What Exactly Does Going Paperless Mean for my Business?

Going paperless is all the buzz for businesses today but what does that really mean? With paperless business practices and procedures, companies have cut costs, maintained stronger organizational practices, and helped save the planet.

Digital tools like Excel, Google Drive, and email have brought business a long way from the snail mail procedures of the past, but innovations haven’t stopped there. Today companies are prioritizing digital transformation so that they can streamline business processes with automation and secure cloud-based systems.

A paperless office saves revenue, declutters that filing cabinet, and keeps Mother Earth clean from paper waste. We’ve provided a list of the best ways your business can benefit from ditching those paper documents and choosing digital solutions.

Organization

Organization is one of the key benefits of a paperless office. Physical papers like paper bills, paper statements, legal documents, and tax records take up physical space and they are much harder to organize. When piles of paper mount up on desks, in drawers, or filing cabinets, it can become time-consuming and exhausting to locate that one document that you need on command.

A paper-free office can benefit from more physical space on desks and in drawers when paper copies are replaced with electronic documents. These digital files can be easily organized on your desktop through Microsoft Word or Google Docs. Digital storage is much more realistic to manage than physical storage because documents can be located and moved with the click of a button.

Digital storage is much more realistic to manage than physical storage because documents can be located and moved with the click of a button.

An efficient office is clutter-free with paperless documents that can be accessed from the comfort of your office chair. Don’t stress yourself out by sifting through mountains of paper and setting aside valuable time to constantly re-organize your office space. Paperless solutions like email were created to relieve the stress of clutter and allow documents to be easily transferred without a half-hour at the copy machine. 

Faster Processes

Important misplaced papers are also a common occurrence when businesses use paper processes. Physical paper memos, purchase orders, and invoices are likely to be lost when they are transferred through the mail or from desk to desk which slows business processes.

As we mentioned, email was created to speed up document transfer and communication, but today there are even more digital tools that allow you to ditch those current paper processes that cost you time. AP Automation fixes the invoice approval process by replacing manual processes with digital workflows that streamline the process. Automating B2B payments with AP Automation will save your staff valuable time and remove the object of common human error with data entry.

Similarly, implementing sales order automation will bring your sales order processing to a whole new speed. These digital tools use Artificial Intelligence (AI) like Intelligent Data Capture (IDC) to extract data off of documents and automatically send the data on to the next step of the procedure. These tools allow for an efficient paperless environment with faster business procedures and valuable time saved for staff members to dedicate to more pressing matters. 

Easier Collaboration

Digital file shares in place of paper files allow for easier collaboration efforts between teams and departments. Sheets of paper are difficult to collaborate on and contribute to slow company-wide initiatives.  Paperless processes can be implemented in every department to make collaboration easy and more manageable.

Google Docs is one of the best tools for co-writing and editing presentations, newsletters, and business plans but true digital transformation offers more paperless solutions like HR Automation Software. Onboarding employees can sign new hire fillable forms with digital signatures and easily send back these forms with HR Automation Software.

Electronic signatures can also be used for other business documents like B2B payments or contracts. These paperless solutions are effective strategies for easier communication and collaboration that save time and stress.

Security

A paperless workplace can also benefit from increased security. Important paper documents are a liability as they can be easily lost, misplaced, thrown out, or stolen. Electronic documents can be backed up with cloud-based storage software to avoid losing or misplacing the file. Electronic documents and digital files can also be locked with encryption, passwords, and safeguards that restrict access. 

Your business documents may be top-secret or contain classified information that the average employee should not have access to. By encrypting your digital documents, zipping files, and restricting access your company can protect against security breaches that put your business at risk.

Cost Savings

One of the myths of digital transformation is that it is too expensive when in reality, a paperless office will provide significant cost savings and return on investment. Research shows that American corporations spend $120 million on printed forms that become outdated within only three months.

The costs of paper, ink cartridges, and paper-based systems like printers and copiers, lose valuable revenue on top of wasting time with constant maintenance. A paperless work environment is much more cost-efficient and document management software like Enterprise Content Management (ECM) drives ROI by expanding the value of a single technology implementation.

Digital transformation is worth the upfront cost because these digital tools and software provide lasting cost savings while speeding up business processes which will increase revenue.

Save Our Planet

It’s no secret that our planet has taken a hit from our inconsiderate paper usage and paper waste. Research shows the average office employee uses about 10,000 pieces of paper a year and paper contributes to 50% of office waste that ends up in landfills. Think about those file cabinets that you have cleaned out at the end of the year for the daily useless piece of paper that ends up in the trash.

Research shows the average office employee uses about 10,000 pieces of paper a year and paper contributes to 50% of office waste that ends up in landfills. 

We have a responsibility to save our planet and decrease our paper consumption. Recycling is a great practice, but digital transformation is the paperless strategy that most effectively cuts down on waste. It’s time for your company to set paperless goals and get started on your mission to save the trees.

Automation software and Enterprise Content Management software will benefit every aspect of your business processes. Contact us today to get organized and begin your company’s digital transformation.

How to Find the Right ERP Integration Provider

Digital transformation is the future of business practices and procedures, so your company needs to ensure that your ERP system integrates smoothly with other automation software applications that you need.

If you are in need of a new ERP system for your business, then you’ve come to right place. It can be confusing and stressful to determine which ERP integration provider is a good fit for your company’s needs, but with a little bit of planning and research, you easily pick the right provider.

We’ve provided an outline of the different types of ERP systems and some advice to help you chose the Enterprise Resource Planning software and provider that will give you all the tools you need to improve efficiency, cut costs, and speed up business processes.

