3 Steps for Successful Digital Transformation in Convenience Stores

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Are you looking to take your convenience store or grocery store into the digital age? As technology advances, customers are expecting more than ever from their shopping experience – and failure to deliver could mean a loss of loyalty. But don’t worry; the process doesn’t need to be complicated or expensive. With the right strategy in place, you can transform your convenience store quickly and effectively.

In this blog post, we’ll explore three steps for successful digital transformation in convenience stores. Read on to learn how modernizing your operations can translate into improved sales!

The Impact of the COVID-19 Pandemic on the Convenience Store Industry

The convenience store industry was not immune to the impact of the COVID-19 pandemic. As people stayed home and businesses struggled to adapt, the need to adopt digital transformation trends and strategies became even more apparent. Businesses that had already embraced data-driven decision-making were able to pivot quickly and optimize their operations in response to the changing market conditions. 

This blog outlines the key steps necessary for successful digital transformation, emphasizing the importance of selecting the right people, building efficient processes, and implementing the right systems. By doing so, convenience stores can leverage data for actionable analytics and stay competitive in the digital era.

It’s an exciting time of growth and evolution in the industry, and those who embrace digitization are poised to reap the benefits.

The Must-Dos in the Digital Transformation Journey

If you weren’t one of those businesses to quickly adopt digital transformation strategies in your convenience store since the onset of the pandemic, it’s not too late! Here are the 3 steps you must take to ensure successful digital transformation:

Step 1: People

The digital transformation journey is not one that can be navigated alone. Your team plays a critical role in its success. That’s why choosing the right people is step one in the process.

Not only must employees possess the right skillsets and experience, but they must also fully understand their roles and the goals of the transformation. After all, everyone must be aligned in order to effectively execute the strategy.

As a retailer, you may be wondering what questions you should ask yourself when selecting your team – and that’s a great place to start. Here are some questions to pose for your current or new team members and your digital transformation consultant:

  • What experience do my team members have in the retail sector?
  • How well do they understand the digital transformation process?
  • Are they capable of leading a team and helping them to reach their goals?
  • Do I need additional staff or resources to achieve our desired outcomes?

Taking the time to carefully consider who you want to join you on this journey can make all the difference in achieving a successful digital transformation.

Read more: How To Get Your Employees Excited About Digital Transformation.

Step 2: Process

As businesses embark on their digital transformation journey, understanding the importance of process is critical. One of the biggest challenges in this step is transitioning from manual processes to digital processes.

It takes time and resources to build new systems and incorporate technology into existing workflows. However, the potential benefits of doing so are vast. By embracing technology, businesses can capture valuable data points that can be used to inform decisions and drive growth.

To make the most of this step, retailers should ask themselves important questions about their processes:

  • What steps can be automated?
  • How can technology improve efficiency and reduce errors?
  • What data points can be used to inform decisions?

By answering these questions, businesses can move closer to realizing their digital transformation goals.

Step 3: Systems

The final step in achieving a successful digital transformation for convenience stores is all about systems. It’s no secret that data plays a huge role in this process, and having the right systems in place to manage and analyze that data is crucial. But it’s not just about having systems – it’s about using them to their full potential.

Retailers need to be able to turn the data they capture into actionable insights that can inform business decisions and improve operations. That’s why it’s important to ask yourself the right questions when implementing these systems, such as:

  • What data do we really need to collect?
  • How can we make sure our analytics are actually driving growth and profitability?
  • What systems do we need to put in place to ensure data accuracy?

By taking a thoughtful, strategic approach to systems, convenience stores can unlock the full potential of their digital transformation journey.

The Importance of These Three Core Digital Transformation Elements

In any journey toward digital transformation, organizations need to have the right people, processes, and systems in place. These three core elements are crucial for any business looking to achieve success in the digital space. Without them, it is practically impossible to implement a digital transformation strategy that delivers on intended business outcomes.

The lack of these elements can have a serious impact on achieving a successful digital transformation. As organizations grow, the digital transformation journey must continue to evolve and redefine its objectives. Moving the goalposts helps ensure that the journey remains on track, providing the organization with a clear path to achieving its digital goals.

As the world is rapidly changing, convenience store operators must shift their strategies and embrace digitization in order to provide personalized shopping experiences for their customers. Implementing digital solutions such as mobile ordering and contactless payments would bring more convenience and efficiency to customers, which will result in increased profits from sales.

Furthermore, using advanced technologies such as artificial intelligence and machine learning can further improve the customer experience by providing convenience store operators with better insights into customer preferences and buying behaviors.

Going digital should be a priority for any convenience store that wants to stay competitive in today’s market. At Mosaic, we value helping our clients reach success! We provide solutions for digital transformation, so please don’t hesitate to contact us if you have any questions or need advice on taking steps toward going digital. Our team of professionals is here to help – let us show you what digital transformation can do for your business today!

For more information on how to jumpstart your digital transformation journey at your convenience store check out our offerings for maximizing your ERP investment.

What is Robotic Process Automation?

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It’s time to modernize your workflows and replace cumbersome paper processes, and Robotic Process Automation (RPA) is the solution for you.

In today’s digital landscape, businesses are turning to Robotic Process Automation (RPA) to optimize their operations and drive digital transformation. RPA is a rapidly growing technology set that eliminates manual labor associated with mundane tasks, streamlining daily operations and giving businesses an edge in data accuracy.

Read on to learn more about how Mosaic’s process automation software can help redefine how companies approach their business workflows and bring them into the 21st century!

Understanding Robotic Process Automation (RPA)

Robotic Process Automation (RPA) is a term that has been gaining popularity in recent years, especially in the world of business.

RPA is essentially a technology that uses software robots to automate tasks that are traditionally done by humans. These robots mimic the actions of human workers and can be programmed with machine learning capabilities to perform a variety of complex tasks, ranging from data entry to customer service.

The benefits of RPA are numerous, including increased efficiency, accuracy, and cost savings. Companies that have implemented RPA have seen significant improvements in their operations and can redeploy their human resources to more strategic tasks.

Understanding RPA is essential for any business looking to stay competitive and efficient in today’s fast-paced environment.

Unparallelled Cost-Saving from RPA

Robotic Process Automation (RPA) has become a game-changer for businesses aiming to save costs without sacrificing efficiency and accuracy.

By automating repetitive, high-volume tasks with RPA, companies can drastically reduce the time and resources needed to complete them. This leads to a faster turnaround time and increased productivity, which in turn results in significant cost savings.

But it’s not just about efficiency. RPA is also known for its accuracy, eliminating the margin of error caused by human error. Moreover, RPA can help ensure compliance as it follows pre-determined rules and regulations. So, if your business is looking for a way to save costs while improving efficiency, accuracy, and compliance, RPA is the way to go.

