accepted as “part of the deal.” Thankfully, more businesses are waking up to the fact that this is not a sound strategy.

A stressed-out CSR team ultimately leads to larger issues. The big two being:

  1. Higher turnover rates. Included in this is the cost of:
    • Hiring and onboarding a new person
    • Lost productivity in getting new person up to speed
    • Training over a period of 1-3 years, typically
    • Cultural impacts due to constant staff “cycling”
  2. Lower customer satisfaction. Included in this is the cost of:
    • Increasing resources to quell customer contentions
    • Poor customer experience scores; potential loss of existing customers
    • Damaged reputation preventing new business opportunities

Now, I know what you may be thinking: How can automation — something that’s often feared by CSRs as a job replacer — be the key to reducing their tension and avoiding the subsequent fallout? It’s all about equipping them with the right tools to succeed …

4 stress-busting benefits of order processing automation

Too many managers make life harder for their CSRs by setting them up for failure. If a banana was the only tool a team of carpenters had to pound nails with, it’s fair to say that frustration and cynicism would soon follow. The right tools can make all the difference.

Below are the four biggest stress-busting benefits automation offers CSRs:

  1. It reduces repetitive and emotional encounters with customers.
    All of us can picture a helpless CSR being berated by an angry customer over the phone. As stressful as that is, having to manage routine, repeated requests also plays a big role in CSR burnout. It’s key to remember why these interactions are happening in the first place — a customer’s expectations were not met, or, the customer had no other means of performing the desired action. Automated solutions defuse these potentially combustible situations by allowing companies to offer their customers a self-service portal to place orders, track orders and even log disputes. Should a customer want to clarify an issue or ask a question directly, a built-in chat tool enables real-time communication with a CSR. Bottom line:Customers are far less likely to reach for the phone when they’re afforded transparency and control into their orders. That’s a recipe for happier CSRs, happier customers and a healthier bottom line.
  2. It relieves CSRs of unnecessary blame.
    Whether it’s their manager or a customer doing the finger-pointing, being a magnet for blame is huge stressor for CSRs. But humans make mistakes. If manual data entry is part of processing a customer order, at some point, errors are going to occur. It’s the process — not the person — that’s broken. Once again, automation provides a simple and intuitive fix. Machine learning technology embedded in the solution ensures that all the relevant data on an incoming order is extracted and analyzed, regardless of how the order arrived (e.g., EDI, fax, email, etc.). The data is then automatically processed or presented to the CSR for validation and uploaded in the ERP system. Bottom line: Automation eliminates manual data entry — the main source of order processing errors. This relieves CSRs of their burden of blame while avoiding the inevitable downstream costs of righting any wrongs.
  3. It helps CSRs be more organized and proactive.
    Most CSRs would love to get ahead of potential issues and showcase initiative. However, with no centralized system to view and manage all of the orders coming into and out their company on any given day, their hands are often tied. If order volumes spike unexpectedly or a priority customer’s document needs to be retrieved ASAP, the CSR is left scrambling. Here’s the beauty of automated order processing: Best-in-class solutions are equipped with customizable dashboards that display live, visual analytics to help CSRs strategize their day. Whether it’s seeing how many priority orders to validate or even managing open customer issues, CSRs can finally say goodbye to the endless cycle of backlogs and boondoggles. Bottom line: Dashboards empower CSRs, and empowered CSRs are a very low-stress and high-reward investment for any company.
  4. It creates an environment of purpose, fulfillment and upward mobility.
    Career uncertainty is also a major stressor for CSRs, as they can often feel trapped in the daily minutia of performing thankless, low-value tasks. With no clear path for professional growth in sight, their performance inevitably suffers, as does the overall customer experience. Order processing automation addresses this by relieving CSRs from traditional administrative duties so they can perform tasks that are more critical to the business and have greater potential for career-pathing. What’s more, managers can track KPIs in the dashboard to reward those CSRs who are going above and beyond. Bottom line: CSRs who receive recognition and serve a strategic purpose almost always perform better at their jobs and have a lower rate of turnover.