What is an ERP System? 

Before we get into the different facets and tools that an ERP system has to offer, lets define ERP. ERP stands for Enterprise Resource Planning and it is a business process management software. The software is almost like your company’s collective brain, communication system, and filing cabinet. This means that ERP software stores, manages, and integrates company data across teams and departments to in one central database to streamline workflows.

Most ERP systems are used to manage business finances like billing, purchase orders, invoices, sales orders, payroll, and all other company profits or expenses. Because this data is often translated and shared between departments, ERP systems integrate with automation software in other departments like AP Automation software in the Accounts Payable department, Sales Order Automation software in the sales department, and HR Automation software in the Human Resources Department to share real-time information.

ERP systems remove the need for manual business processes that are error-prone and waste time. 

ERP systems remove the need for manual business processes that are error-prone and waste time.  Most companies use ERP primarily for financial management but the software has many different features to offer and there are also multiple different types common application integrations that we’ll explain below.

Customer Service ERP Integration

Customer service ERP integration is better known as IT Service Management (ITSM) and can increase customer satisfaction with tools to support consumers like problem and incident management. The software can manage return orders, repair scheduling, and other self-service capabilities for a seamless and easy customer experience. 

ITSM is a great software tool that can be adjusted to your company needs while providing you visibility into ways to grow and improve for even better customer interactions.

CRM ERP Integration

CRM stands for Customer Relationship Management and it is another software that can provide exceptional customer experiences while streamlining workflows. CRM stores customer data like addresses and past orders for more personalized shopping experiences and faster checkouts.

CRM ERP integration also offers customers more visibility into the order process so they can easily track their package and estimate when it will arrive at their door. For any company with an online store, CRM will help you meet the customer demand for faster shipping, easier tracking, and more tailored shopping experiences. 

Collaborative efforts to fulfill orders between departments and team members are also seamless with CRM integration because each department will have access to updates in customer data or sales orders in real-time. Supply chain management is greatly improved with all of the customer and stock data in one secure cloud.

E-Commerce ERP Integration

E-Commerce ERP integration allows for automatic inventory updates on the E-commerce platform of your choosing and on your business’s end by sharing data through the ERP system. Real-time data updates in stock levels or price changes will save your business from common mistakes that lead to being unable to fulfill an order.

Project Management ERP Integration

Project Management ERP integration offers easy collaboration efforts and updates for projects between staff members and departments. Project managers can easily see an employee’s progress on an assignment while employees can have full awareness of deadlines and scheduling expectations. The software helps managers prioritize projects for their staff members and make realistic expectations for efficiency based on data projections.

Business Intelligence ERP Integration

Business Intelligence (BI) ERP Integration offers data and insights to all employees across departments. The software allows for the easy share of suggestions and accurate forecasting for informed decision-making. Business management software helps to drive employee experience by giving every team member a voice and space to contribute to business decisions.

ECM ERP Integration

Enterprise Content Management (ECM) ERP integration will help your company transition to a paperless office by storing all of your business documents, forms, and files in a secure cloud-based system.

ECM integration offers easy document sharing, added security, E-signatures, collaboration tools, and more for seamless business practices and communication. ECM software also drives ROI by expanding the value of a single technology implementation and streamlines workflows. Cloud solutions like ECM are the best tools for decluttering your filing cabinets and getting that office organized with a centralized database of digital files.

This central database also clears up communication issues by improving the general flow of communication with interdepartmental visibility. Employees with granted access can easily pull up a document from the ERP system that has been integrated with ECM software because of the With the anypoint platform.

AP Automation ERP Integration

Accounts Payable (AP) Automation fixes the invoice approval process by streamlining the process with electronic forms and automated workflows. With AP Automation integrated into your ERP system, managers can easily approve an invoice and send it on to the next step of the process with automated approval workflows.

The software also removes the need for manual data entry by Accounts Payable departments because Intelligent Data Capture (IDC) scans the invoice and captures relevant data automatically and then sends it on to the next step without the need for manual entry. 

Sales Order Processing Automation ERP Integration

Sales order processing automation software similarly integrates with your ERP system to streamline the sales order process with IDC. Customer orders, shipping addresses, and other important data may be easily misentered through by sales staff manual processes, but with Sales Order Processing Automation artificial intelligence ensures that all data is correct before swiftly moving the order on to the next step.

HR Automation ERP Integration

HR automation software keeps Human Resources departments organized with employee data and onboarding processes in one common database. When new hires need to sign documents or complete onboarding steps, HR staff will have real-time insight into the new employee’s progress while the new hire can easily sign documents with e-signatures without printing them out and wasting paper.

Human resources management software is one of the most common integration software solutions because it streamlines the onboarding process so new employees can get to work promptly after hire. The software also stores valuable employee data in a cloud-based ERP system where the information has restricted access to prevent security leaks.

Choosing the Right ERP Provider

Choosing the right ERP provider for your company begins with determining which ERP software integrations your company needs. ERP providers may offer custom integrations and a wide range of software, so it is best to reach out with a plan for your current business operations.

If your business is a hospital or clinic, you could benefit from an HR Automation integration, but you probably don’t need E-commerce integration. Communicate with your company’s different departments and analyze your regular business practices. If there is a practice that is consuming too much paper or taking too long, then there is probably are cloud systems and ERP integration software to streamline your workflows.