Read More: ROI For Going Paperless

Robotic Process Automation Use Cases

From streamlining accounts payable processes to automating sales order processing and even HR processes, RPA has proved to be a game-changer for businesses across different industries. Freight process automation has also gained traction as businesses seek to optimize their supply chain and logistics operations.

RPA has also revolutionized enterprise content management (ECM) solutions, enabling businesses to capture, process, and manage huge volumes of data with ease. Other innovative RPA applications include Intelligent Document Capture (IDC) solutions and ERP integration services that help businesses unlock the full potential of their IT systems.

1 AP Automation

Accounts payable (AP) processes can be tedious and time-consuming, especially for companies that process a high volume of invoices. With RPA technology, businesses can automate the entire accounts payable process, reducing the risk of human error and drastically improving efficiency and lowering the cost per invoice processing dramatically.

2 Sales Order Automation

The sales process is vital for any business, and workflow automation can be used to streamline the entire process. RPA can automate tasks such as data entry, customer service inquiries, and order processing, saving time and resources.

3 HR Automation

The human resources (HR) department is often bogged down by repetitive tasks, making it difficult to focus on more pressing matters. HR automation and RPA can lighten the load by automating administrative tasks such as payroll and employee onboarding.

4 Freight Process Automation

The freight process is complex and requires a great deal of planning. With RPA, businesses can automate the entire freight process, making it faster and easier to manage. Automation can also help with billing, tracking shipments, and optimizing routes.

5 ECM Solutions

Enterprise content management (ECM) solutions are used to store and manage digital documents. RPA can help automate the entire process, from document capture to storage and retrieval. Automating ECM processes helps ensure compliance with industry regulations while also improving efficiency.

6 IDC Solutions

Identity and access management (IDC) solutions are necessary for any company that needs to protect its data. RPA automation can help with security audits and compliance, as well as user provisioning and verification processes.

7 ERP Integration Services

ERP integration services are essential for businesses that need to manage their data and ensure its accuracy. RPA can be used to automate the entire process, from data entry to report generation. This helps businesses stay organized and reduces the risk of errors.

In a nutshell, RPA use cases are endless, and the technology is set to continue transforming the way businesses operate.

Start Your Digital Transformation Journey Today!

In today’s rapidly evolving business landscape, there’s no denying that digital transformation is crucial for success. As we discussed, a key tool in this process is Robotic Process Automation (RPA), which can streamline repetitive manual tasks and free up employee time for higher-value work. By implementing RPA, businesses can become more efficient, reduce costs, and improve the overall customer experience.

If you’re interested in learning more about RPA and how it can benefit your organization, don’t hesitate to talk to the experts at Mosaic. We can help you assess your needs and develop a customized strategy to take your digital transformation to the next level. Contact Us Today to optimize your business operations and stay ahead of the competition!

Want to learn more? We wrote a comprehensive guide on Understanding Digital Transformation: Definition, Benefits, and Opportunities.

Leveraging Optical Character Recognition (OCR) and Robotic Process Automation (RPA) To Optimize Your Business Workflow

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Are you a business leader who’s tired of dealing with endless paperwork and growing piles of forms? Paper-based processes can be cumbersome, time-consuming, and costly. But there are technologies that are revolutionizing business workflows: Optical Character Recognition (OCR) and Robotic Process Automation (RPA). With OCR, your documents are quickly scanned and key data captured to eliminate manual data entry, streamline document processing and facilitate digital workflows.

Integrating OCR into your business workflow enables you to quickly capture, process, and store documents, whether paper-based or digital. Instead of manually entering data from forms, OCR can automatically identify and extract the text from each document for easy retrieval.

In this blog post, we’ll discuss how integrating OCR into your workflow could be the key to fully optimizing your business operations.

Understanding OCR and RPA Technologies

As digital technology continues to evolve, businesses are turning to automation solutions to help streamline their processes. One such technology that has gained significant attention in recent years is Optical Character Recognition. OCR plays a vital role in automating document management processing by scanning and converting it into digital data that can be easily edited and managed.

This technology has revolutionized the way businesses handle their paper documents, allowing for faster processing and improved accuracy with the transition to digital files.

However, OCR alone is not enough to achieve maximum efficiency. That’s where RPA, or Robotic Process Automation, comes into play. By integrating RPA with OCR technology, businesses can automate the entire document processing workflow, from document capture to data extraction and processing. Together, these technologies offer a powerful solution for businesses looking to streamline their operations and reduce errors from manual labor.

Traditional OCR vs. OCR Embedded into RPA

OCR technology has come a long way since its inception, and now it is evolving to integrate into robotic process automation (RPA). The traditional OCR approach can be time-consuming and produce errors, forcing users to manually correct the system. However, OCR embedded into RPA offers increased accuracy and faster processing times.

The benefits of this integrated approach are clear. Automation becomes more effective and requires less human oversight, freeing up time and resources for other critical business functions. OCR integrated into RPA is the future of these technologies and a promising advancement in the field of automation.

How OCR and RPA Work Together

OCR and RPA technologies complement each other perfectly to streamline and automate digital document processing. OCR technology is designed to read and interpret characters in scanned documents. RPA automates tasks that traditionally require human decision-making, such as processing invoices, claims, or contracts.

By combining these technologies, businesses can dramatically reduce manual labor while increasing accuracy and efficiency. RPA can enhance OCR technology by automatically routing scanned documents to the right department, verifying the data entered by OCR, and updating databases in real time.

This means that manual data correction and verification will no longer be necessary, allowing your team to focus on higher-value activities that require human expertise.

Read more: The Legal Implications of Outdated Processes: How Paper-Based Workflows Can Lead to Compliance Risks.

The Self-Learning Advantage of IDC

IDC, or Intelligent Data Capture, is a powerful solution that combines the strengths of Optical Character Recognition (OCR) and Robotic Process Automation (RPA) to create an advanced data extraction system tailored for modern businesses. By integrating surrounding programming and additional automation, RPA enhances the OCR data lifting engine, making it faster, more precise, and continuously smarter as it learns from its mistakes.

IDC, as the name suggests, elevates the document management process by offering a truly “intelligent” solution that adapts to your unique business needs. Don’t let your business lag behind in the era of digital transformation; take advantage of the powerful capabilities of Intelligent Data Capture and redefine your document processing workflows.

Now is the time to experience the benefits of IDC for your business. Streamline your operations, minimize errors, and unlock valuable time for your team to focus on what truly matters: driving growth and success. Embrace the future of document management by implementing Intelligent Data Capture in your business workflow. Reach out to our experts today and let us help you transform the way you manage documents and data, maximizing productivity, and ensuring long-term success.

The Legal Implications of Outdated Processes: How Paper-Based Workflows can Lead to Compliance Risks

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If you have lingering paper-based processes in your organization—either deliberately or simply by default—it’s time to take this opportunity to consider the legal implications associated with your outdated practices. Challenges related to compliance risks can catch up quickly if the right safety nets aren’t put into place, so it pays to know what they are before any issues arise.

Efficiency is a crucial element of any successful business operation, which is why companies must optimize their workflows.

Digitization is the key to achieving this optimization, allowing businesses to streamline their processes and ultimately accelerate their growth.

In today’s digital world, paper-based processes can no longer keep up with the pace of progress. Outdated systems pose a serious legal risk to companies, as they are more prone to errors, mismanagement, and even fraud. By transitioning to digital workflows, companies can mitigate these risks while enjoying the many benefits that come with an efficient, automated system. With the right tools and strategies, businesses can take full advantage of the revolutionary potential of digitization, setting themselves up for success in the years to come.

In today's digital world, paper-based processes can no longer keep up with the pace of progress.

This blog will go over the importance of digitization and workflow automation, the legal risks associated with paper-based processes, and provide tips for implementing digitization and automation successfully to reduce legal risks and improve organizational efficiency so you can stay on the good side of the law!

The Legal Risks of Outdated Processes

As technology continues to advance, businesses are under pressure to digitize their processes to keep up with the competition. However, the legal risks associated with outdated, paper-based processes are often overlooked. Failure to comply with legal regulations can have serious consequences, including costly fines and legal action.

The US Government has officially sanctioned that document images are just as valid legal evidence as physical documents ever since the law was passed in 1996

Therefore, it is imperative to never attempt to keep both an image database and physical record storage running simultaneously because this could lead to problematic outcomes during litigation. 

To remain compliant with the law, if a plaintiff’s attorney requires access to documents that exist in both physical documents and image formats, you must provide them with both versions. Discrepancies between two archives could lead to your entire collection of documents being called into question – thus it is important to only keep an archive based on images within your document management system. By taking precautionary measures such as this one, you can ensure there are no issues during litigation procedures.

In addition, the negative impact on a company’s reputation cannot be overstated. When your company faces legal trouble, your business will also damage customer loyalty. Companies must assess their processes regularly and update them to stay compliant with legal regulations. Otherwise, they run the business risk of facing legal consequences that can threaten their future success.

The Benefits of Digitization and Workflow Automation

In today’s fast-paced world, businesses are increasingly relying on digitization and workflow automation to streamline their processes and implement risk management. By eliminating the need for paper-based workflows and manual data entry, companies can significantly minimize the likelihood of errors and omissions in compliance with legal requirements.

Digitization and automation can also help companies stay up to date with changing regulations, as software is easier to update than manual processes.

Additionally, automation reduces human error, which is the leading cause of legal trouble for most organizations. By leveraging the benefits of digitization and workflow automation, companies can operate more efficiently, while minimizing legal risks and improving compliance.

How to Implement Digitization and Workflow Automation

This process of digitization and workflow automation is incredibly beneficial for increasing efficiency and reducing costs. However, it can also present its fair share of challenges if you don’t do your research and choose the right digital partner. Implementation can be time-consuming and there may be resistance from employees who are used to working with paper.

To overcome these challenges, thorough planning and communication are necessary. Additionally, it’s important to select the right digital tools and software for your organization’s unique needs. Take the time to meet with a few different digital consultants to discuss your needs. By following these tips and taking a thoughtful approach to implementation, digitization and workflow automation can be successfully integrated into any business model.

How to Get Started

In today’s rapidly evolving business landscape, decision-makers cannot afford to overlook the legal risks associated with using outdated processes. Whether it’s failing to comply with data protection regulations or inefficient contract management, companies that rely on manual methods are at a significant disadvantage.

That’s why digitization and workflow automation has become essential for streamlining operations, minimizing errors, and mitigating legal risks. By implementing modern technologies, decision-makers can ensure that their processes are up-to-date, efficient, and secure. From cloud-based document management systems to AI-powered contract analytics, there are various tools available to help companies embrace digital transformation. By leveraging advanced technologies, decision-makers can improve their processes and reduce legal risks while gaining a competitive edge in their industries.

Our digital transformation consultants at Mosaic are experts at helping companies of all sizes implement digital processes and reduce legal risk.

The Benefits of Integrating Your ERP System with a Document Management System

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Are you looking to minimize paperwork and streamline your company’s processes? Are errors caused by paper-based methods eating away at your profits? It’s time to go paperless by integrating your Enterprise Resource Planning (ERP) system with a Document Management Solution.

In this blog post, we’ll explore the benefits of joining these two powerful systems together to create a more efficient workflow that will reduce labor costs, improve data accuracy and integrity, streamline workflows, increase efficiency and productivity, enhance customer experience, and deliver better reporting and analytics.

You won’t believe what’s possible when these two tools come together!

The Perfect Operational Match: ERP and Document Management Systems

Enterprise Resource Planning (ERP) systems are computer programs designed to streamline and automate the operational activities of a business. ERP systems reduce costs, improve productivity, and create agility in the organization., enabling businesses to be more organized and efficient. But an ERP system alone won’t take your business to the next level, you need a document management solution.

Document management solutions provide vast advantages for businesses when integrated with enterprise resource planning (ERP) systems such as efficient document archiving, user access permission controls, and automatic workflow documentation.

Document management solutions securely store and share digital versions of documents while still offering full access control for reviews or updates.

Integrating document management solutions with ERP systems unlocks further efficiencies by creating an all-in-one system that allows employees to quickly design personalized documents, capture signatures electronically, and collaborate on projects in a fraction of the time. Companies gain significant cost savings and increased efficiency through the effective integration of both technologies.

Learn more: All About Integrating your ERP with your ECM

Improved Data Accuracy and Integrity

Businesses must have accurate data at all times for decisions to be sound and effective. By combining an Enterprise Resource Planning (ERP) system with a Document Management System (DMS), businesses ensure the accuracy and integrity of the data they collect.

A DMS integration has advantages, such as simplifying document management processes, shrinking associated costs, optimizing resources, improving customer service and experience, and automating notifications or workflows related to your business operations.

Working with an integrated ERP-DMS system ensures that organizational processes become more fluid, reliable, and fast.

Combining such systems also minimizes errors as all parties involved in the process are provided with automated tasks that help them stay updated on established processes.

Streamlined Workflows

Streamlined workflows provided by an integrated system enable businesses to increase the efficiency of their daily processes and make the workplace more productive. Automating systems constantly checking for errors and omissions, during manual entries allows for faster turnaround times on tasks, fewer mistakes, and streamlined communication between departments.

Taking full advantage of the power of an integrated system can eliminate a large proportion of menial entry-level tasks, drastically reducing the time taken to complete certain workflows. As a result of this reduced time spent on workflows, employees are freed from tedious manual labor and empowered to spend time on more creative or higher-level endeavors.

