As if the global marketplace wasn’t volatile enough, factors like the COVID-19 pandemic and a technical skills shortage are making it even more difficult for companies to make ends meet each month.
As we discuss elsewhere, productivity is a big issue for today’s resource-constrained teams. This is especially the case with distractions brought about by the “new normal” of widespread work from home (WFH). Some employees are contending with getting their jobs done while also caring for family members and keeping households running smoothly (here's a list of 32 tips for working from home). As a result, more lean organizations around the world are finding it increasingly challenging to accomplish the many administrative tasks that consume so many hours of their days such as inputting contract details, setting billing schedules, sending reminders, and so on. Carving out time in the day to focus on strategic activities that can actually grow the business is an afterthought for upwards of 50% of an employee's time.
In the face of such critical challenges, forward-looking companies are looking to new tools and technologies to create greater efficiencies in the workplace.
Don’t be swept away by the automation wave. Harness its power.
According to research conducted by Robert Half, automation is “transforming the nature of jobs faster than ever before.” From chatbots that handle customer inquiries, algorithms that audit data and catch fraud, software that reconciles accounts, and beyond — technology-rich process automation empowers companies to make better use of their human resources.
Process automation, including the workflow tools built into the Ordway billing and revenue automation platform, is particularly effective for resource-constrained teams. It creates efficiencies that can free up workers to focus on initiatives that best reflect their individual talents and expertise. In this way, automation actually makes skilled workers more valuable. We believe this fact is part of the reason that 79% of managers in the U.S. are either currently using automation or expect to do so within the next three to five years.
Process automation – efficiencies across the organization
Purpose-built yet flexible automation platforms like Ordway’s billing and revenue automation software are capable of delivering significant benefits across the entire organization, especially when it comes to sustaining the core business and increasing the velocity of expansion and innovation:
Better business results
- 75% of early adopters of automation tools improved revenue and overall profitability
- 86% said customer experience had benefited from the introduction of automation technology
Greater ability to exploit the automation advantage
- 80% of early adopters of automation report greater workplace agility
- 59% have redeployed engineers to focus on new, higher-value skills and development, instead of reducing headcount
- 75% have used automation to change their business models — indicating that automation is much more than a cost-cutting and efficiency exercise
How the Ordway billing and revenue automation platform helped Botkeeper reconnect activity to revenue
Botkeeper combines AI and machine learning technology with high-quality human expertise (by way of skilled accountant input) in one industry-leading solution that automates bookkeeping and pre-accounting tasks.
Botkeeper’s team had been struggling with their monthly invoicing and billing processes. Dependent on legacy tools, they just weren’t able to achieve the efficiency in their accounts receivable process that they themselves delivered to customers on the bookkeeping side of things.
“Ordway transformed our manual processes," said Andy Gauthier, VP of Finance of Botkeeper. "We no longer have to manage complex and cumbersome Excel schedules for deferred and accrued revenue. Ordway has been able to streamline a lot of this [for us].”
Botkeeper’s Revenue Accountant Tevin Hagamoser agreed, adding that the efficiencies brought about by Ordway’s billing and revenue recognition automation software had allowed them to redeploy staff responsible for invoicing and billing, ultimately enabling them to focus on propelling their business forward. “Prior to working with Ordway, it took three to five people to deal with invoicing and billing. Now, the Finance team is able to focus on why receivables are growing, rather than more than 50% of mundane tasks holding them back.
And, with the newfound time they were able to reinvest back into their business, Botkeeper was able to focus more time on raising Series B funding to the tune of $25 million.
Learn more about Botkeeper’s amazing automation transformation in this case study.
Transform more than 50% of your employees’ expertise into higher revenues with automation technology
If it’s true, as some studies suggest, that as many as 50% of the activities performed by a given employee are mundane, administrative, manual-intensive tasks that tend to be disconnected from revenue-building work, then doesn’t it make sense to use whatever means necessary to redistribute those activities, so that skilled employees don’t waste their valuable time and rather, can focus on the work of propelling the business forward?
When companies invest in process automation, they’re able to make their processes more efficient, which often allows them to make better and more strategic use of the invaluable expertise they hold in their human resources bench.
Are you ready to propel your business forward? Let’s talk about how we can get billing and revenue recognition automation working for your company!