Procurement is a core activity for many businesses. After all, businesses use materials and services in order to create and deliver their own products and services.
Yet, in spite of the fact that it’s such an integral operations process, procurement is persistently one of the most disorganized activities for many organizations including institutions of higher education. Often, this is because procurement’s top priorities haven’t evolved to align with the priorities of a modern business.
It’s hard to blame the procurement department. In many organizations, they’re still stuck using Excel spreadsheets and email for routine processes. Without automation, employees in charge of procurement are still spending a lot of time on paperwork, and simply don’t have the time to think bigger picture. Concerns such as Corporate Social Responsibility or reducing everyday risks to the business unfortunately take a back seat to simply getting through all the routine tasks.
Whatever the size of your business, process automation helps increase agility and sets your business up for success in the 21st century.
Doubtless, by now, you’ve seen and heard people frothing at the mouth in their fervor for digital transformation. If it’s not the buzzword of the decade, it’s certainly in the top ten. Automation is another contender for the top spot. But if both revolve around making business operations more efficient, what’s the difference, exactly?
Dynamic forms are the lifeblood of most automated business processes.
From HR paperwork to automating accounting tasks, most of the common ways that our customers use frevvo to save time and money in their business rely on smart forms that are able to do more than just collect text in a box, but perform actions based on those specific inputs.
This functionality allows businesses to create forms that perform calculations, automatically fill in information, or customize workflows based on the user’s inputs.
While most users would likely love this functionality, few have the resources at their disposal to achieve a truly seamless experience.
Instead, most businesses capture inputs through forms where users have to type data and read instructions and then still manually process those inputs with human time and energy. Why? Because building dynamic forms can be an enormous expense and investment that many businesses can’t make.
For most companies, rolling your own dynamic forms and creating custom workflows can drain hundreds of hours of IT time and other resources cost thousands of dollars to implement.
This is why frevvo includes a Visual Rule Builder (VRB) to allow business users to create dynamic forms without coding. Using the VRB engine, non-technical users can easily define custom rules and logic that control how a form functions while it’s being completed, once it’s been submitted, and when it’s being processed.
All of the custom functionality that would require manual coding and huge investment to build and maintain can be created with just a few clicks.
Higher education has made great strides in embracing digital transformation, yet, much time is still wasted due to administrative inefficiencies. Workflow automation offers the opportunity to eliminate inefficiencies and save time and money by automating tedious manual administrative processes.
What is Workflow Automation in Higher Education?
Simply put, workflow automation is the process of automating the sequence or chain of events that need to take place in order for a process to be completed. For instance, automating the admissions workflow might streamline the process by electronically routing documents to the right people at the right time without manual email or phone calls. Additionally, the process of notifying students of changes to their application status – as well as other communications – might be automated.
Workflow automation in higher education not only reduces time-consuming busywork, freeing staff up for more important tasks – it also reduces the margin of human error, which has real world consequences for both students and administrators. Critical decisions like admissions and financial aid often hinge on these central processes.
Staff may struggle to juggle admin with the rest of their workload, resulting in students becoming frustrated by long waiting periods for simple requests that shouldn’t take more than a few minutes to process and provide feedback.
Moreover, when academic staff are preoccupied with administrative tasks, their research and teaching suffers. As such, workflow automation that reduces the administrative burden academics face can be an effective way to attract top talent.
Many companies are stuck with old processes when it comes to accounting.
They rely on Excel spreadsheets, sending them from employee to employee to make updates and circulate those changes. They hold steadfast to manual approvals, which can take days, weeks, or months for a simple sign-off from busy executives. And they hold their breath waiting for the inevitable human error to create an accounting minefield.
Needless to say, all of this can hinder growth for companies.
But accounting automation can open the door to a better reality.
Automating a variety of accounting and financial operations tasks will lead to smoother operations, saved time, and a better bottom line. In this article, we’ll break down the basics of accounting and financial automation, show which tasks should be automated immediately, and illustrate how to use frevvo to build a scalable financial operation for your growing business.
A purchase order is one of the necessary types of paperwork that many business owners dread. The purchase order process is often long and complex and requires large amounts of back and forth communication. Too often, information gets lost in this type of disorganized communication – and even when it doesn’t get lost, it’s difficult to keep track of everything.
Digital transformation is essential for businesses of any size to stay relevant and competitive in today’s market. Yet for a small business with a limited budget, it could sound like an intimidating undertaking.
However, you simply can’t ignore the benefits of using the right technologies in your business. It’ll help you improve efficiency, lower costs, increase productivity, improve customer experience, and ultimately, boost profits.
In fact, 42% of SMBs now consider digital transformation a core component of their organizational strategy. Digital leaders are doubling the performance of digital laggards.
There’s a lot of buzz around the term digital transformation (DX). As a small business, you may wonder if it’s something you need to pay attention to.
It sounds like a fancy gimmick for large corporations with big IT budgets.
However, no small business can afford to ignore digital transformation. Don’t sweep it under the rug. You’ll likely miss out on opportunities that will set your business up for success for years to come.
Research conducted by Bain & Company revealed that digital leaders more than double the performance of digital laggards in their industries. Profitability follows the same pattern – 83% of the leaders increased their margins over the same period while less than half of the laggards did so.
Think about a corporate performance report. Connecticut, South Carolina, Minnesota were the Top 3 performs. Wyoming, New Hampshire and New York were the Bottom 3. There were X, Y and Z trends. Revenue and profit grew A% and B% respectively. You could go on and on for pages.
Or, you could show charts like this.
It wouldn’t surprise me if this is the first sentence you read in this article. That’s because the visualization immediately captures our attention. If you’ve automated workflows with frevvo, your data is already digital. Data visualization is the best way to present your data.
In part 1 of this series, we discussed the latest trends in procurement for the 21st century. Building upon that, we’ll now highlight some modern digital procurement technologies and help you choose the right ones for your organization.
As more organizations are leveraging procurement technologies to increase operational efficiencies, reduce costs, and respond to market demand, it’s no longer an option to ignore the various digital transformation tools if you want to stay competitive and improve profit margins.
However, with the many solutions on the market, choosing the right technologies can be quite a daunting task.
To get the most of your IT budget, you should first devise a clear digital transformation strategy to guide the selection of technologies for your organization.
Here are some tools to consider based on the latest trends in procurement technologies: