Building out a smart and resilient supply chain is at the forefront of most organizations’ strategies. While it can be a hard sell to get your company to buy into new technological tools and resources, the payoff can be staggering.
One way organizations are streamlining their current tools and processes is by adopting invoice automation. Invoice automation simplifies your invoice analysis and processing through intelligent software or technology rather than the traditional, antiquated manual process.
Accounts payable is a critical pillar of every workplace, and automation cuts down the time and effort unnecessarily expended during the manual process.
Gone are the days of rifling through a mountain of paperwork or worrying about potential human error. The argument for implementing automation on nearly every level is almost bulletproof; stay tuned to discover how automation significantly improves the accounts payable process.
A common issue people run into with the current state of accounts payable is the inability to communicate concisely. The lack of a centralized database storing the latest cross-departmental updates can leave others confused and potentially put some roadblocks in completing accounts payable at your maximum capacity.
Many automated solutions offer a centralized source of information for teams to quickly reference the most recent updates and see where others are in their processes. Communication features built into these systems can also assist in quickly responding to vendor questions, resolving issues as they arise, and even raising concerns in real-time.
The faster questions can be asked and acknowledged, the quicker teams can come to a solution that works best for all parties. Not only does this bring an extra layer of security to your team, but it also exponentially improves vendor-supplier relationships.
An automated workflow process acts as a safety net for maintaining compliance and security. After all, you have a sophisticated technology well versed in the ins and outs of compliance monitoring every step of your process. This added layer of protection ensures peace of mind for both suppliers and vendors, assuring their trust in your organization and confirming a standardized, reliable process.
Additionally, instead of just trusting the process was completed and filed away, these databases store information that you and your vendors might need access to in the future. Any potential issues can be caught and found with the intuitive navigation tools provided by the automated process. This transparency can change the game for you and your suppliers by enhancing trust and providing easy access to essential information.
An automated process gives your team the gift of time back, allowing you to focus more energy on long-term vendor relationship strategy rather than being bogged down in the monotony of a manual accounts payable process. Instead of using valuable time sorting through invoices and ensuring compliance, your team can strategically manage their newfound time and energy.
Considering the software's centralized hub of communication, the collaboration between suppliers and vendors can function at a level never before possible because of time-consuming manual processes.
Communication and references to different issues can be identified and addressed efficiently, allowing your attention to go where it needs to be. While this helps streamline current efforts, it also provides a valuable opportunity to build even stronger relationships, optimize steps for future endeavors, and organize communication across teams.
Hesitancy to adopt a brand new software is only natural, especially if you have become accustomed to outdated processes. Sometimes, we think the beast we know is better than the one we don’t. However, when the beast you don’t know happens to provide outstanding results and bring ease to your accounts payable process, it makes sense to consider a brand new tool —if not just for the ease of streamlined processes, then for the exponential growth of your company.
To learn more about our B2B marketplace and see how Tradeshift can help you build out a more strategic approach to AP, reach out to our team and schedule your demo today.