As technology develops, businesses have ever-growing opportunities to realise new efficiencies, improve their systems and processes, and grow. Whether your business is looking to transform just one area, such as accounts receivable systems and processes, or you’re looking to overhaul your entire operations, there are some key things you can do to supercharge your results. Keep reading for five ways to realise powerful business efficiencies.
Digitise core processes
One of the fastest ways to save time and money is by digitising your business processes. This may include invoice approvals, or managing workflows in your business, such as those from order to warehouse fulfilment. It’s important to remember that while you may be digitising processes to make them easier, the change still involves people, so you need to make and communicate change effectively.
To make process digitisation successful, make sure key people across your business understand and support the changes you’re making. Some things you can do to make change as smooth as possible include getting feedback from across the business and having strong messaging about the benefits of process digitisation. The main benefits people will likely realise in their day-to-day work are more time for strategic work, less time spent on physical filing and paperwork, and more secure processes.
Reduce administration through automation
A recent Gartner report stated that 69 per cent of routine work that managers perform will be automated by 2024. This includes tasks such as managing workflows, updating information, and completing forms. For those people reporting to managers in finance and administration teams, they especially know how much time administrative tasks can take. Whether it’s reconciling transactions or compiling financial statements and reports, using manual and disjointed processes can result in a higher risk of errors and takes more time. By using digital solutions that automate tasks such as transaction entries into your accounting software and ERP systems, you can reduce the time that people spend on administrative tasks while improving data accuracy.
Use technology to work from one source of digital truth
Through technology developments such as ledger-to-ledger integration, trading partners can collaborate easily and accurately. This technology pulls data from one business’s system and feeds it to the other where it needs to be recorded. It allows both trading partners to work from a single source of digital truth with data that can drive stronger commercial decision making.
Introduce an integrated payments system
With an integrated payments system, your business can accept several payment options (credit card, bank transfer and other business finance solutions, such as Buy Now, Pay Later) while integrating with your existing accounting, CRM and ERP systems, and eCommerce stores.
Spenda’s integrated payment solutions provide a secure payment gateway and real-time account reconciliation, which makes it easier for businesses to:
- Get paid faster
- Save time by eliminating manual processes
- Reduce costs by automating processes
Implement systems with many uses
While you may only be interested in realising efficiencies in one part of your business, choosing systems that can improve other aspects of your business, either now or in the future, is an important step in ensuring your business is continuously improving its operations. For example, you may introduce integrated payments and later upgrade your point of sale and eCommerce systems, so everything in your business is working on one network. Not only will this save time, but you’ll save money by picking one provider that offers several integrated solutions.
Automate and grow your business with Spenda
Spenda helps businesses to realise efficiencies, become more strategic and strengthen their cash flow management. Whether you’re looking to provide more payment options or grow your business with stronger eCommerce channels, we’ll work with you to build a tech stack that supercharges your business.
Keen to see Spenda in action? Book a free demo with one of our payment experts today.