Increased Efficiency and Productivity

Several businesses are enjoying the rewards of a Document Management System integration by reducing effort duplication and improving collaboration. An efficient document management system means people can work smarter and faster, saving time and money with optimized document storage. For instance, if a team member needs access to data they can quickly search for it instead of having to go through multiple storage spaces looking for it.

Additionally, automated processes within the system mean that employees can spend their time on other core tasks by taking away tedious manual labor associated with documents.

Enhanced Customer Experience

Faster responses and improved data collection have become paramount factors in retaining current customers and building brand loyalty. In today’s hyper-competitive environment, businesses need to respond quickly to consumer queries and inquiries to demonstrate customer-centricity.

Additionally, having access to detailed customer data enables businesses to create personalized customer experiences and communication strategies.

For savvy business owners looking to exceed the expectations of their customers, enhanced customer experience truly can be a powerful tool for creating an interactive relationship with your clientele.

Ultimately, this will lead to loyal customers who are more likely to return again and again!

Revolutionize Your Business

Integrating your ERP system with a Document Management Solution can revolutionize the way your business operates. By reducing labor costs, improving data accuracy and integrity, streamlining workflows, increasing efficiency and productivity, enhancing customer experience, and delivering better reporting and analytics, you can take your business to the next level. 

At Mosaic, we understand the importance of a strong technology stack that integrates seamlessly with your business processes. Contact us today to learn more about how we can help you implement a successful ERP and Document Management integration and start reaping the benefits of a more efficient and streamlined business. Let’s work together to take your business to new heights!

Understanding Digital Transformation: Definition, Benefits, and Opportunities

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Digital transformation is a term you may be hearing a lot these days, and for good reason. According to recent studies and market analyses, in 2022, the global digital transformation market was valued at an impressive USD 731.13 billion, with a projected compound annual growth rate of 26.7% between 2023 and 2030. This remarkable growth is largely due to the trend of adoption of advanced technologies such as cloud computing, big data analytics and Artificial Intelligence (AI) across businesses worldwide – regardless of their size or stature.

But what exactly is digital transformation and how can it benefit your business? Whether your company is deep into its digital innovation efforts or if this is your first time hearing about the topic, we’ve provided a deep dive into the buzz around digital transformation.

Keep reading for a breakdown of why digital transformation is more important than ever and how to implement digital strategies that will improve your organization’s customer experience and general workflow in the modern era.

Digital Transformation Definition

Digital transformation is defined as the integration of digital technologies into new or existing business processes. This transformation is enabled through the use of cloud computing, AI, Big Data analytics and other advanced technologies. The goal is to create improved customer experiences and optimize internal operations.

To understand digital transformation, we first need to understand two other key terms: digitization and digitalization:

Digitization is the process of converting data and information into digital format (e.g., 0’s and 1’s). This conversion makes it easier to store, access, analyze and share information on a larger scale. Digitization can be applied to any form of content or data such as text files, images, documents, audio files and videos.

Digitalization on the other hand, is the process of using digital technologies to enable new or improved products, services and processes. Digitalization involves the combination of digitized data, analytics and automation to drive decision-making and business operations.

Digital transformation brings digitization and digitalization together as it involves the integration of digital technologies into existing business processes in order to improve efficiency and generate new opportunities. Digital transformation can be applied to any industry, from retail to healthcare and finance to education. In every case, its purpose is to create a more efficient and customer-centric organization.

Let’s dig a little deeper with some help from DocStar:

What digital transformation isn’t is technology alone – it’s strategy.

The technology will continually evolve to incorporate business process automation, robotic process automation, and artificial intelligence. Focusing on one or more of these or other technologies is shortsighted – it’s the way you implement these technologies that’s important. […] digital transformation can’t just focus on the online world – it needs to bridge the gap between online and offline.

It should incorporate the enterprise, supply chain, partners, customers, and employees in terms of strategy and execution.”

DocStar summed it up pretty well and cleared up a lot of confusion around this term. Many people hear “digital transformation” and think of merely digitizing their paper files into electronic documents or shopping online with a TikTok account for marketing purposes, but digital transformation involves incorporating multiple forms of digital technology, software, and artificial intelligence into daily business processes.

Digital transformation is all about the bigger picture of modernization at every level of the organization.

Within a digital transformation framework, technology and software are implemented to make processes easier for everyone from the CEO to the new hire to the customer. These modernization strategies are also built to grow with your company and your customers as you expand and as new digital innovations are made.

Why Digital Transformation Adoption Matters in 2023

Digital transformation is transforming the way businesses interact with customers, suppliers and partners. It is not a trend that can be ignored since it provides significant competitive advantages to those companies willing and able to harness its potential.

For instance, advancing cloud technology and mobile applications are revolutionizing the customer user experience as well as allowing real-time data collection. Long-term consumer behavior changes such as widespread acceptance of one-click payments or streaming services, for example, are helping catalyze digital transformations in many industries, from retail enterprises to health care providers.

By embracing the digital transformation tide now, businesses can turbocharge their organizational performance levels and propel themselves into today’s rapidly changing business world. Your business can no longer ignore the push towards digital transformation if you want to stay competitive in 2023. The time is now to leverage the technology and strategies available to create a more efficient, customer-centric organization.

Read more: Stop Delaying Your Digital Transformation.

The Benefits of Digital Transformation

Digital transformation provides businesses with the opportunity to unlock new revenue streams, reduce operational costs, and communicate better with customers. By taking advantage of digital technologies such as automation software, cloud computing, and analytics tools – combined with a comprehensive strategy – companies will be able to drive innovation in their processes and offer more value to customers.

In addition to these strategic advantages, digital transformation will provide business leaders with unprecedented visibility and insights into their operations. Through automation, predictive analytics, and machine learning, teams can gain insight into customer behaviors and trends in order to better serve their customers.

Take Nike for example. Nike has long dominated the athletic-wear space, but in recent years has made significant moves to adopt a more digital-first strategy. From connected apparel to their Nike app and even their new artificial intelligence assistant, it’s clear that Nike is leveraging the power of digital transformation to stay ahead of the competition. They have always been on top, but we can now be certain that their use of predictive analytics and customer behavior insights will keep them at number 1.

Dominoes is another example. They have recently invested heavily in a suite of digital technologies to enhance their customer experience. Their website now features an interactive map that allows you to see where your delivery is located, as well as a feature that enables you to track your order status in real-time. There’s even an artificial intelligence-powered virtual assistant available on the Domino's website. These digital transformation strategies have helped them meet customer demands and compete with food delivery apps like DoorDash and UberEats which took over the market because of their superb digital interface and customer experience features.

The Acceleration of Innovation

Innovations in technology have accelerated at an all-time high since the invention of the computer and the mobile phone. Businesses and society have imagined new ways of connecting, solving problems, and speeding up procedures. Within only the past year we have seen a huge acceleration in technology and digital software with the onset of the Covid-19 pandemic as the world had to imagine a new way of living, working, and connecting.

