Change can be challenging, especially when it comes to overhauling established processes and workflows. Companies often hesitate to adopt new solutions, particularly when they've had a less-than-stellar experience in the past. This is particularly true when it comes to implementing Accounts Payable (AP) automation. If your company has previously had a bad experience with AP automation, don't let it deter you. Here's why you should consider giving it another try:
1. Technology Evolves:
The technology landscape is constantly evolving. Often times we hear from manufacturing companies, health systems, and higher education institutions that their original software provider or OCR solution isn't cutting it anymore. What didn't work before might now be seamlessly integrated into your existing systems, offering improved functionality and user-friendliness. AP automation solutions have come a long way, with more intuitive interfaces, greater flexibility, and enhanced compatibility with various ERP systems. These advancements mean that even if your previous implementation was less than ideal, the time might be right for a more successful reattempt.
2. Growing Pains:
Companies often struggle during the initial stages of AP automation implementation, dealing with learning curves and unforeseen challenges. These growing pains are normal and expected, even if they derailed your previous attempt. By revisiting the implementation process, you can better prepare your team to address these issues, implement effective training, and refine your workflows. The result? A smoother transition and improved efficiency.
3. Financial Efficiency:
A major motivator for AP automation is the significant cost savings it offers. In an increasingly competitive business landscape, every penny counts. AP automation has been shown to reduce processing costs significantly. With a fresh perspective and a willingness to adapt, your company can harness these financial benefits, turning your previous bad experience into a valuable learning opportunity.
4. Enhanced Vendor Relationships:
Efficient AP processes are not just beneficial for your company; they also positively impact your vendor relationships. Late payments and inaccuracies can strain these relationships, potentially resulting in higher costs. AP automation enhances the accuracy and timeliness of payments, fostering stronger partnerships with vendors.
5. Regulatory Compliance:
Compliance requirements evolve over time. AP automation solutions are updated to align with these changes, ensuring that your processes remain compliant. By revisiting AP automation, you can address any compliance concerns you may have faced during your previous implementation.
6. Business Growth:
As your company grows, so do the demands on your AP processes. What didn't work before might now be an ideal fit for your expanded operations. By embracing AP automation, you can support and sustain your growth more effectively.
7. Customization and Scalability:
One of the reasons previous implementations may have failed is that they weren't tailored to your specific needs. Modern AP automation solutions offer customization options that allow you to adapt the system to your unique workflows. This scalability ensures the solution can grow alongside your business.
8. Industry-Specific Solutions:
Perhaps your previous experience with AP automation didn't consider the unique requirements of your industry. Today, there are industry-specific solutions that are designed to address sector-specific challenges. Often times you will realize a solution may be better suited for Expense Reporting or for scanning documents. However, if you are looking for a solution that can automate PO based invoices or focucs on implementing a solution customized for your industry, you're more likely to succeed.
Conclusion: Turning Past Challenges into Future Success
A previous bad experience with AP automation doesn't mean you should abandon the idea altogether. Technology evolves, and the pitfalls of the past can be valuable lessons for future success. By embracing change and adopting a fresh approach to AP automation, your company can unlock the efficiency, cost savings, and enhanced vendor relationships that come with it. Don't let the past hold you back; instead, let it guide you toward a more successful AP automation implementation that aligns with your company's evolving needs. At Nimbello, we're here to support you on this journey, ensuring your AP automation experience is seamless and tailored to your requirements. Contact us today to explore your options and make AP automation work for your company.