4 Key Areas Where Automation Can Save You Money
Business process automation isn’t just about doing things faster with less employee involvement. It’s also about optimizing your business processes, freeing up employees for more productive tasks, and cutting costs across the board. Here are 4 key areas where automating your business processes will save money.
Managing Capital Projects
ERP systems play a key role in capital project management, but they’re not enough on their own. Automation that integrates seamlessly with existing ERPs gives you greater control over capital projects. You save money because the automated system fills in functionality gaps for more accessible, configurable capital management.
Capital management software gives you more accurate insight into where your money is going. It also integrates budgeting tools so you can better track cash flow and plan where your money should go.
Streamlining AP Departments
The accounts payable department is an area where automation’s benefits really stand out. A 2010 study by the Institute of Management & Administration (IOMA) reported the median cost per invoice for companies without automation was $15.70. Companies that automated their AP departments had a median cost of $6.31 per invoice.
And the automated AP department doesn’t just save money on cost-per-invoice. AP Automation Software also ensures you’re not turning in payments late (and being charged late fees). You’ll also catch errors like an overpayment and duplicate payments.
The less time employees need to spend correcting mistakes in the purchasing process, the lower your cost per transaction. Automating the purchase order system makes it easy to track and control purchases, stay on budget, and see where your money’s going.
All NextProcess’ software systems are designed to work together as well as separately. Our purchase order system pairs perfectly with our AP software for increased control over cash flow. You’ll save money by cutting cut down on or eliminating unauthorized purchases, lost records, and invoice/PO discrepancies.
Simplifying T&E Reporting
Handling travel and expense reporting can be a nightmare. On top of the time spent processing expense claims, hard-to-use T&E systems also make it easier for fraudulent expenses to slip through. Travel & Expense automation software automatically enforces rules, processes expense claims faster, and frees up employees for more productive work. And easier to use T&E systems mean happier employees.
In addition to the money saved by automating these key areas, you can also save money by choosing NextProcess for your automation needs. Our software scales to your business size and the straightforward transactional pricing means you only pay for what you use. Contact us to schedule a demonstration and see how our software can work for you.