As the year screeches to a close and 2018 shines on the horizon, resolutions take shape in your mind. You see yourself with a healthier lifestyle. Spending more time with loved ones. Launching new projects. All you need is that ever-elusive x-factor: more time.
This year, you can make it a reality. Think about creative ways you can amp up your productivity to carve out that extra time you need. Like optimizing the use of your AP automation system. Here are some ideas to get you started.
First, figure out where you are.
To fine-tune your AP solution’s performance, take a peek at your invoice data. Focus on the relevant KPIs, such as:
- The total lead time it takes to process an invoice
- Touchless ratio for each organization and each supplier
- Lead time for each process step
- Lead time for each user and approver
See what’s going on around you.
Compare your performance against benchmarks in your industry, to get a sense of how you’re doing by comparison, and where you have room to improve.
Look for patterns you can break.
Once you’ve plunged into your data, see if you can spot any patterns. Are invoices from certain suppliers always getting delayed because invoice information and purchase order data don’t match up? Do some managers take extra time approving invoices, causing delayed payments to suppliers? Do you notice purchase order-based invoices that don’t match up because the purchaser isn’t updating the ERP data?
Figure it out and arrange some meetings.
Explain why fixing these issues is vitally important for your entire organization and your suppliers, and how everyone will benefit from speeding up and smoothing out the process.
Create better users.
If you spend a lot of your time answering questions about things like invoices, coding and historical charges, it’s time to teach your people to search for the answers on their own. With an automated solution like Paybox, finding the information is as easy as typing it into a search bar. It’s even is available on their smartphone, so they can access their own data even if they’re on the road or working from home.
Making little improvements like these will bring more efficiency to your system, and more freedom for you to make 2018 the kind of year you want it to be.
Paybox is a single platform for vendor management, invoice processing, invoice status updates, payment notification and AP customer service.
Paybox’s unified working capital management platform facilitates $160 billion worth of transactions annually between more than 375,000 companies worldwide.