CloudX Blog

Happy New Year!  More status quo for you or are you looking to get operationally jacked and embrace document process outsourcing?

Posted by Chris Cosgrove

Jan 5, 2016 1:36:00 PM

Happy New Year!

Are you transforming your transactional document processes with document process outsourcing?

 

Welcome to a new day, a new season in your journey!  Many people begin the new year refreshed and invigorated from time with friends and family ready to seize the day.  This is never more evident than when going to your nearby gym where the resolutioners as they are aptly named are so thick they blot out the sun during primetime 5-8 pm hours.  

Certainly less fanfare happens in the bowels of the back office, but that doesn’t mean it shouldn’t be an area that goes unexamined.  In fact, some of the most tangible and potent areas for transformation are sitting right in front of you...that is if you’re open to taking hard eyed look at your transactional document processes like AP invoice processing, AR remittance processing, sales order processing, check payments (or should we say virtual credit card payment processing?), and more.

 

The point is that some folks will decide that enough is enough.  The status quo has been weighed and found wanting, and it is high time that something be done about it.  But what to do now?  Well, like the resolutioners who turn to the nearest available personal trainer in search of the exercises and tips necessary to transform their bodies, wouldn’t it be appropriate to consult with others that have mastery over the document processes that are plaguing you?So, this isn’t so much an informative, or thought provoking post from us at CloudX today, but more a call to arms!  

 

If you want to see real change occur in your organization and you want to make your processes as efficient as physically possible, and you’re wondering what to do about it we have some ideas on the matter.

 

1.  Dive deep into quality content. - Get a perspective for the possible.  In doing so, you’ll refine what the clear issues and priorities are for you to expose, revamp, or implode.  Oh yeah, we've got a bunch of eBooks and blog posts that will help you with this here!

 

2.  Research solutions for the issues. - Sure, no two solutions are exactly the same, but guess what, your processes will be unless you do something about it and deploy a solution to resolve your outlying issues.  And by the way, just like the gym, no solution is going to be a flip of the switch miracle cure for years of inefficient process patterns that have been allowed to exist without reinvention.  Like the Thighmaster or the Ab-Doer, there is no singular, silver bullet that will cure your process woes.   What will work is a balanced automation campaign that addresses everything from document onboarding to OCR, to validation to integration, including workflows, dashboards, and approvals.  That does not sound pretty per se, but then again getting a one dimensional tool to work out your thighs in the hopes that it’s going to help you back and bi’s would be nonsensical.  So it is with these transactional processes!

 

3.  Benchmark your current processes and count the costs! - Figure out what your issues (oops, did I mean processes) are costing you today and what they could be costing you in the 2.0 world. Better yet, if you’ve picked up what we’re laying down, what could these processes be earning you...now that is a compelling question…?

 

4.  Like the man said (Shia Labouef, of course) - JUST DO IT. Pull the trigger and don’t look back! Make something happen! Stick your neck out and create a wake of awesomeness in your operations today! Your teams will thank you...your bosses will thank you...and you’ll have a happier, better existence as you go forward-conquering each day.  Don’t let another year slide by without addressing outlying burdens and issues presented by transactional document processing.  It’s a new day and you can solve virtually any business challenge if you partner up with the right team and make it happen!

Free eBook on Unlocking Profit From Transactional Document Processes!

 

 

Read More

Topics: Accounts Payable Automation, document process outsourcing, Virtual Payments

The CloudX Accounts Payable Process Manifesto

Posted by Chris Cosgrove

Oct 20, 2015 5:36:18 PM

Neo gets it. Time for the reign of the paper accounts payable to end.

 

 

It kind of feels funny to make daring statements.  Funny may not be the right word...perhaps risky ? While I’m not sure what the adequate word is to describe it, I can say that it reminds me a bit of Neo at the end of The Matrix, when he makes his declarative phone call to the machines.  In that sense, I think we at CloudX share his quiet confidence about the future of the Accounts Payable process landscape, at least for those who will boldly venture forth into the document process outsourcing paradigm we envision.  

 

We're going to show you a new world.

 

For too long, companies have struggled with transactional document processes for which they have no good answers or tangible means by which to improve them.  That’s the whole raison d’etre for CloudX in the first place.  Make a way for the little guy (or gal) so to speak, to have a reasonable chance at tackling tough processes and driving automation home.  The accounts payable process as it has stood for probably years, if not decades, has a majorly rude awakening coming to it.  You see, it’s beginning to dawn on finance leaders out there, that there are other options in terms of contemplating doing nothing, or being priced out of a solution that only the big boys can afford.  With every day that transpires, and every customer we take live, and every integration we build and hone, the validity of pursuing automation for the accounts payable process is more and more of a reality.

 

The good news is simple for most finance leaders...help is on the way...so you don’t have to be like the damsel in distress in the tower spire anymore.  CloudX is riding in on chariots of fire to consume all paper in our path, and to convert it to something meaningful and malleable, aka data, beautiful data.  

 

With this quicksilver like data, you’ll be able to pump it and pipe it into your process automagically to affect wonderful business outcomes.

 

Key impacts will be a litany of the following:

  • Total process visibility
  • Elimination of accounts payable process bottlenecks
  • Late payment fee eradication
  • Early payment discount maximization
  • Duplicate payment evisceration
  • Data entry error elimination
  • Accounts Payable process cycle time slashing
  • AP Staff productivity maximization
  • Inter-departmental collaboration
  • Boosted vendor relations
  • Accounts Payable process transformation and profit center creation
  • Basically anything you can imagine that ends in ‘ion and means your wildest dreams are coming true!

 

But seriously, it’s the dawn of a new era!  You don’t have to stay mired down by paper any longer and all the headaches it creates in your organization and among your people.  There’s too much on the table to not gain a realization of what’s possible, and what better way to find out than by reading about others who have gone before you.  For more on that, check out this section of our site over here from some other brave folks who decided to tip their apple carts so to speak and the status quo of traditional AP.

 

Do someone a favor today and herald the good accounts payable process news you’re ingesting right now!


If that’s not your cup of tea and you’re not ready to hop on the CloudX ap automation express, that’s cool, we get it! To each his own, but we’re just saying that the gauntlet is being thrown down and we’re challenging you to apprehend what that means and the potential impacts of making a calculated move to the next level of awesomenicity with us.

Free eBook on Unlocking Profit From Transactional Document Processes!

Read More

Topics: Accounts Payable Process, document process outsourcing

Why AP Processing Sucks For Most Companies

Posted by Chris Cosgrove

Sep 18, 2015 11:24:00 PM

be-awesome-40-x-40cm-R75-60-x-60cm-R150

 

Perception is reality...or is it?

 

In today’s market, it’s critical for companies to create sharp external appearances which entice customers, investors, and generates social momentum.  This is done via all manner of media including digital appearance online, social media, advertising, and marketing collaterals.  All of this creates an edifice that is appealing to the company’s following and necessary for positioning in increasingly competitive corporate landscapes.  Now despite the bells and whistles of modern marketing technologies, many companies have ugly underbellies, particularly in their back office processes.  Most companies put the least amount of resources in these areas because they are not revenue generators.  This is an unfortunate, but not uncommon storyline.


With that said, it’s a reasonable conclusion that many processes that require modernizing go languishing, and instead of being improved, stagnate.  If you haven’t been paying attention to ponds across the US right about now, that is never a good thing, as evidenced by the scum that festers on the surface. (Hopefully you haven’t eaten recently, as it’s not a pretty picture and we’re not to be blamed for any stomach turning.)  As other wiser, better looking folks have said in bygone days, if you’re not moving forward you’re moving backwards.  The same is true of Accounts Payable invoice processing.


AP invoice processing is a total cluster-cuss for the following reasons:

 

  1. Invoices are paper centric.  - Lack of integration between supplier and customer systems equal paper with data to convey transactional details between the parties.  This means data entry. Data entry means increased labor, errors, and time lost to the process.  All in all, no bueno.

  2. Invoices come in myriad formats. - Ironically, individual vendors may have the dozens of versions of them, which create processing challenges of their own.  While this is the exception and not the rule, it is true horizontally across a pool of vendor invoices within a vendor master file.  No two invoices are identical from vendor to vendor, and varying types of paper stock or layout create complexity when trying to capture quality images. (This obviously assumes the effort of actual capture and OCR, which most business dare not take on due to cost and proficiency constraints...this is an optimal plug then for a different flavor of OCR aka document process outsourcing...read on here if you dare!).

  3. Approval, coding, & workflow process are manual. - It’s rare, though becoming more common to have highly intelligent, adaptive workflows that are customized to cause invoice subsets to reach the appropriate parties right out of the chute.  Au contraire, most businesses have to manually move these suckers through their company through interoffice envelopes, the mail, and express couriers.  All of these are anathema a healthy, functional, agile AP process.

  4. Reporting is non-existent.  - Sure, someone can run retroactive reports through their accounting system, but most finance leaders have an itch to peer inside the crystal ball so they can glean out what’s coming down the road, not just the plates on the truck that just hit them.  Poor reporting means poor benchmarking and ultimately poor process management.

  5. Manual process trumps higher order work.  - This is only the case where the act of manual labor necessitates greater time and thought investment than is able to be rendered in higher value activities.  Take the value of early payment discounts, or strategic payment initiatives, a la virtual payments variety...these can not be actioned easily without divesting some manual processes, which are nearly impossible to do without embracing automation technologies and approaches.


The Good News:

While those are five legitimate issues that impede optimal invoice processing, they are by no means permanent show-stoppers.  In fact, many companies are challenging the status quo to create new value and better processing environments for their organization.  However, the trick is how do you do that without breaking the bank or the expertise to do so...and that, right there, is the rub!


Free eBook on Unlocking Profit From Transactional Document Processes!
Read More

Topics: AP Process, document process outsourcing, Invoice Processing, ap processing

Subscribe to Email Updates

Posts by Topic

see all