These trends in digital innovation will only continue into the future and it’s better to hop on board than be left in the dust. A 2019 study showed that 70% of organizations have a digital transformation strategy or are working on one. Now that we’ve reached a post-pandemic 2023, those numbers are likely even higher. The sad truth is that businesses that aren’t leaning into digital initiatives will be left behind.

70% of organizations have a digital transformation strategy or are working on one.

Your organization needs to adapt to new technology and the ever-changing digital status quo or you risk losing consumers who have outgrown aged business models and practices. But don’t stress! This is a situation that all business owners are facing, so you aren’t alone. Instead of fearing the future of digital transformation, it’s time to welcome it with open arms as we imagine new possibilities.

Imagine Innovations in your Business Capabilities

Digital transformation is all about getting creative and imagining innovations in your business capabilities with the help of technology. This is the time to brainstorm what you can improve about your business processes.

Take a deep dive into what is and isn’t working in your various business models and processes. What can you do to speed up manufacturing or deliveries? How can you give customers a better-personalized experience? What smart technologies have you read about recently that can be utilized in your business? Posing these questions to your team in all departments will begin to cook up some new ideas that will only benefit your organization’s growth.

The top benefits of adopting a digital model include improving operational efficiency, meeting customer expectations, and improving new product quality. Consider these areas while you analyze your business models, products, and workflows.

Let’s look at some opportunities for digital transformation in different industries:

Healthcare

  • Telehealth services
  • Automated medical data tracking and analysis
  • AI-driven clinical decision support

Retail

  • Automated shelf stocking and inventory management
  • Customer experience personalization through AI technology
  • Virtual reality shopping experiences

Finance

  • Automated KYC (Know Your Customer) processes
  • Digital identity verification systems
  • Risk scoring & fraud prevention

Education

  • Virtual classrooms
  • Remote tutoring services
  • AI and data analytics to personalize learning

Construction

  • Augmented reality site mapping
  • Predictive analytics for material and labor costs
  • Digital project tracking and monitoring

Manufacturing

  • Robotics
  • 3D Printing
  • Inventory tracking and management

Utility and Energy

  • Smart grid systems
  • Real-time energy usage tracking
  • Predictive analytics for maintenance needs

No matter what industry you’re in, digital transformation is essential if you want to stay competitive. Once you can take a deep look at your company as it stands right now, you can begin to envision how it can grow with the acceleration of innovation. With that vision, you can set goals and take concrete steps in your digital transformation journey.

Read more: Benefits of Going Paperless for Utility and Energy Companies.

Setting Digital Transformation Goals for Your Company

Once you have a vision of your company’s digital future, you can begin to set goals. Transformation doesn’t happen in a day but planning that digital transformation can start right now.

What do you want your company to look like in a year? Sometimes it’s easier to break up your digital transformation initiative goals by the department. Once you have that vision for faster procedures on the manufacturing end or more personalized customer experiences for your consumer basis, you can set goals for each department and your company as a goal.

Remember that digital transformation isn’t merely one step in modernization, it is the collection of new technologies and software working together in different areas of your business to improve overall efficiency so that you can grow with modernization. This is why you should set digital technology goals within each department and for your company as a whole.

By the year 2025, where do you want to stand? Do you want your company to be an industry leader? Do you want to increase revenue by X amount? Do you want to penetrate the eCommerce market? Create a smoother onboarding employee experience?

In 2018, studies showed that 39% of executives expected to benefit from their digital transformation initiatives in 3 to 5 years. The companies that are benefiting today are the companies that set goals for this week and goals for years from now. Thinking ahead prepares you for the future as innovation accelerates. Set some goals, big and small, and then you can find some partners and strategies for a successful transformation.

Develop a Digital Transformation Strategy

Developing a digital transformation strategy is a team effort. This is where research, collaboration, and partnerships come in. You may have imagined a vision for your company and set some goals, but tackling the digital transformation process comes with challenges on all fronts. Different aspects of business require a unique modernization strategy.

Many companies fall short in their digital transformation efforts for several common challenges: they lack direction and they try to do it all themselves.

The digital transformation market is booming right now because experts in the field have partnered with various businesses to help them modernize their procedures and practices.

To be successful, your company must take guidance and support from digital transformation leaders.

The partnerships that you make in your digital business transformation strategy will play a key role in your overall transformation. Digital leaders who are responsible for the accelerators of innovation know the ins and outs of end-user experiences and they can also offer predictive maintenance for new market demands. These partners may also see opportunities for new digital capabilities within your company that you didn’t even know were possible while helping you face digital transformation challenges.

Talk to your IT department, shop around for a marketing agency, appoint staff to transformation-specific roles, and look into automation and AI companies.

Your organization’s digital strategy can only benefit from B2B deals that let you focus on running your company while your partners help you run it better for the digital future.

Digital Transformation Success Stories

When we think of the real success stories in digital transformation a few companies come to mind. Netflix is one of the best digital transformation examples. Netflix could have easily died along with Blockbuster movie rental stores, but instead, Netflix imagined new possibilities in their business strategy and successfully developed a digital platform with the user experience in mind.

The companies that have the most successful transformation hone in on the digital experience and remain on their toes, quick to adapt to consumer needs.

Netflix adapted to the market demands and created a new status quo in streaming services. Companies like Amazon also made huge strides in customer experience optimization with a modernization strategy that has changed the way we shop from physical stores to eCommerce.

True industry leaders know how to focus on customer experience systems by leaning into innovation and digital technology. The ability to think outside the box and welcome new solutions will create a better future for businesses and consumers.

We Can Help

At Mosaic, we are here to help you begin your digital journey and lay the building blocks for true transformation. As you partner with other companies in more advanced technologies, you will need your accounts payable department to be functioning with top speed and accuracy.

Contact Us today to meet with a digital transformation consultant.

AP Automation ROI Calculator

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Is your accounting department bogged down with manual invoicing and payment processing? Are you looking for a way to improve efficiency and save money? AP automation may be the solution you’re looking for!

With our free AP automation ROI calculator, you can quickly estimate the potential cost savings and efficiency gains of automating your Accounts Payable processes. Give it a try today – it only takes a few minutes!

Automating Your Accounts Payable Process is a Smart Business Move

Automating your accounts payable process is a smart business move that can save money and time. AP automation streamlines the invoice approval process, eliminating manual paperwork, decreasing the risk of errors, and increasing visibility into cash flow.

AP automation also ensures that invoices are paid faster and on time to maintain good vendor relations.

By automating AP processes, businesses can reduce overhead related to accounting tasks, freeing up staff to focus on other areas of the business and improving their bottom line. AP automation is quickly becoming one of the most sought-after technology tools for finance departments with good reason–ROI. Investing in AP automation is a smart business move that will result in increased efficiency, accuracy, visibility, and control.