Workplace stress is a serious health issue that we’ve all experienced in varying degrees. And while measures like exercise, meditation and self-affirmation techniques can be employed at an individual level, in specific cases (i.e., CSRs), a more holistic solution is needed. What sets order processing automation apart is its ability to go beyond simply treating the symptoms of CSR stress and actually address the underlying root causes.

So, to all the businesses stressing out over how to solve their customer service problems, relax. Take a deep breath. It’s nothing a little automation can’t solve.

5 Accounts Payable KPIs Worth Tracking

Is your accounts payable (AP) department being tasked to better monitor, track and improve key performance indicators (KPIs)?

Then you’re well aware that it can be a daunting task. Why? There are an infinite number of KPIs that you could track to measure AP performance. Deciding which accounts payable KPIs to track depends on your organization’s and department’s goals. However, these KPIs are a great place to start!

5 Accounts Payable KPIs You Should Be Tracking

  1. Cost to process a single invoice
    As much as you’d enjoy it, your suppliers aren’t just going to stop wanting payments. Processing invoices (especially manually) can be expensive when accounting for costs associated with routing, copying and follow-up, staff salaries, managerial overhead and IT support.
    .
    What does the data say? PayStream Advisors reported that the average, all-inclusive cost to process an invoice manually is $40.70! Ouch!
    .
  2. Time to process a single invoice
    People say time is money for a reason, and accounts payable is no exception. The time it takes to process an invoice is a great KPI to track for determining how much value an AP department is either wasting or adding. Longer invoice processing times often lead to missed vendor discounts, late payment fees, low staff productivity, and supplier dissatisfaction.
    .
    What does the data say? Ardent Partners reported the market average for processing a single invoice is 11.4 days. Yikes…
    .
  3. Number of invoices processed per day per AP clerk
    Measuring staff productivity is a great way to pinpoint exactly which suppliers are causing your staff the most problems. This can be calculated in three steps:

    1. Take the number of invoices processed per month.
    2. Divide by the number of FTEs who process them.
    3. Factor in who’s responsible for what aspects.

    What does the data say? Ok, so there’s not a definitive market average for this one because of all the different factors that play into the calculation. However, once you begin tracking your AP staff’s productivity, you’ll easily be able to see who your top processors are!

  4. Percentage of invoices linked to a purchase order (PO)
    Invoice validation is a key step in AP invoice processing which is why delays, like information not matching PO data, are concerning. Typically, the higher the percentage of invoices linked to a PO, the faster and less expensive your AP process will be.
    .
    What does the data say? Ardent Partners reported the market average for percentage of invoices linked to a PO is 58.9%.
    .
  5. Invoice exception rate
    The amount of time and resources required to manage invoice exceptions is a major reason why many AP departments underperform. Exceptions are often caused by discrepancies in PO and invoice data, missing/incorrect POs, and bottlenecks in the approval workflow.
    .
    What does the data say? Ardent Partners reports the market average for invoice exception rates is 17.2%

Measuring KPIs with Real-Time Analytics and Dashboards

Just as important as knowing which accounts payable KPIs to track, is having the technology in place to gather, sort and distribute the data you’re collecting. A robust AP automation solution should provide you with real-time analytics and the dashboards you need to make tracking your KPIs easy.

Want to learn more about accounts payable KPIs and dashboards? Download this eBook, 5 Accounts Payable KPIs Worth Tracking: Maximize Results with Real-Time Analytics & Dashboards.

Embracing Digital Transformation

 

The global marketplace across industries is rapidly becoming more and more complex. Technology is enabling swift momentum in the economy and, like it or not, it’s here to stay. Contrary to the viewpoint of many legacy organizations, technology is intended to make people’s lives easier and more efficient. With so many apps and programs, many organizations find the hardest step is knowing where to start.

Put the customer first.