With advanced planning, you can research providers who specialize in connected systems for your essential business functions. Providers may try to upsell with integrations that your company won’t utilize, so be firm about the key features that you need. However, you will also want to think ahead for business growth. Providers may be able to assist you with additional features for cloud-based applications or automation software that will set you up for a smoother digital transformation in the future.

Overall, ERP integration software will provide cost savings by streamlining workflows, reducing paper usage, and removing the object of human error. 

Overall, ERP integration software will provide cost savings by streamlining workflows, reducing paper usage, and removing the object of human error. Document sharing and staff communication will benefit from data stored in a single database and visibility into business insights will increase. The future of business is digital transformation with the automation of business processes, so you are already on the right track by reading this article.

Mosaic offers ERP Integration Services that are tailored to your needs. Contact us today to begin your company’s digital transformation with ERP Integration solutions.

What is Sales Order Automation and How Does It Work?

Sales order automation is the software that businesses are raving about because it speeds up order cycles times and provides a better customer experience for consumers.  

Manual sales order processes have become a practice of the past as innovations in automation push the need for digital transformation. The key to business success is properly implementing technology and digital tools into every step of business processes. The truth is, if your company isn’t taking advantage of these tools then your average sale cycle time will fall short of customer expectations and you will lose business to competitors. 

To help you understand all of the tools that are out there to help run your business effectively, we’ve provided an outline of sales order automation that will speed up your sales cycle and leave you with happier customers.

What is Sales Order Automation?

Sales order automation is software that uses artificial intelligence like intelligent data capture to process orders. Automation software removes the need for manual data entry and manual data transfer by automating administrative tasks. 

Sales order automation software allows for quicker cycle times by working much faster than manual processes. 

Sales order automation software allows for quicker cycle times by working much faster than manual processes. The software also removes room for entry errors and bottlenecks in the process that are common consequences of manual data entry.

Traditional sales order processing requires manual data entry in the first step of the sales cycle chain and this step is where the most common mistakes are made. Because administrative workers filter through a large number of orders and enter the data from the order forms into spreadsheets, entry errors like incorrect quantities, wrong shipping address, lack of stock, types of items, and warehouse location consequently occur. 

These mistakes are common human errors, but they disrupt the entire chain of the sales order process and packages are more likely to be missing products, arrive at the wrong address, or arrive late. When these mistakes happen, businesses risk losing frustrated customers. Companies can also lose revenue with returns, shipping costs, and discounts to make up for their mistakes as more packages need to go through the sales order processing cycle all over again.

Automation software removes these errors by implementing artificial intelligence that has much stronger attention to detail and simply does not get burnt out as human workers do. Entire processing times grow faster with automation and sales orders are more accurate when they reach the warehouses for item picking, sorting, packaging, and shipping. 

How Does It Work?

Sales order automation relies on intelligent data capture that uses Optical Character Recognition to extract data from customer order forms. Once the data is extracted from the document, the software quickly reviews the order to ensure that all of the necessary information is present. The data is all kept in a secure cloud-based system so that no data goes missing or unchecked.

Processing automation essentially streamlines order processing time by doing the hard work for you in a centralized location. Workers no longer need to enter order data into ERP because IDC automatically captures the order data then extracts it to index the data into your ERP system. The ERP system then automatically reviews and validates the order information and moves it onto the next step in the process.

If the software finds the form’s data to be complete, it then sends the order to your company’s ERP system for sorting and packaging orders. If the automation software finds a missing field like an absent shipping address, then the order is automatically sent to a staff member who can contact the customer for missing information. Other than that, there is no human intervention necessary in the entire sales order process which minimizes entry error rates significantly. 

Without staff needed for these administrative tasks, companies can reassign staff to other departments to increase productivity in other areas of the company and save revenue on payroll. When sales teams are relieved from stacks of paperwork and menial tasks, they also become more motivated and engaged at work.

The automation software offers seamless integration with preexisting systems and business’ sales processes while creating a smoother sales workflow. The software also stores customer data like product order history in a secured cloud for operational efficiency and easier marketing efforts like personalized emails about products based on past buys. 

Customer Satisfaction

Sales order automation offers several benefits for customer satisfaction and an exceptional customer experience. One of the biggest benefits of sales order automation is faster cycle times which leads to quicker delivery times. Automation software also offers more visibility into order tracking so customers can receive updates on where their order is and when it will arrive. 

Beyond just tracking and shorter delivery times, customers can also benefit from one-click repeat orders and product suggestions that are more tailored to the individual consumer. Automation software also offers more personalized customer service experiences with chatbots that can answer frequently asked questions and provide support throughout the buyer’s journey. 

As we mentioned in the introduction to this article, the market will continue to demand better customer experiences and faster deliveries as technologies advance and businesses move into digital transformation. Sales order automation is just one way to speed up your business processes and personalize the consumer experience, but there are so many other tools to take advantage of. 

Your business can also benefit by implementing automation in your Accounts Payable department to fix the invoice approval process and speed up the B2B payment cycle. Your customers aren’t the only ones who deserve fast deliveries, the businesses that you work with will also expect to be paid more promptly than the traditional two weeks invoice processing cycle. 

Digital tools are on your side to take the stress and pressure off of your staff and increase overall productivity.

Digital tools are on your side to take the stress and pressure off of your staff and increase overall productivity. This automation software seamlessly integrates with your current business processes and the software teaches itself quickly, so there is no reason to wait, it’s time to begin your company’s digital transformation!

For more information on software to build your business, check out our blog post on Contract Lifecycle Management Software. Contact Us today to begin your company’s digital transformation with automation software.