Read more: Why Every Accounting and Finance Department Needs Accounts Payable Automation.

How Much Money Can You Save by Automating Your AP Process?

Automating your AP process can be a great way to save both time and money. A helpful way to gauge the return on investment (ROI) of AP automation is to use an AP Automation ROI calculator. This calculator can quickly show business owners how much they can save by automating their AP processes.

Every organization is different, but automation software always delivers ROI by cutting costs in staff time, paper, ink, invoice processing costs, late payment fees, overpayments, duplicate payments, and more.

The ROI of an AP Automation Software Solution

The use of an Accounts Payable automation solution can provide a company with a great return on investment. Through automated processes, companies can streamline the payment process and save considerable time and money.

An automated solution eliminates slow manual tasks through electronic invoicing and real-time tracking, ensuring that payments are made accurately and quickly.

Additionally, AP automation software can eliminate costly errors due to manual data entry, as well as improve workflow efficiency, leading to a more productive team. A well-designed AP automation solution will more than pay for itself through improved productivity, cost savings, and enhanced visibility into the entire accounts payable process.

How to Get Started with Accounts Payable Automation Software

Getting started with AP automation can seem like a daunting task, but breaking the process down into smaller steps will help make it much more manageable. To begin, research the best solution that works with your current workflow and meets your business needs.

From here you can begin working through setup and implementation of automation technology. This includes areas such as disconnecting paper processes and setting up rules. Once everything is ready to go, get everyone on board and trained on how to use it properly. With these steps complete, ongoing optimization should keep your AP automation running smoothly for efficient financial performance.

Automating your accounts payable process is a smart business move that can save you time, money and resources.

Not only will you benefit financially with lower operating costs, but you’ll also find that an automated AP process gives you an excellent return on investment over the long term. To get started, it’s important to evaluate what type of system would work best for your company’s needs and then implement it in a way that works for everyone involved. With the right automation solution in place, you can easily reduce manual errors and find ways to make better decisions faster. Automating AP processes will efficiently integrate systems, streamline your accounting processes and ensure accuracy; making it a win-win for both customers and businesses alike. 

Our digital consultants at Mosaic are here to help you make the right automation decision for your unique needs. We’ll walk you through your options and support you throughout the implementation process so you can maximize your results. So let’s get started!

Streamline Your Accounts Payable: A Guide to Understanding PO and Non-PO Invoices

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As an accounting professional, you’re likely aware of the importance of an efficient and smooth procurement process. This starts from the initial ordering of goods or services to the receipt of invoices and finally the timely payment for them. To ensure your processes are running as efficiently as possible in your accounts payable department, it is important to have a clear understanding of how purchase order (PO) invoices and non-PO invoices differ in terms of processing.

In this blog post, we will provide an in-depth guide on PO vs Non-PO invoices covering everything you need to know as an accounting professional; from what they each mean when they should be used and their practical differences when processing them correctly through your accounts payable workflow.

What Are PO Invoices and Non-PO Invoices?

PO (purchase order) invoices and non-PO invoices are two of the most commonly used types of invoices in business accounting. PO invoices are those that are generated when a buyer has placed and approved an order with a seller.

Non-PO invoices are invoices that cover costs for services and products that often fall under general and administrative (G&A) costs like utility bills and building maintenance.

The key difference between PO invoices and non-PO invoices is that the latter does not require pre-approval from the buyer before it can be processed.

As such, it is considered less secure for buyers who may not have visibility into what they will be paying for until after their order has been shipped or delivered.

When it comes to processing these two types of invoices, best practice procurement processes require that all purchases must go through an approval process before being processed. This is especially important for non-PO invoices since they allow buyers to incur additional costs without prior authorization. For example, buyers should ensure that any non-PO invoice requests must be verified by someone with purchasing authority before being accepted, in order to prevent any unauthorized purchases or expenses. By doing this, businesses can ensure that their procurement processes remain transparent and secure while still meeting their spending objectives.

Read more: The Accounts Payable Glossary: Everything You Need to Know About AP Automation

Key Differences Between PO and Non-PO Invoices

A PO invoice is created when an organization places an order for goods or services from a vendor. It includes the details of the items being purchased, quantity, prices, and payment terms. A non-PO invoice is sent by a vendor to an organization for goods or services that were not covered by a purchase order. They can also be used for additional orders that have been placed outside of the original PO.

The key differences between PO and non-PO invoices lie in the tracking and approval process.

For PO invoices, organizations need to confirm that the order was shipped and received according to the original purchase order before they approve it. Non-PO invoices require manual entry into the accounts payable system and often require review by more than one person in order to sign off on them before they can be processed. The best practice procurement process requires that all purchases should be made through a formalized PO system as it allows organizations to track all their spending more easily and helps ensure accurate billing.

Automating Invoice Approvals with AP Automation Software

In order to streamline the invoice approval process, companies are increasingly turning to automated systems that can automate the review and approval of invoices. AP automation software can help reduce human error by ensuring accuracy in data entry as well as expediting payment terms for suppliers for both PO and Non-PO invoices. The system can also keep track of all outstanding invoices and send notifications when invoices are due for payment. Automated invoice approval systems also provide companies with real-time visibility into the status of their accounts payable, helping to reduce costs associated with manual processing.

Automating PO and non-PO invoice approvals make for faster and more efficient invoice cycles because they do not require manual processing.

This means that companies can process more invoices in a shorter amount of time, freeing up resources for other tasks. Automated systems also help ensure accuracy, reducing potential fraud and disputes with suppliers. Finally, automated invoice approval systems allow for better visibility into accounts payable and the ability to identify discrepancies quickly and easily.

In conclusion, PO and non-PO invoices both play an important role in the procurement process. Companies must be diligent in reviewing all documentation associated with both types of invoices to ensure accuracy and compliance with government regulations.

Automated systems can help streamline the invoice approval process, allowing companies to take full advantage of all cost savings opportunities for better cash flow. By taking these steps, companies can protect themselves from incurring unnecessary expenses related to incorrect payments or delayed payment cycles. Additionally, automated systems can provide real-time visibility into the accounts payable process, allowing companies to make more informed decisions about their finances. Ultimately, having a well-defined process for managing PO and non-PO invoices will benefit businesses in the long run by saving the company time and money.

So are you ready to automate? Contact us to schedule a demo.

Not convinced yet? Read our blog post Why Every Accounting and Finance Department Needs Accounts Payable Automation.

Eliminating AP Delays: Strategies for Streamlining Accounts Payable Processing

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Are you tired of facing AP processing delays that slow down your accounts payable team? Processing invoices accurately and in a timely manner is critical to staying ahead of vendors and minimizing financial losses.

