02 May Define Your AP Automation Success Plan
Accounts payable is often recognized as one of the most inefficient, error-prone, and costly areas of a business. If your organization is still processing invoices manually, then I’m probably preaching to the choir about delays, poor visibility, loss of control, wasted resources and errors. I understand “streamline your AP process” sounds good to say and looks great on your business plan for 2018. However, when you put pen to paper and try to articulate exactly how you are going to do that, it feels like you’re boiling the Ocean.
Built on a tradition of inefficiencies
Why? because your organization has been doing it this way for so long. How do you implement change in a process built upon decades of inefficiencies? The truth is the bills get paid, the expenses get reconciled, but at what cost? It can feel like a daunting process and this is where it all begins to unravel…
Software dog and pony show
You do what is most logical, start researching technology that will help bring you to the promise land, right? You pick the top 3 vendors that have the right buzz words on their website, like “streamline” “automate” and “gain control.” You agree to give them an hour of your time and now starts the dog and pony show. How do you ensure your goal of a completely automated AP process that dramatically cuts time and money, while increasing efficiency, will be met?
Define success first
What if we were to approach the buying of software in a different way? What if you were to diagram out exactly where you wanted to end up and what that process should look like? Once you have clearly defined what success looks like, ask your software vendor how and or if they can get you there? Once they make that commitment ask them to put it into writing and guarantee it. Let’s see which one is left standing?
Stop leading with technology
It’s time to stop leading with technology and start finding the right partner. How do you do that? Choose a partner that is “business driven” more than “technology.” The right partner will bring to the table industry expertise and best practices. They will help define the vision, processes, workflows, and application integration. They should be able to delicately balance the automation of technology with QA process that utilizes a human element, that can take the burden of data entry off your plate and create easy to follow workflows that seamlessly integrate into your current process and most importantly your technology.
New found clarity with the right partner
Here’s where V3 Information Management can help. We offer a Cloud Based AP automation solution, where we manage everything for you, based upon a mutually agreed upon success plan. There is no contract, and minimal upfront cost, the best part is we can have you up and fully automated in 3-4 weeks. Put us to the test, and see how we can save your organization on avg 80% on your AP cost, the only question left to answer is what you are going to do with the extra money and time you’ve saved?