How to Speed Up Customer Order Processing

Customer order processing can be stressful and time-consuming but it doesn’t have to be. Updates in digital workflows with automation have changed the game for multiple business processes like customer order processing. 

If your company struggles with bottlenecks in your order processing procedures like shipping to the wrong address, running out of stock, delays in shipment, mountains of paperwork, and human errors in data entry, then it’s time to reevaluate your customer order processing practices. 

Online retailers and eCommerce businesses like Amazon have taken over the consumer market and if your business wants to keep up, then faster processing is a top priority. The market will soon demand faster and easier everything, or customers will take their business elsewhere.

We’ve provided an outline for how to eliminate these error-prone processing procedures and update your business with sales order automation so you can stay in the game and even develop an edge up on your competitors.

Customer Order Processing Step By Step

Before we get into how to speed up your customer order processing practices, let’s break down the process step by step.

Step 1: Order Placement

After customers place orders to your business, the order information like items, quantities, shipping details, and shipping address are recorded and entered into ERP by the order management department to prepare the order.

Step 2: Picking Inventory

Once the order management team compiles the order information, it is sent to a warehouse or business location where workers pick out the necessary inventory to complete orders.

Step 3: Sorting

After the inventory items are located and picked, warehouse workers sort the individual items to fulfill each order.

Step 4: Packing 

When items are collected and sorted by order, workers can then package each order, weigh the package, record shipping costs, and add a shipping label.

Step 5: Shipping 

The last step in this process is shipping and transporting the orders to the consumers for fulfillment. The shipping process includes loading the package into a vehicle for transport where it will go through the FedEx or UPS system for delivery.

Traditional Customer Order Processing

Traditional customer order processing operates on physical labor and manual data entry. In every step of the process, workers gather information from the customer orders, compile it, and set it up for the next step. Because of this chain structure of processing, if a worker makes a mistake at any step of the process, it can throw off the entire fulfillment process and result in an incorrect order.

Some of the most errors common occur in the first step when purchasing orders are placed and data is entered into ERP by the order management department. If the business processes numerous orders or moves too quickly, it is easy for employees to incorrectly enter data. If a worker records an order delivery as the standard 3-5 day delivery time instead of the 2-3 day delivery time that the customer paid for, then the order will fail to be processed fast enough and the company’s customer satisfaction rates will be hit. 

Some other common human errors include entering, incorrect shipping addresses, item quantities, types of items, lack of stock, and the warehouse location of the items. Verbal miscommunications may also be made when sorting the orders and gathering inventory. When these mistakes are made, the entire manual order processing chain is fed incorrect information and even if another worker down the line catches the mistake, the fulfillment process becomes slowed and bottle necked.

This leads to extra work and later returns that require more order processing. Your customer base will become frustrated if they need to reach out to customer service representatives when their order is missing items. A customer service rep may result offering a product to the consumer for free or giving a significant discount to avoid losing their business. These mistakes cause lost profits, waste time, and hurt the customer experience. 

Standardize Your Order Forms

Standardizing your order forms can be an entry stepstrep into faster order processing. How do your customers place orders? Many companies have online shops where customers can place an order from the comfort of their homes. Businesses also offer the option of placing an order through a staff member in a company store if it is out of stock at that physical location. Few companies also still allow customers to place orders over the phone to a staff member who enters data on their end. 

If your business has multiple avenues for placing orders, then these order forms must be standardized. If your order management department is processing a large number of orders per day then it will slow them down to adjust their entry practices based on a collection of different forms. By standardizing your customer order forms, the process becomes less confusing for workers and mistakes can be minimized. 

By standardizing your order forms, your business can also prepare for the transition into sales order automation for an even faster fulfillment process.

Sales Order Automation

Sales order automation is the key to speeding up the customer order processing system. Sales order processing software uses Intelligent Data Capture technology (IDC) to increase productivity and cash flow by removing the object of human error by manual data entry.

Workers no longer need to enter order data into ERP because IDC automatically captures the order data then extracts it to index the data into your ERP system.

Processing automation streamlines order processing time by essentially doing the hard work for you in a centralized location. Workers no longer need to enter order data into ERP because IDC automatically captures the order data then extracts it to index the data into your ERP system. The ERP system then automatically reviews and validates the order information and moves it onto the next step in the process.

If there is an error in the data, such as a missing shipping address, then the software will recognize the mistake and send the order information to a staff member who can review the order and contact the customer for necessary information. Other than that, no workers or manual intervention is needed for customer order data entry. 

By implementing sales order automation, companies can increase productivity and cash flow. Bottlenecks in the process are removed when the automated processing workflow removes room for human error and operates flawlessly at a much higher speed. Companies are free to re-assign employees to more important tasks and even cut down on payroll if workers are no longer needed.

Increase Customer Satisfaction

Beyond the benefits to your staff member’s time and resources, automation software also offers key benefits in increasing customer satisfaction. Customer expectations may even be exceeded as orders are processed and fulfilled faster than the estimated delivery time.

Remember when we talked about traditional order processing practices and how manual entry runs the risk of late deliveries? Well, with automation, the placement to delivery process is much faster so consumers will be pleasantly surprised when their order arrives before schedule. Faster shipping times provide a competitive advantage against other businesses. 

Orders are also far more likely to be correct because order data and inventory levels are stored in a cloud-based secure system that can be accessed and updated warehouse management through company tablets or mobile devices. This ensures that stock data, product availability, and inventory records are up-to-date for accurate order processing and even on your business’s website. Gone are the days of customer frustration when customers place an order only to be hit with a message that the item is out of stock a day later.

