Part 4 of a 6 Part Series: Building Infrastructure Strength for Future Growth
Each week, we will go into details on how to address project and change management now to create a resilient and robust organization for tomorrow.
If you missed last week’s blog on Supply Chain Reconfiguration, you can check it out here.
This week, we will look at the 4th of 6 ways a company can use downtime to impact the greater good of the organization and position themselves to be a better, stronger company when the work picks back up.
What are some of the key ways automation can help modernize a company’s way of doing business?
- Increase productivity and client satisfaction
- Improve management accuracy and lower turnover times
- Drastically lower risks
- Facilitate marketing of high-performing business to larger clients
- Decrease environmental footprint and eco-compliance
- Reduce human error and increase efficiencies
- Gain competitive edge
- Generate agility to react better and faster to upcoming threats
- Enhance company culture by bringing people together
Automation within an organization has become the primary strategy to ensure the realization of departmental productivity and financial goals while maximizing customer service levels.
Specific Example: Accounts Payable Automation
Automated AP processes mean you are extracting invoice data, classifying documents, matching invoices with purchase orders and receipts, assigning GL distribution codes, and posting and archiving invoices – all quickly, automatically, and with benefits like great labor cost savings.
When a company is able to convert their process to an automated AP system, they are not only able to save money on labor costs, they are also able to increase productivity, improve cycle times, have fewer payment errors and take advantage of more early pay discounts.
In addition to the benefits listed above, taking the time to commit to a fully automated AP process will also allow a company to keep the AP process in-house. There will be no need to outsource operations, thus supporting job retention. By utilizing AP automation, a company enables employees to be as efficient as possible and to strengthen their impact on the company.
Please check back next week for a look at part 5 of this series where we will discuss ‘Employee Training’.