Companies have seen the most rapid and immediate financial gains by putting customer experience at the forefront of their digital transformation strategy. Design your strategy to give the customer what they want. This often includes:

  • A user-friendly, straightforward interface personalized for their needs
  • Self-service options for quick and easy access to information
  • 24/7 availability and mobile flexibility
  • Proactive engagement from vendors

Why does it matter?

Change can be hard — no one said kicking-off a customer experience initiative that centers on digital transformation would be easy. But here are cold-hard facts to give that extra push:

  • $84 billion is lost annually by American businesses due to mismanaged customer interactions
  • 67% of customer churn is preventable if the customer issue is resolved at the first engagement
  • By 2020, customer experience will overtake price and product as the key brand differentiator

How do you get there?

Successful digital transformations happen with transparent collaboration, thoughtful planning and diverse stakeholder input. We’ve compiled our ideas on this topic in the white paper: Aligning People, Process & Technology: An Action Plan for Customer Service Excellence.

Be sure to share your thoughts below in the comments section!

  1. 2011 Global Customer Service Barometer: Market Comparison of Findings, (2011). Echo Research.
  2. ThinkJar annual survey and associated ThinkJar research, 2016
  3. Walker Information

4 Reasons Businesses Must Transform Accounts Payable with Digital Technologies

No matter what future you see ahead for your accounts payable (AP) organisation, one thing is sure: If your organisation is going to succeed in the emerging digital trade and commerce environment, it will need to process transactions more efficiently than ever, have faster access to AP information, and be able to act upon information and identify opportunities more quickly. This will require AP organisations to transform their processes with digital technologies. Accounts payable departments that delay

Accounts payable departments that delay their digital transformation initiatives risk falling behind their peers and putting
their business at a competitive disadvantage in the global business
landscape. This white paper details the growth of digital technologies, the dangers of relying on manual and semi-automated AP payable processes, the benefits of using digital technologies in AP, and how effective change management ensures the success of digital transformation efforts.

Digital Transformation

To compete in the emerging global economy, businesses must transform their corporate strategies to embrace digital. Indeed, digital transformation is a high priority in the boardroom. Eighty-five percent of businesses have an established digital transformation function as a focus for innovation, per Ernst & Young. Eighty-seven percent of businesses surveyed by Ernst & Young are explicitly considering digital transformation in their capital
allocation planning for the next two to three years.
Best-in-class organisations are already digitising their business processes.

The number one digital transformation strategy is to promote collaboration across the organization, as well as between multiple technologies, in support of business processes, Aberdeen Group reports. Organisations also are striving for greater flexibility in their business processes, more intelligent workflows, simplified and more efficient business processes, faster cycle times, and fewer paper-based business processes.

Some of the technologies organisations are using as part of their
transformation initiatives include:

• Automation
• Mobile and cloud computing
• Artificial intelligence
• Robotic process automation
• The Internet of Things

This transformation is evolving financial systems and processes.

Forty-eight percent of senior finance executives believe that digital
technologies will fundamentally change everything that finance does, a recent study from Accenture Strategy reported. CFOs are increasingly relying on digital technologies for security threat intelligence, blockchain, and artificial
intelligence. Buoyed by greater-than-expected returns from these digital investments, CFOs also are incorporating digital into their organisations at large to drive transformational change, Accenture Strategy reports.

Digital transformation is also on the AP department’s agenda. Most
payables departments are investing in process standardisation and
automation, per a recent IOFM study.

The Dangers of Manual Processing

Accounts payable earned a dubious trifecta in IOFM’s recent survey ofcontrollers: Payables topped the lists as the most time-consuming, laborious, and paper-intensive finance and administration function, ahead of activities such as accounts receivable (AR), payroll, tax, and audit and reporting.

In fact, AP received nearly twice as many votes from controllers as the most time- and labor-intensive finance and administration function than the next highest-ranked function.
Efforts to improve AP processes have historically been undermined by the double-whammy of high paper volumes and a lack of automation to facilitate timely payments and working capital optimisation. Most departments have been forced to rely on sub-optimal manual processes, reinforcing the longheld perception that AP is a tactical, back-office function.