The customer experience is improved when they are in the know about the status of their order and estimations on transit times.

This cloud-based system also opens your business up to real-time order tracking by your staff and your customer. The customer experience is improved when they are in the know about the status of their order and estimations on transit times. 

Conclusion

Sales order processing automation is the future of business practices and traditional manual processes will soon become extinct. We have entered into a digital age that has allowed for massive innovations in the way we work and the speed at which processes operate. 

Demand forecasting predicts that the customer experience is more important than ever and companies will lose business if they don’t prepare for the ever-growing future demand for speed, transparency, and efficiency. Happier customers make a happier business, so throw out those manual systems. 

Your business can also benefit from automation in your accounts receivable and payable department. Similar to how customer order processing can free up businesses’ time, AP automation fixes the invoice approval process and speeds up B2B payments for increased productivity and cash flow.

Your business procedures will see a monumental advantage through automation as valuable time is saved. For more information on ways to digitally transform your business, check out our blog post on Contract Lifecycle Management Software

Contact us today to begin automating your business practices for faster customer order processing.

What is Digital Transformation?

Digital transformation is a term you may be hearing a lot these days, and for good reason. According to recent studies and market analyses, the global digital transformation market is expected to double from 469.8 Billion USD in 2020 to 1,009.8 Billion USD

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

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First thing’s first, let’s define digital transformation 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 hopping 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.

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.

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 2021, 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.

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.

Setting 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.

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.

The future of accounts payable is automating B2B payments for a smoother, faster process with fewer human errors that cost you profits. The market will soon demand business process optimization solutions like AP automation as it fixes the invoice approval process and businesses choose to ditch the costly paper system that is killing our planet.

Implementing an enterprise content management (ECM) solution will also significantly increase the ease of your digital business transformation journey. ECM will keep your organization’s most valuable documents secure while also reducing costs.

We know the digital capabilities of your HR and AP departments, and we’re here to help you implement smart technologies that will get you up to speed in your digital transformation projects. For more information on what we can offer your business, check out our products and services.

4 Reasons to Automate B2B Payments

“It was the best of times, it was the worst of times,” is more than a Charles Dickens quote when it comes to antiquated, manual accounts payable processing. The difference between manual processes, such as invoice and document encoding, and automation is truly a tale of two cities. One city is a grim reminder of an inefficient past; the other, a token of advancement for your business’s future. Let’s take a look at how automation solutions can transform productivity for your AP team’s B2B payments.

The Traditional Payment Process

It’s important to have a full understanding of the traditional payment process before we can take a look at how to modernize your B2B bill payments. The traditional paper payment process is not only a significantly longer billing cycle, but it is also much more costly.

When companies operate on a paper process for B2B payments, snail mail delays the arrival of the initial invoice. It can be a matter of days and even weeks before a business receives the invoice because of weather and mail carrier delays. When the mail finally arrives, additional delays add up with the mere mounting of bills and envelopes that pile up in the payable department.

When the staff member is finally able to dedicate their attention to the said invoice, it comes time to manually process the bill and post it to the correct account. This is where entry errors come in that can later come back to bite your company in extra costs. If the amount entered is incorrect due to common human error, then you can risk faulty payments and need to restart the process.

After invoices are posted, the physical bill is shipped over to the approver in the clearing house department where it may sit on a desk until the approver can dedicate their full attention to reviewing the bill for invoice approval and make arrangements for payment with the vendor.

Once arrangements are made between the vendor and the approver, a paper check is cut and snail-mailed to the vendor while they wait again for days or even weeks. When the physical check reaches the vendor, more time goes by as they take the time to sign the paper check and deposit it or cash it once they get a chance to visit the bank or deposit it online through a banking app. This check usually takes about two to three days to go through and then the vendor and the payee must reconcile their bank accounts and update their books.

Say Goodbye to Paper Payments

If this paper payment process seems long and slow, that’s because it is. It’s time to say goodbye to these traditional processes and modernize your accounts payable with automation. No one wants to wait this long to be paid and this invoice processing system allows too much room for human error.

The gig economy is booming right now and industry professionals will simply do business with someone else if they find that your payment process is taking too long. Digital payments are simply the preferred payment type of the 21st century.

Paper check payments and cash payments are becoming extinct as businesses find the automated payment experience to be much faster and cheaper. It’s time to jump ship on your entire paper payment processing system and hop on board with modern technology in payable automation.

B2B Payment Automation in Action

Automated B2B payments trim your invoicing process down to four easy steps. First, the electronic invoice is sent via email to the staff member in charge of accounts payable.

The staff member enters the invoice into the automated clearing house that reviews the document by quickly making sure that the invoice isn’t a duplicate and confirming that all the necessary information is present for coding. This removes the tricky risk of human error or faulty payments, and it keeps all your payments data in one place.

Once the payment is coded for approval it is automatically sent to the staff member that must approve the invoice where they can swiftly press approve. This triggers the automatic digital wire transfer of payment to the vendor.

This entire payment process takes only two to three days in comparison to the weeks that paper processing requires. Payment innovation with digital payments simply makes business transactions faster, easier, and more secure. Business owners on both sides are pleased with this B2B payments solution because faster turnaround time means more room for business productivity in other areas and who doesn’t want that?

Four Benefits of B2B AP automation

Now let’s take a look at the four benefits of B2B AP automation:

Cost Reduction Electronic payments through AP automation offer payment discounts that reduce the cost per invoice which saves your business money.

