Purchase orders (POs) play a vital role in every organization, whether it’s a university ordering library books, a company procuring raw materials for manufacturing, or an agency purchasing services from a vendor.
POs are also one of the most admin-heavy business processes. They’re prone to errors, bottlenecks, lost paperwork, unnecessary back and forth, and maverick purchases.
This can lead to incorrect goods or service delivery, delayed orders, overspending, and even outright fraud, if Purchase Order tracking systems are not in place.
According to The Hackett Group, most organizations can reduce their operational costs by as much as 45% by implementing digital procurement tools for smart data capture and workflow automation.
Continue reading “Automated Purchase Order Tracking in 3 Steps”
With many approval stages — often including district board approval — badly managed purchase orders can take weeks or even months to process.
Teachers can become frustrated and take matters into their own hands to get the tools they need to provide learners with a successful learning environment.
Keep reading to find out how schools can benefit from automating their purchase order workflows to improve efficiency and transparency while gaining greater control over their spending.
Continue reading “How to Automate Your School Purchase Orders”
Despite incredible advancements in technology in recent years, most K-12 schools still use massive amounts of paper.
It’s estimated that the average school uses 2,000 pages per day, which quickly adds up to 360,000 pieces of paper over the course of 180 school days.
Between the classroom (handouts, worksheets, tests, homework, report cards, permission slips, etc.) and administration (application forms, student records, newsletters, HR and accounting, etc.), there’s a lot of paperwork to manage and track for administrators, teachers, and students–on top of an already-packed list of responsibilities.
Continue reading “The Paperless School: 9 Ways to Reduce Waste and Increase Efficiency”
Business process automation has the potential to change the way we work forever by taking care of the countless repetitive manual tasks we perform every day, allowing us to focus on more important and interesting activities. Imagine never having to print and scan and email a contract, rifle through your papers trying to locate that missing document, or phone a colleague or vendor to follow up on the status of a purchase order again!
With workflow automation software, it’s possible to digitize and automate just about all of your processes, so that documents are automatically routed to the next stakeholder in the process. With electronic signatures and mobile-responsive design, you need never print-sign-scan-email a document again, and with automated notifications and reminders, you can rest assured that the work will get done and reach the right people at the right time.
Continue reading “The Best Nintex Alternative: Nintex vs frevvo”
What is Workflow Analysis?
Workflow analysis is the process of examining your business workflows to identify trends and improve workflow efficiency. In turn, this improves employees engagement, customer satisfaction and the competitiveness of the business itself.
Quite often, if you ask people why a particular workflow is set up the way it is, they’ll tell you “That’s how we’ve always done it.” The workflow design probably made sense years ago, but as the organization and its business environment have changed, the workflow was probably never updated.
Continue reading “Workflow Analysis: How to Improve & Optimize Your Processes”
Every business, whether its offering is a product or service, has expenses. Suppliers or vendors need to be paid for their products and services, and they need to be paid accurately and on time if you want to maintain good supplier relationships.
Accounts payable (AP) plays a vital role in any organization, whether it’s a one-person accounting operation in a small business or a whole finance department in a large enterprise. And at the heart of any AP department is the invoice approval workflow.
Continue reading “How to Automate the Invoice Approval Workflow in 3 Easy Steps”
Higher education institutes have an immense workload when it comes to ensuring that students – and staff – have access to all the resources they need for an outstanding education.
Yet, despite incredible advances in technology in recent years, much of academia still resort to manual workflows to get much of this administrative work done. This leads to piles of paperwork and disjointed processes in which it’s easy for errors to occur and documents to go missing or students to slip between the cracks – which can have dire consequences in the case of processes such as financial aid applications. Not only that, but talented staff end up wasting countless hours on menial tasks like data entry and emails, which is bad news for job satisfaction.
The solution: business process management. What exactly is BPM? In a nutshell, business process management refers to the practice of digitizing, proactively monitoring, and optimizing the sequence of tasks that need to be performed to achieve a particular business goal. Luckily for businesses – and higher education institutions – everywhere, business process automation software can make this much easier.
Continue reading “BPM in Higher Education: A Complete Guide”
What is the Expense Management Process?
Expenses are an unchangeable fact for every organization or business, and for enterprises and small businesses alike, expense management is an important operations process.
Expense management refers to a set of procedures that allow businesses to monitor and optimize (minimize) their spending—and raise their profit margin. This process encompasses the expense approval workflow in which employees submit expenses they have incurred for reimbursement.
A robust expense approval process helps to ensure that the organization’s spending doesn’t exceed its means. An automated digital expense approval process not only allows you to streamline approvals and save time but also arms you with data that can be used to gain critical insights that can be used to reduce costs.
On the other hand, managing your expense approval process manually (using emails, spreadsheets, and paper invoices and receipts) takes a lot of time and can result in late payments, which can ruin your organization’s reputation among suppliers and impact your timelines if materials you needed are not procured on time. Paper and manual data entry also result in frequent errors and even missing documents that your finance team has to spend precious hours hunting down.
Continue reading “Automating the Expense Approval Process in 8 Simple Steps”
What Is Multi-Sourcing?
Sourcing the raw materials, components, products, and outsourced services needed to conduct your business is a core part of any organization’s operations.
While some business owners would argue that a smaller pool of vendors translates to better terms, service and more personal attention pricing, a growing number of businesses are making a strategic shift away from single-source supplier agreements in response to global events that threaten to disrupt supply lines or raise costs. As a result, multi-sourcing is gaining popularity as a procurement model.
Driven by organizations that seek to mitigate risk as well as businesses that seek more flexible, innovative and competitive supplier relationships, multi-sourcing offers a number of attractive advantages.
However, multi-sourcing can increase the complexity of managing suppliers. Procurement process automation, where you digitize and replace manual workflows with electronic ones, can make a huge difference in managing this added complexity allowing you to reap the full benefits of multi-sourcing.
Continue reading “Multi-sourcing: How to Make Your Procurement Strategy a Competitive Advantage”
In March 2019, the Department of Justice announced the indictment of a Lithuanian man who used invoice fraud to steal $123 million from Google and Facebook. He managed to execute the fraud through business email compromise: he posed as trusted vendors and sent invoices for services that never took place.
Invoice fraud is on the rise. According to the FBI, email fraud increased by 136% between December 2016 and May 2018. While Google and Facebook managed to recover their funds, the majority of businesses are not so fortunate, and sadly, small-to-medium-sized businesses are often targeted because scammers know that they don’t have the same resources to allocate to combating fraud as larger companies.
Continue reading “How to Reduce Fraud with Accounts Payable Automation”