In this blog post, we’ll outline proven tactics for accountants or office managers to better manage their accounts payable departments. We’ll discuss ways to reduce bottlenecks when reviewing corporate policies and streamline invoice processing systems so you can avoid costly AP delays. Join us as we dig into the root cause of AP roadblocks and share helpful strategies on how to get back on track!

Overview of the Challenges with Manual AP Processing

Manual accounts payable (AP) processing comes with a variety of challenges and drawbacks. As the name implies, manual AP processing involves manual data entry, spreadsheet manipulation, and other tasks that are traditionally done by hand. This process can become labor-intensive and time-consuming for an organization, resulting in resource strain, slow turnaround times, and potential human errors.

In addition to being less efficient than automated processes, manual AP processing also increases the risk of data security breaches due to its reliance on manual data entry. This means that organizations must have robust policies and procedures in place to ensure that all sensitive information is handled securely at all times. Businesses must constantly monitor their systems to ensure any unauthorized access is detected quickly.

The key difference between PO invoices and non-PO invoices is that the latter does not require pre-approval from the buyer before it can be processed.

Moreover, manual AP processing creates problems in terms of accuracy as well. Even with the most diligent staff members, mistakes can be made in the form of duplicate entries or wrong amounts entered into spreadsheets. Additionally, it doesn’t provide visibility into payments or information about vendor performance which can lead to missed invoices and late payments. All these issues can quickly add up if not addressed appropriately over time.

Let’s take a deeper dive into some of the key issues with manual AP Processing.

Issue #1: Missing Vendor Invoices

The issue of missing vendor invoices can be a huge problem for any business owner. It can lead to lost revenue, missed payments, and a variety of other problems that can negatively impact the overall success of your business. When a vendor invoice is missing, it’s nearly impossible to track down where it went. This can mean having to spend time and money locating the invoice and getting it back in order so that payments can be made on time. Not only does this cost time and money, but it also takes away from the focus of running your business operations efficiently.

To prevent problems due to missing vendor invoices, it’s essential to stay organized and up-to-date with all customer records. This includes tracking all sales receipts, keeping an accurate list of current customers and vendors, and being aware of when payments are due and when they have been paid. Keeping detailed records will help ensure that all invoices are accounted for so nothing goes missing. Additionally, implementing an online system for tracking inbound vendor invoices will provide you with an extra layer of security when dealing with paper invoices that could go missing in transit or otherwise not show up at their intended destination.

Finally, make sure you regularly audit your vendor records to double-check that all invoices are accounted for and paid on time. This will help prevent any discrepancies between vendor invoices and customer purchases from occurring in the first place. By taking small steps towards staying organized you can ultimately save yourself from a major headache caused by missing vendor invoices in the future!

Regularly audit your vendor records to double-check that all invoices are accounted for and paid on time

Issue #2: Incorrect or Missing Line Item Data in Invoices

When it comes to invoices, the accuracy of line item data is essential. Without accurate product names, prices, and quantity information, businesses can’t accurately track their spending or ensure that they are getting the best deals from their vendors. Even worse, if an incoming invoice contains inaccurate or missing line item data, businesses run the risk of being unable to verify that they have received what they have paid for. This can lead to serious financial consequences like duplicate payments and overpayments.

Incorrect or missing line item data can be a major headache for both buyers and sellers alike. Buyers can face delays in processing payments if the information is not accurate, while sellers may find themselves stuck without payment because invoices cannot be processed due to mistakes. Additionally, incorrect pricing information can result in disputes between buyers and sellers that could put relationships at risk and cause unwanted stress for both parties involved.

In order to avoid these issues, it’s important for both sides to double-check invoice accuracy prior to processing payment and ensure that all line items listed are correct and up-to-date. If any discrepancies are discovered, it’s best to address them quickly before moving forward with payment so as not to incur any extra costs or delays in service delivery.

Issue #3: Non-Approved Purchases

When it comes to making purchases, it’s important for organizations to ensure that all purchases made are approved by the appropriate authorities. Non-approved purchases can often lead to financial losses and other undesirable outcomes.

For example, if an employee makes a purchase without invoice approval from their supervisor, the organization may be liable for the cost of that purchase regardless of whether or not it was necessary for the business. This means that the organization could end up spending money on items that were not needed and could have been avoided with proper approval measures in place. In addition, non-approved purchases can also lead to misallocation of resources and time as well as lower morale among staff members who feel they cannot make decisions on their own.

The most effective way of avoiding non-approved purchases is to implement strong internal policies, procedures, and controls over purchasing. These should include setting clear boundaries on what type of items can be purchased, by whom, and when they must be approved by a higher authority. All requests must be documented with supporting evidence such as quotes or invoices and follow an established workflow process so that each step is tracked and monitored closely. Additionally, organizations should consider implementing a system where all transactions made within a certain limit require approval from a designated individual or team before being processed. By having these types of processes in place, organizations are better able to prevent unauthorized purchases from being made which can save them both time and money in the long run.

The most effective way of avoiding non-approved purchases is to implement strong internal policies, procedures, and controls over purchasing.

Overall, manual AP processing presents a number of challenges for organizations including inefficient processes, increased security risks, and accuracy issues that can lead to costly mistakes down the line if not addressed properly. For these reasons, many organizations are turning towards automated solutions to streamline their payable processes and reduce their dependence on manual accounting tasks while ensuring accuracy and security at the same time.

Modernizing Your Bookkeeping Processes to Minimize Processing Time and Reduce Inaccuracies and Errors

The modern bookkeeping process is a necessary part of business operations but can be time-consuming and prone to errors. Technology advancements have improved the accuracy and efficiency of processing systems, allowing businesses to streamline their processes and improve results. The key to modernizing your bookkeeping processes is to find ways to minimize processing time while reducing inaccuracies and errors.

In conclusion, manual AP processing can lead to a host of issues including missing vendor invoices, incorrect or missing line item data, and data security breaches. Implementing strategies such as automating invoice processing, staying organized with customer records, and regularly auditing for discrepancies can help accountants and office managers avoid these costly AP delays. By utilizing these tactics, you can ensure the efficiency and accuracy of your AP department, and focus on running your business operations successfully.

At Mosaic, we have the experience and expertise to streamline your bookkeeping processes and help you save time and avoid mistakes. For more AP tips, read our blog Maximizing Your Accounts Payable Process: Best Practices and Strategies for Success.

Contact Us today to learn more about how we can help you take your business to the next level.

How to Streamline Purchase Requisitions with Automation

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At some point or another, an organization needs to purchase products, services, or other items for its business. Some of these are recurring purchases like stationary or cleaning supplies, but what about other necessary purchases that are less frequent?

Successful organizations need to manage these purchases in a way that ensures funds are being responsibly spent and are being tracked. The most common and effective way to do this is through purchase requisitions. 

We’ll cover what a purchase requisition is, how they work, and how Mosaic can help your organization automate this process to be even more effective for your organization’s needs.