Gone are the days of costly invoice processing fees with postage costs, faulty payments, and late fees. Automation software offers discounts and cashback on early payments that make your payable process more cost-effective.

Cost-saving benefits of adopting B2B automation include:

  • More flexibility in the amount of time it takes your company to pay suppliers 
  • Less money and resources are needed to correct errors made through manual entry 
  • Increased visibility over invoices
  1. Improved Productivity

Cloud automation allows payable teams to work individually or together, no matter where they are or what device they use. Other productivity benefits are:

  • Faster payment approvals
  • Secure storage of financial data
  • Financial insight through workflow data

Related: AP Automation Explained

  1. Eliminate Manual Data Entry

Let’s face it, manual data entry is likely one of the least desirable tasks your AP team handles. Automating this mundane task with intelligent data capture, or IDC, could expedite your invoice process. Modern AP automation utilizes state-of-the-art technology called Intelligent Data Capture (IDC) to lift key data off of inbound AP invoices faster and more accurately.

IDC is growing in its automation capabilities and can eliminate the need to manually enter valuable data from valuable documents such as remittances, purchase orders, and bills of lading. B2B payments processing is faster and more accurate when you let the software digitally input data.

Related: Understanding Intelligent Data Capture 

  1. Enhanced Fraud Protection

It is common for businesses to fall victim to ransomware and phishing attacks as a result of the manual, and often paper-based, processes of capturing, approving, and paying invoices. Adopting an automation process can decrease the risk of fraud exposure and offer more secure business transactions by:

  • Eliminating high-risk paper-based systems
  • Encouraging strict adherence to organizational and departmental processes

Even with an automated process, your AP team must be risk aware by verifying changes in vendor payment locations, confirming fund transfer requests before processing payments, and reviewing double sender information to keep your company’s financial data safe and secure. 

 

Human Resources (HR) Employee Software Management

You want to manage human resources, not documents.

The human part of “human resources” is the most complex and unpredictable piece of your job. Therefore, shouldn’t the resources be the easier-to-manage piece?

At Mosaic, we think the answer to that question is a hearty “yes.” Your goal is to manage, hire, onboard, and retain the best possible candidates to help your organization achieve its dreams, not get bogged down in a bottomless well of paper applications, background checks, employee records, and benefits forms. Our HR automation software takes the work out of the process.

Save time instantly with our ECM Document Management software for HR departments so you can say “no” to time-consuming HR processes. Our HR software eliminates:

  • Overstuffed filing cabinets filled with sensitive employee data
  • The need to transfer physical files between department buildings and with onboarding employees
  • Stressed out HR personnel constantly trying to keep HR records secure without any human error
  • Employee strife over time management, expense claims, leave management, employee time, benefits, and most other tasks. Those time-consuming tasks are done quickly by your employees with automation tools
  • Your Human Resource Management team bogged down with tedious activities, bottle necked workflow, and inadequate opportunity to positively impact your business 
  • Poor onboarding experiences as new hires get frustrated with slow and confusing processes

Integrate our paperless solution with your current HR System, no matter what it is for a more positive new hire experience!

HR automation means less staff required for security and data backups. Productivity increases as the HR staff are freed from manual data entry. Security is automatically included in the virtual environment. Your human resource information management system is scalable as your business grows. Additionally, you create a level of consistency throughout your team that will stand up to audits.

Now you’ll have secure cloud-based storage allowing your HR managers to access your entire human resources management information system.

Need to process new hires? Check your HR systems.

Need to check on leave requests? Check your HR records without having to leave your desk.

Ready to level up your HR department’s capabilities with automation tools that free up bandwidth, making sure top talent gets in the door and situated in the right position?

Downloadable Guide: Centralize Records, Manage Compliance and Eliminate Paper

Your goal is to hire the best candidates to help your organization achieve its strategic goals. If you’re hindered by outdated technology, or worse, no technology, you’re struggling with paper shuffling and not finding the best people, or proving the value your department brings to the entire business. HR automation software facilitates decision making, performance management, benefits administration, and even attendance management.

Time-consuming tasks and activities can be simplified or even eliminated with our cloud-based HR automation solutions. Cloud HR automation allows employees a self-service solution for benefits management, expense claims, leave management, business information, and training for a more positive employee experience throughout their lifecycle with your company.

DocStar HR Automation Software implemented as a cloud-based solution or on premises empowers busy HR professionals to:

  • Automate the onboarding process for new hires and route documents to the appropriate managers with electronic forms ensuring a positive and speedy onboarding experience.
  • Seamless new employee onboarding with secure, built-in workflows in cloud HR software to ensure that the HR team has the correct information at the right time and identify anything that’s missing. 
  • Automatic reminders sent to onboarding employees to notify them about missing documents or task requirements to eliminate the back and forth bottlenecks in the process.
  • Cloud HR software securely processes, stores and manages employee files with digital folders that ensure separation of crucial HR documents like I-9s, medical records, employee IDs, performance reviews, and other employee documents and manuals, making stressful audits a thing of the past.
  • Easily manage and update documents and data throughout the entire employee lifecycle with records all in one single cloud.
  • Boost employee engagement with easy to use employee portals and step by step outlines throughout the onboarding process. 
  • Focus on issues around employee performance, drivers of engagement, retention, and satisfaction, not chasing down paper forms and files.
  • Enhance your productivity with software solutions that make your job more efficient and fun.

DocStar solutions are easy to learn, easy to use, and affordable for any Human Resource Department. Our cloud HR automation solution will help you capture, share, and retain documents with a click of a mouse or tap on a screen. 

  • Streamline document processes and reduce errors with automatic updates
  • Simplify and reduce the costs of compliance
  • Control access to files in cloud HR anytime, anywhere 
  • Keep an accurate record of the entire employee lifecycle all in one place
  • Check employee status throughout onboarding and employee training in real time
  • Improve operational efficiency
  • Improve support for employees and management
  • Instantly locate documents without leaving your desk
  • Move from cumbersome paper to digital documents
  • Reduce demand for physical space
  • Capture documents from virtually any input device, from any location
  • User-defined security access with multiple security setup
  • Flexible on-premises or cloud-based deployment options offer even better ROI
  • Search for any HR documents in one single cloud with a fast, Google-like search
  • Access DocStar ECM from within Microsoft Office programs for greater ease of use
  • Import documents from within their native program
  • Integrates with most HRIS systems software solutions
  • Digital workflows can be as basic or detailed as needed
  • Interviewing, onboarding, and separation workflow automation
  • Ensures compliance with legislative acts like HIPAA and ADA, and regulations like the Affordable Care Act
  • Boost employee engagement in the onboarding experience
  • Implement tools and features like employee engagement insights
  • Keep a secure and up-to-date employee directory in one single cloud

 

It’s time for you to get started with cloud HR Automation software from Mosaic. We are ready to take you into the reality of a paperless future for a faster HR process. Ask for a complimentary demonstration today.

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How To Measure AP Performance

Data is one of the driving forces in the success and efficiency of businesses today. When it comes to your company’s accounts payable (AP) performance, data measuring and tracking are key components to your overall productivity and financial growth.

In the digital age, more and more businesses are moving to paperless processes and technology software that tracks key performance indicators (KPIs). By measuring your AP performance with these KPIs, your business can speed up processes, cut down on losses, and improve efficiency.

Why Measure AP Performance?

If you’re asking why your company should measure your AP performance the answer is simple: if you can measure it then you can improve it.

Today’s world is all about improving and increasing efficiency. Your company may be losing valuable time, money, and resources by failing to accurately track and measure your AP performance.

The future of accounts payable is AP automation for this exact reason. AP automation removes the object of human error that comes with manual invoice processing and offers the luxury of tracking and measuring KPIs that will benefit your business.

Measuring your AP performance is the first step in increasing efficiency and smoothing the daily processes of your company, but what KPI should you be tracking? 

These four KPIs will help you analyze and evaluate your AP department’s efficiency so you can adjust and improve.

Average Number of Invoices

To measure other AP KPIs you must first begin by tracking the number of invoices received in a given time period. The time period may vary depending on the size of your company and the volume of invoices that run through your AP department.

If you see a significant number of invoices per day then it may be best to measure per day but you can also measure by week, month, or year depending on the sheer volume of invoices that your company sees and your AP efficiency goals. Once you determine your time value of measurement, you can use that daily or annual invoice volume to track the number of invoices received in relation to the number of invoices processed. 

Average Invoice Processing Time

The average invoice processing time is a metric that should always be tracked when it comes to AP. Especially if your company is still manually processing invoices with an AP team, the invoice cycle times are a KPI that should be put at priority.

If your average invoice processing time is longer than 14 business days, then your team may need to reevaluate the speed of your approval steps and productivity rates. Once you measure the average time it takes to process an invoice, you can identify potential bottlenecks in the process.

Your company’s invoice processing time may be slowed when key employees that are required in the approval process are out of the office. AP automation fixes the approval process with tools like on-the-go invoice approval features through mobile access that significantly speeds up the processing time to only two to three days.

The payable department may also be slowed down with mere manual data entry that may be taking longer than expected. Once you measure the average time it takes to process an invoice, management can reassess department productivity and evaluate if an AP automation software will be the remedy to increase timely payments.

Average Invoice Processing Time versus Average Invoices Received

Remember that time measurement that we talked about early? Take that period of time that you chose for your company (per day, per month, etc) and compare the number of invoices processed in that time period to the number of invoices received.

By tracking this KPI, you can accurately measure your AP efficiency. You should be aiming to process as many invoices as the volume that you receive within that month. If your company’s number of invoices processed in the given period is significantly lower than the number of invoices received, then it’s time to re-evaluate.

Look for areas to increase the speed of your invoicing process and then track your AP processing performance over time to see which process efficiency practices are working.

Average Cost per Invoice

The average cost per invoice is a crucial KPI to track and measure when it comes to APs. Many companies are shocked to see just how much they are losing in profit margins when they evaluate cost metrics.

APs can have significant hidden costs due to operational costs like staff salaries, managerial overhead, software costs, printing fees, and hardware expenses. Organizations may be paying anywhere from $15 to $40 per invoice, but with the simple technology implementation of AP automation, costs per invoice can be reduced to only $2. 

Beyond just operating costs, human error in the manual entry may lead to bad payments, duplicate payments, late payment penalties, and unclaimed discounts that add up. Within the broader KPI of average cost per invoice, you can increase your efficiency metric measures by tracking specific costs like the average number of wrong payments and the volume of discounts missed.

By specifying these areas of costs, you can improve AP efficiency tracking and narrow down the problem areas that need improvement. For example, if the percentage of invoice costs is the highest in the category of duplicate payments, then you should reevaluate how you review new invoices in comparison to those that were already paid.

Once you measure your company’s average cost per invoice, you can implement strategic tasks to reduce losses or consider adopting AP automation software. Cost savings is one of the most common reasons companies automate B2B payments.

