Posted in Digital Transformation

Digital Transformation For Small Business: Key Areas To Leverage Technology For Growth

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.

Digital Transformation leaders outperform laggards.

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.

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Posted in Workflow Automation

How to Create Custom Reports With Form Data Using Banana

Data Visualization is incredibly powerful.

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.

Some chart options available with Banana.

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.

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Posted in Procurement Automation

4 Top Procurement Technologies for the 21st Century

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:

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Posted in Procurement Automation

The 8 Top Procurement Trends For the 21st Century

Recent advances in technology are creating profound impacts on many businesses activities. In particular, digital transformation is rapidly changing back-office operations such as supply chain management and procurement. Digitally transformed organizations increase efficiency, lower cost, and adapt to fast-evolving customer expectations.

To stay relevant, competitive, and profitable, businesses need to keep pace with new technologies. Procurement is no exception. New technologies facilitate e-procurement, contract repository, supplier performance management, spend analysis, supplier information management, AP automation, business networks, contract authoring, and more.

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Posted in Workflow Automation

9+ Workflow Apps That Will Maximize Employee Productivity

Everyone wants a smooth workflow. The word itself says it all. You want the work to flow as you focus intensely and produce results with minimal time wasted. Yet we all know that’s not how our workdays turn out.

Thankfully, there are tools you can use to get rid of distractions and time-consuming processes. Think of them as shortcuts that enable you to focus on your work rather than all the superfluous details. 

A McKinsey report on social technologies found that simply by tapping into powerful applications, we can improve global productivity by 20 to 25%. The apps include those that can improve communication and collaboration between teams, saving time and improving performance.

Using technology increases employee productivity.
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Posted in Forms Automation

How to Integrate Forms & Workflow With Your Document Management System

A typical organization deals with dozens of kinds of documents. These are everyday things like invoices, new hire paperwork, student records, 401(K) change request forms, contracts, purchase orders, absence records and so on.

Truth be told, you’re still likely to find large filing cabinets and folders filled with documents in many offices. People still print out their documents, stick them in a folder and put it in the corner filing cabinet. Of course, paper documents are hard to find, maintain, modify, send around etc. – the usual problems. They’re also vulnerable to disasters e.g. a fire could destroy years of information.

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Posted in Procurement Automation

Why the Procure-to-Pay Process is Going Digital

As digital transformation sweeps across the globe, organizations are looking to use technology to improve efficiency in all departments. The procurement department, which owns the overall procure-to-pay (P2P) cycle, is no exception. Digital or e-procurement has the potential to hugely impact P2P.

What Is Procure-to-Pay?

Procure-to-pay is an umbrella term for the process of requisitioning, ordering, purchasing, and receiving goods or services for an organization. It’s a standard, necessary part of any business operations that may or may not involve multiple stakeholders depending on the size and hierarchy of the company. The process usually requires a lot of paperwork and time to complete fully.

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Posted in Workflow Automation

8 Workflow Examples That Will Help You Get Started Today

Companies everywhere are transforming their tedious, time-consuming, manual processes into streamlined, easy-to-use, automated processes. They’re doing it to reap the many benefits of automation technology. Updated technology improves consistency and companies have enjoyed increased productivity, availability, reliability, and performance, while drastically reducing costs.

However, each company has different automation needs and priorities. For example, a company that procures a large number of raw materials may benefit from invoice automation as opposed to a temp agency that may prefer to invest in automating new hire onboarding.

Here’s a list of workflow examples for common business processes. For each type, we’ll explain what your workflow should include to make them perform optimally. The right business workflow software will help automate these processes, and so much more.

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Posted in Procurement Automation

Purchase Requisitions: The Definitive Guide

The Purchase Requisition process

A purchase requisition is an internal document that an employee within the business creates to procure goods and services. Note that the purchase requisition is different from the actual purchase order (PO). The requisition serves to obtain approval for the purchase from their manager or a VP before Finance actually issues a PO.

Organizations use the purchase requisition process to control the generation, approval, and tracking of purchase requests. It’s part of the overall procurement process.

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Posted in Procurement Automation

Digital Procurement Strategy – 9 Stats to Consider

Digital Procurement Strategy

When Deloitte surveyed procurement professionals in 2016, the overwhelming priority for most organizations was cost reduction (74%). The study also revealed that 60% of respondents did not have a clear digital strategy in their procurement process.

Fast forward to 2019, and things seem to be pointing in a different direction. The latest Deloitte study found a clear shift in procurement, with an accelerated pace of change in digital procurement. While cost reduction remains a priority (78%), there was a clear emphasis on innovation and value as well.

So with that in mind, here are some key statistics to focus on as we move toward 2020 and beyond.

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