We hear it all the time from our clients.... they are still processing hundreds, some times thousands of invoices, or sales orders. Some of our clients still have manual purchase order books. I was even talking to a client the other day that was still receiving orders via fax!
Well, now is the time to be thinking about how you can make more of your manual processes and documents digital.
Imagine that your team is processing some sales orders for a few large organisations via EDI (or digital document exchange). The data goes directly from your customer's accounting system into yours. This is good although old fashioned EDI solutions are usually pretty clunky these days and your EDI provider would need to fix any errors that might arise in the process. Let's just say that these EDI orders cover 80% of your sales orders in total. That's a pretty good percentage isn't it?! BUT, have you heard about the Pareto Principle? Also called the 80/20 rule which states that 80% of the effect comes from 20% of the causes. In this instance, 20% of the transactions can create 80% of the work. This means that until you get 100% of your sales orders digitised, you still have a huge amount of inefficiency in your business.
Manually processing, and data entry of 20% of sales orders, the resulting errors, the back and forth with emailing and phone conversations to make sure everything is correct. This all takes time. And it also means that you need to be physically co-located to wherever the orders are coming in.
We're talking to so many clients now who realise the benefits of making more of their financial or sales processes digital. Especially after the situation with Covid-19. A pretty scary situation for all of us, but even more worrying when considering how to ensure your business can keep working effectively in a distributed fashion when all your staff are working from home.
If this is you, we can help.
DX2 digital document exchange can:
- Work as an EDI or digital document exchange solution so you can receive or send digital orders or invoices to/from customers and suppliers - it's flexibility allows you to receive data and documents of any format.
- Give you OCR capability so you can turn those PDFs into digital data ready to bring into your ERP solution, or in the case of invoices to code and get approved via your distributed team.
- Give you deeper analysis of your spend and/or sales - with connections into Power BI or your reporting solution; our unique Analysis tag functionality enables you to tag spend in any way that is meaningful to your team.
- Also be used as a customer portal so that you can expose your product catalogue to your customers for them to directly input their orders themselves.
To find out more about how Dairy Holdings Limited, NZ's largest dairy farming company is using DX2 to process and get approval for payables invoices across 77 farms in the Canterbury region, then read more at: https://www.olympic.co.nz/project/dx2-delivers-time-and-cost-savings-to-nz-dairy-farms/
If you're looking for ways to make more of your financial processes more effective, efficient and easily managed by a distributed team, then please get in touch.