The software can also track these KPIs for you so that all you are left to do is analyze the data and do some organizational restructuring according to the areas that need improvement. Electronic invoices through AP automation software also increase the accuracy of invoices and prevent erroneous payments by scanning the document to ensure that it isn’t a duplicate invoice. 

AP automation delivers speedy and accurate payments by trimming down the slow manual steps in physical review tasks that human processing relies on. Advancements in technology have simply accelerated our business processes and it’s time to take advantage of it.

To accurately measure your company’s APs, speed up your invoice processing cycles, and reduce invoice costs, check out our AP Automation Software and Contact Us today to get started.

How AP Automation Fixes the Invoice Approval Process

Paying for services/products after they have been delivered allows businesses to save large amounts of money while establishing trust between vendors. Not paying accounts on time results in bad credit for the business, while early payment often results in good credit and percentage discounts on future orders. This places a tremendous amount of responsibility on the accounts payable division.

The accounts payable process can be a relatively simple, straightforward process, but unfortunately, there are many common mistakes and complications that take place along the way. Human error, high processing costs, long invoice processing time, lack of visibility into accounts payable or cash flow, and regulatory compliance issues are some of the biggest problems facing manual AP processing. This article will first explain the manual AP process and then explain how AP digital transformation can help fix all of the aforementioned issues. 

Manual Processes

The AP process can be broken down into four distinct steps: 

  1. Receive Invoice


    Once the product is delivered or the service is finished, an invoice is produced which details the specifics of the product or service, as well as an itemized breakdown of the costs and charges. The invoice is either hand delivered by a representative of the vendor, mailed, or a pdf is sent via email. The information is then entered manually into the computer or ledger by a clerk or receptionist.

    The risk for error here is obvious. The employee could enter the wrong information, not enter it in a timely manner, or forget to enter the invoice altogether. All simple mistakes that could be easily fixed by AP automation.

  2. Copy and File Invoice

    With paper documents, the invoice is copied and filed into whatever filing system your company uses. With electronic invoices,  the invoice is scanned and filed away into the computer. This is done as a type of backup system to ensure that any future issues or discrepancies can be dealt with.

    The problem is that this still requires attention to detail as well as storage space on your hardware system or physical storage space in your business in the way of metal filing cabinets. The majority of business is done electronically so having a paper filing system is very outdated.

  3. Invoice Approval Process

    Invoice approval is a responsibility only given to a very small number of employees – usually only one or two. Paper-based companies have the receptionist or clerk hand deliver the invoice to whoever is approved to sign it. If that person is not in the office, then the invoice is left in a mailbox or on their desk. It is not uncommon for the invoice to get lost along the way, delivered to the wrong person, or simply forgotten by the recipient. If electronic, the invoice is sent to the signer to approve and send back. The emails are sometimes lost, ignored, accidentally deleted, or forgotten.

    When these simple errors occur, payment is not given to the vendor on time, resulting in late payment fees, penalties, bad credit, and damaged buyer-vender relationships. Ultimately, financial loss is the final result.

  4. Invoice Management and Payment


    After the correct person approves the invoice, it then has to be paid to the vendor. Unfortunately, the employee who approves the invoice is not typically the same person who pays it. This is done by a different person such as a corporate officer or accounting department.

    As mentioned before, this additional step takes time and effort, further opening the door for potential mistakes and human error. Paper gets lost or filed incorrectly, and emails get ignored or deleted mistakenly. 

As we can see in the steps outlined above, manual AP involves three separate departments with three different employees to ensure that an account is paid correctly and on time. In today’s world of digital technology, this lengthy and error-prone process should be obsolete.

Read more about IT Automation Trends in 2021

AP Invoice Automation

AP automation software gives you a single platform from which to handle all steps of the AP process from receiving to payment and everything in between. The software is designed to detect any mistakes, and vendor information is stored for future use. Furthermore, the purchase order is digitally matched to the invoice to detect any mistakes in the same way a human would, only the software will not make any simple clerical errors. The program will then send the payment to the correct, designated person for approval. There are no emails to verify and no paper slips waiting in the mailbox. Everything is all done in one centralized location which maximizes efficiency, time, and money.

The system can also prevent overpayment by using digital purchase orders that match the payment to the invoice, ultimately saving time and money. An accidental overpayment can take weeks, sometimes months to rectify, if it is even noticed at all. Businesses lose thousands of dollars without even realizing it through overpayment of invoices.

A few other benefits of AP automation include increased credit score, reduced financial fraud, and improved vendor relationships. By paying invoices on-time, sometimes even early, your business’ credit score will increase, thus opening the business up to future discounts as well as extended payment time. Not only that, but the relationship with the vendor will strengthen as they learn they can trust your business to deliver payment in a timely manner on a consistent basis. 

Fraud occurs through false billing, bad checks, overpayment, and wrongful data entry. AP automation corrects these mistakes by adhering to budgets set by administrators and automatically approving invoices without the need for a manual signature. The system also leaves an electronic audit record for accounting teams to utilize as well as future auditors, should the need arise. 

Digital Transformation Consulting

Perhaps the greatest benefit of all regarding AP transformation is increased profitability! When the AP process is handled through automation software, bills are paid on time and you ultimately take advantage of improved credit discounts, as well as early payment incentives. You also avoid late payment charges and canceled orders. AP automation also requires fewer workers and offers time savings as the software system itself replaces many roles traditionally held by lower-level employees, thus saving money on payroll. 

Are you interested in learning more? Contact us today to get the AP automation process started!