What is a Purchase Requisition?

Purchase requisitions are a key document in the accounting process for many organizations. Unlike a purchase order, which is the document used to acquire goods or services, a purchase requisition is a document that employees utilize to request the purchase of goods or services, essentially it’s the step required before the purchase order.

By creating a purchase requisition, the employee is formalizing their request for the goods or services they need. Purchase requisitions are typically created by employees and include details as to what is needed, how much it will cost, who needs to approve it, and when it’s due. This document then goes through an approval process before becoming an official purchase order. 

A purchase requisition should include the following details:

  • Item description, including SKU and/or quantity
  • Price, the unit of measurement, and total cost
  • Vendor information
  • Payment details
  • Delivery date
  • Reason for purchase request

Once a complete requisition is approved by the necessary stakeholders, it will then become a purchase order. A purchase order is a legally binding document that provides all the information about the transaction between the supplier and purchaser, including pricing, delivery dates, payment terms, and other details.

How do Purchase Requisitions Work?

Traditionally, a purchase requisition starts with an employee wanting to purchase something from a vendor or supplier, whether it’s a physical item, digital software, training, or a service, in most organizations, employees need to get internal approval from their manager, department head, leadership, or accounting. Some organizations require a purchase requisition for every form, others have a set dollar threshold, and others only require it for specific departments.

For some organizations, this may be a physical form that employees need to fill out and drop off to those who need to approve it, for others, there may be no real process beyond employees emailing their requests, which makes it impossible to track and difficult to approve.

Typically the information needed to complete this request includes product description and quantity, name of vendor, price, name, and department of the purchaser, and other company or department-specific information.

Why are Purchase Requisitions a Critical Part of the Purchasing Process?

Purchase requisitions are an important piece of the puzzle in accounting and finance, as they provide auditing information to ensure that funds are being spent responsibly. They also allow organizations to track exactly who is requesting what items and from which vendors, as well as how much these purchases cost. This helps organizations to understand their spending and where funds are being allocated, which is invaluable in budgeting for the future.

Purchase requisitions are important to plan for future spending, avoid mistakes or unpaid invoices, and can simplify the procurement process.

To better understand the importance of this process, consider this common operational issue:

An employee in one department at an organization realizes that they are running low on a specific item that they use daily, so they simply go ahead and purchase it using their company credit card. 

A few days later, before the shipment has arrived, an employee in a different department realizes the same item is running low, so they do the same thing and purchase the item, in the same quantity, to be used for the same purpose. Without either of them realizing it, that item has been double purchased and now the company is paying double what they should have. 

Now in this scenario, it’s not the end of the world, but if this scenario happens frequently, it leads to overspending and a surplus of unneeded items.

What is Purchase Requisition Automation?

Purchase requisition automation is the process of using software to automate the creation, approval, tracking, and settlement of purchase requisitions. This automated system can track the progress of each requisition from creation through delivery. It also helps ensure that all purchase requirements are met while following company policies and procedures.

Why Automate Your Purchase Requisitions?

Automating your purchase requisitions can save time and money while also streamlining your approval processes so you can focus on other areas within your organization such as customer service or product development instead of worrying about the stress of paper processes! Additionally, automating this process ensures accuracy when tracking spending which allows you to easily identify discrepancies in pricing or payment terms if any arise during the purchasing process so you can quickly address them before they become an issue! All these benefits combined make automating your purchase requisitions a no-brainer for most organizations!

Automated purchase requisitions can also be used to generate reports and provide visibility into spending patterns so that better decisions can be made.

Automation also helps streamline the entire process, resulting in less time spent on paperwork and more time spent finding the best solutions for your business. 

Read more: Maximizing Your Accounts Payable Process: Best Practices and Strategies for Success.

Benefits of Automating the Purchase Requisition and Approval Process

The benefits of automating your purchase requisitions include improved efficiency, processing cost and labor cost savings, accurate tracking, streamlined approvals processes, and increased visibility into spending. By automating this process you can reduce paperwork, eliminate error-prone manual processes and ensure that all orders are approved by the appropriate level of management before being fulfilled. Additionally, automated systems make it easier to monitor spending, identify discrepancies in pricing or payment terms and quickly address any issues that arise during the purchasing process.

Successful Scenarios of Automated Purchase Requisitions

Now let’s look at some scenarios of what you can expect from successfully implemented automated purchase requisition systems:

Scenario 1

ABC Corporation implemented an automated purchase requisition system which helped streamline their procurement processes by reducing paperwork and manual data entry errors while also ensuring that all purchases were approved at the appropriate level before being fulfilled. This resulted in cost savings for ABC Corporation since they were able to track spending more accurately and quickly address any discrepancies in pricing or payment terms that arose during the purchasing process.

Scenario 2

XYZ Company implemented a similar solution which allowed them to effectively manage their procurement processes while ensuring that all purchases were properly authorized before being fulfilled. This resulted in increased efficiency since their processes were streamlined which enabled them to focus more resources on other areas such as customer service or product development instead of having personnel manually entering data into spreadsheets or shuffling paper around trying to keep track of orders or invoices manually!

Read more: Purchasing Automation: Why You Need to Automate the Procurement Process.

How to Automate Purchase Requisitions

To prevent the aforementioned purchase requisition problems, it’s beneficial to introduce a straightforward and easy-to-follow process for employees’ future purchases. However, just relying on traditional forms isn’t sufficient; with web forms and document management systems in place, you can build an automated procedure that is tailored specifically to your company’s requirements. This way, not only will everyone understand what they need to do when making a purchase but also save time by having everything handled electronically!

Harness the power of technology and streamline your purchase requisition process by automating your purchase requisition process. With custom form fields, you have the power to tailor your requirements like department or e-signatures for accounting purposes when needed and view them from any remote location.

An automation solution is the ultimate tool for streamlining processes. By creating and completing a web form, an employee can then have it sent instantly to their manager for approval – granting them rapid feedback and quick notification of its approval. That form can then get automatically pushed to your ERP, where your accounting department can then properly plan for the costs, and also file the form into your document management system, which will establish a record of spending history with that employee.

This simple and secure process can save your employees time, money, and resources.

Your Paperless Purchase Requisition Partner

Mosaic is an experienced and trusted provider of purchase requisition automation solutions. We understand that no two clients have the same needs; so, we provide solutions tailored to meet your customized requirements. Our team of digital transformation consultants has extensive experience in creating automated forms for a variety of organizations, making sure that all data remains secure and easily accessible when needed.

You can trust our team to help you develop a paperless solution for your company that will make purchase requisition easy and efficient.

We also offer ongoing post-implementation support to ensure that your automated purchase requisition system is constantly updated, and running smoothly in order to maximize its effectiveness.

Contact us today to learn more about our services and how we can aid you in your digital transformation journey!