Maintaining Corporate Visibility: Why Enhanced Workflow & Reporting is Critical to AP

Category: Blog

In the growing marketplace, it is more crucial now than ever to maintain corporate visibility. In an effort to remain competitive in their respective industries, executives and managers need to be able to make decisions quickly. This means maximizing resources as well as taking full advantage of big data and technology. Both business processing automation (BPA) and electronic content management (ECM) cut down on time, save money and enable organizations to operate more efficiently.

Before the advancements of BPA and ECM, the workplace consisted of paperwork and manual data entry. Records management was on paper, stored in filing cabinets and managed by employees. Needless to say, operating in this manner results in lost or destroyed documents, time wasted on locating documents, inefficient use of space and unproductive use of employee time and skill. This does not have to be your company’s reality any longer.

Business process automation is the use of “technology components to substitute and/or supplement manual processes to manage information flow within an organization to lower costs, reduce risk, and increase consistency.”   This technology is most commonly used with business tasks that are largely routine, such as accounts payable or payroll. Where BPA automates documents, ECM enables companies to have all information safely stored, easily and securely accessible, and transparent.

Companies must stay agile if they wish to compete. Time, resources and talent cannot be wasted filling out or searching for forms and data. Time is money and organizations who do not invest in technologies are lost in the dust, or in this case – paperwork. In addition to being an attractive business, employees can add more value by fulfilling more innovative and thought-provoking tasks; thus improving employee morale.

To succeed in the rapidly advancing world, organizations must be willing and able to change with the times. This means implementing key technologies, such as ECM and BPA, to improve efficiency, reduce costs and maintain quality while increasing productivity. Simply put, those organizations that do not adapt operationally or implement new technologies, fail to compete effectively and face obsolescence.