5 reasons to automate your transactional processes and how to get started
Did you know that organizations depend on many transactional processes? Did you know that, in most cases, automation
is not even part of the equation and that most of the processes are still manually managed?
Billing, for instance, is among the most vital and critical processes in organizations. More than 70% of companies send between 1,000 and 10,000 invoices a month.*
Yet many are still managing those manually. It’s hard to radically change your way of doing things. And standardizing your transactional processes may seem more costly than the way you do things now.
But automation is critical if you want to continue to grow and meet not only your clients’ needs but those of your employees. These days, people are used to convenience, speed and information at their fingertips. To stay competitive, you need to know how to adapt to these new demands.
You’re still not convinced? Here are the five main benefits to automating your transactional processes.
Automation saves money
Saving money continues to be the number one reason to automate. This argument is certainly the most convincing to company CEOs.
Now, in practical terms, how can you achieve these savings? Make your transition to digital easier through automation, for a start.
50% of electronic invoices cost less than $2 to produce, while up to 40% of hard-copy invoices cost $25!*
More important, imagine the labour costs involved in getting the tedious tasks done—like sorting, filing, and even data entry—without any added value.
Automation leads to more productive employees
Not only is all this extra labour not helping your company’s bottom line, but the employees themselves are unhappy, which lowers their productivity. Dissatisfied employees are not eager to come to work, and they may even quit if they feel that their job is too boring or below their skill level.
Talented employees want to be able to do more, develop their skills, become better, and feel that they’re part of the organization.
PwC has shown that turnover costs can represent as much as 12% of an organization’s revenues and advises doing everything possible to keep good employees.
Automation gives you more time to grow your organization
Once you’ve automated your manual and repetitive tasks, you can re-assign the freed-up employees to activities that will help expand your department or even the company.
Aon’s Rick Loiben recently described to us how his team is now able to engage in tasks that are more valuable to the company: “At Aon, we don’t let any of our employees go. We simply give them new tasks. Those employees are now writing documents rather than simply distributing them, which has significantly raised their productivity.”
Automation speeds up payment
By definition, a manual process is managed by people, which increases the risk of error due to inattention or oversight. That affects the available data and makes it less accurate.
49%* of companies don’t get paid on time either because the initial order number on the invoice is wrong or simply missing!
Automation provides for better quality service
43%* of organizations say that not being able to find the right information on client records is still their main problem.
Customer Service often loses precious time gathering, or merely finding, the information needed to answer a customer’s questions! And customers get tired of waiting for answers.
When you automate the digitization and electronic storage of your documents, you can respond to clients faster and they’ll feel that they’re doing business with a professional, innovative company. That’ll put you one step ahead of the competition.
5 immediate benefits for your company
Now that you understand the importance of automation, here are five processes you can quickly optimize to reap real benefits:
- Digitizing invoices and communicating with clients
- Automatically sending clients a digital copy of their invoice, in addition to the hard-copy version
- Getting alerts when there are errors or differences between the PO and invoice
- Automating payment reminders
- Optimizing postal mailings and insertion into envelopes
Are you ready to go but don’t know where to start? Objectif Lune can help you achieve significant gains by changing your processes at your own pace. One step at a time, you’ll get closer to meeting your goals in terms of productivity, business efficiency and customer experience.
*All statistics cited in this article are from the Institute of Financial Operations.