Automation is now being used in various industries to reduce inefficiencies and put day-to-day tasks, like handling purchase orders (POs), on auto-pilot. Automation enables the removal of manual processes that make sending, receiving, and tracking POs time-consuming and inefficient. This saves your business valuable time and money, and who wouldn’t want that? Automating POs increases your bottom line and enhances buyer/seller relationships—here’s how.
Go paperless. When your business goes paperless, you’re cutting your carbon footprint and helping the environment. Besides helping you and your team feel better about your global impact, going paperless helps convey a brand image of corporate social responsibility (CSR). According to a study, 8 in 10 consumers expect businesses to continue improving their CSR efforts and almost two-thirds believe businesses should take the lead to drive social and environmental change in the future.
Beyond being environmentally-friendly, going paperless can bring significant cost and time savings. Hard-copy PO processes require a constant supply of printing materials (like the paper itself, ink, and stamps), as well as arrangements with a postal service. They also require manual processing, which means your employees are spending time drafting, printing, and mailing statements month after month. Automating electronic statements can help your business cut back on these recurring expenses and personnel costs, and free up your team’s time so they can focus on higher-return ventures, like acquiring new customers and assisting current ones.
Increase visibility. With automated workflows, buyers and suppliers can both have simple access to pending POs and invoices. When you digitize these processes, it becomes possible to create, edit, and collaborate on purchase orders easily, with permission-based access based on each individual’s role so nothing gets lost or overwritten by mistake.
Buyers and sellers are able to view the status of POs, send reminders for payment, and give confirmation of completion, all on one secure platform. Say goodbye to endless chains of emails, downtime between responses, searching through endless stacks of paper, and inaccurate statements—and hello to centralized access that allows everyone to be on the same page.
Maximize efficiency. Less back and forth means POs and invoices can be completed faster than ever before. This reduces stress on both buyers and sellers, ultimately helping the supply chain of both businesses run smoothly.
In paper processes, once a PO is acknowledged and converted into an accurate invoice, it takes an average time of 15 days to process this paper statement. With automation, POs can be fulfilled and invoices can be paid almost immediately, from any location. Even if approval is needed from management or accounting, secure and legally-binding digital signatures can be acquired without ever leaving the platform. Keeping the process continuously moving and always knowing the status of your POs and invoices allows you to conduct your business with confidence.
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Make sending, receiving, and tracking PO’s less messy and more efficient with automation. Whether you’re ready to get started automating now, or have additional questions, we’re here to chat about possible solutions for your business.