Is a “how we’ve always done it” mindset interfering with your progress toward better invoice process efficiency?
The number of challenges coming against invoice and payment processes are many but sometimes the pain is self-inflicted – like if you are holding onto old ways of doing things just because they have been in place for a long time.
When processes are based on old thinking they hold us back from achieving more. Were your current processes set up to support old technology? Have you explored why you do it this way? Processes need observation through a new lens.
Making assumptions about what will work in your process can mean you miss out on opportunities. When it comes to invoicing, assuming that the other party can’t operate without their paper may be holding you both back from cost savings. Using technology in order-to-cash provides a lift to receivables performance and stands to improve trading partner relationships. Additionally, a more efficient system could allow you margin for handling an uptick in your workload due to a merger or acquisition -- and just maybe your customers want the freedom that comes with self-service. It’s time for the conversation at least.
Technology, the right technology, can take us further down the road. Do your business processes reflect the best way to get there?