Manually processing paper invoices results in:

• Costly and error-prone keying of invoice information
• Lost or misplaced invoices
• Long approval and exception resolution cycles (which result in late
fees and missed discounts)
• Compliance and security risks
• High paper storage and retrieval costs
• Delays uploading data on approved invoices to downstream systems
• Time-consuming supplier inquiries regarding invoice and
payment status
• Difficulty implementing operational best practices

The results of IOFM’s 2016 AP Key Performance Indicators Study illustrate the inefficiencies of manual invoice processing. Of the 69 full-time equivalents (FTEs) employed in AP departments (on average across all locations), all but one FTE performs invoice data-entry.

Manual processes also increase the chance of payment errors. Thirty nine percent of businesses report that duplicate payments and overpayments represent more than 1 percent of their payments. Worse, duplicate payments and over-payments account for 2 percent or more of all payments at 14 percent of the businesses surveyed for IOFM’s 2016 AP Key Performance Indicators Study. A rule of thumb is that a duplicate
payment rate over 0.5 percent indicates weak controls, or that the master vendor file needs a good weeding out, IOFM noted in its AP Department Benchmark and Analysis study.

Additionally, paper processes limit visibility into invoice information — a
top AP concern of 7 percent of businesses surveyed by IOFM. In a paper based environment, critical information is not captured, data is poorly organised, information is not timely, systems are not well-integrated, and decision-makers cannot access key variables. Moreover, it is hard for staff to track the status of invoices and other documents in a paper-based environment and to ensure that the appropriate individuals have approved documents in a timely manner. Paper invoices can sit for days on an individual’s desk, get stuck in inter-office mail awaiting approval, or become lost or misfiled.

Manual processes take significantly longer than their digital counterparts. Thirty-seven percent of organizations surveyed by Aberdeen Group point to the time it takes to complete financial processes, along with the demands they place on internal resources, as a leading pressure they face.

Look What You Make Organizations Do, Automation

On Friday, Taylor Swift dropped a music video for her newest song “Look What You Made Me Do.” Whether or not you like her or the song, you can’t deny its current success — it’s broken records for the most viewed YouTube video in the first 24 hours, racking up more than 40 million views.

The song seems to hit back at less-than-friendly media coverage she’s experienced recently, talking about how she was forced to get smarter and “harder”. She’s had to adapt, just like companies in competitive landscapes where they must evolve to survive.

One way businesses evolve is by implementing robotic process automation solution. When utilizing a best-in-class solution, it requires them to evaluate and improve their processes. It makes them better.

Look what you did, automation

“Esker has made everything much more efficient. We don’t have any of the problems we were having before.” – Piedmont Behavioral Healthcare

“Now, all we have to do is snap our fingers to find an archived invoice. Esker’s mobile invoice application has made approvals so much easier for our managers. No one at CARSO will ever go back to how it used to be!” – CARSO Group

“You can always tell you’ve made a good decision when it becomes integral to your daily operation.” – NationsBank

What automation helps companies do

Organizations leveraging an automation solution find themselves becoming:

  • Faster
    From quicker processing with electronic documentation to speedy customer follow-up, everything moves faster when you have the right solution in place.
  • Accurate
    Machine learning and other intelligent technologies help ensure that data is accurately extracted from documents every time.
  • Customer focused
    When staff is bogged down by manual tasks, the customer experience suffers. An automation solution frees them up to focus on more important things, like your customers.
  • Less wasteful
    Rather than printing documents and relying on paper and related materials (like toner), an electronic solution cuts the crap — minimizing waste as well as soft and hard costs.
  • Compliant
    With the transfer of business documents now highly regulated, automation allows companies to meet compliance requirements whether they’re doing business in the U.S. or overseas.
  • Integrated
    Rather than using multiple systems that can’t communicate, the right solution will integrate with existing infrastructure and unify process workflow rather than fragmenting it.

Whether it’s evaluating their process, making a plan for improvement, or creating a more effective process, automation makes organizations do a lot of [good] things. What has it helped your company do?