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ERP investment is a major part of optimizing financial operations. But organizations that invest in improved systems without optimizing their processes find that the ERP isn’t being leveraged to its full capabilities.
A recent whitepaper from Hyland Software explores ways that manual processes can impact an ERP’s effectiveness and ROI. Here are 2 to get started:
- It’s difficult to measure effectiveness of systems. If invoicing processes remain primarily manual – paper invoices, PDFs sent as attachments via email, etc. – then lack of visibility into the invoice cycle makes it difficult for managers to analyse the effectiveness of the ERP, processes and staff and thus assess ROI. Real-time visibility into AP operations is proving key to quick, informed decision-making, providing insights into important KPIs, such as average time it takes to process an invoice. Treasury and Finance leaders can drive improvements with real-time data, which allows them to strategize and prioritize invoice payments, early-payment discounts, and forecast AP’s cash requirements.
- Information in the ERP system is delayed, incorrect or incomplete. Information relating to a supplier, PO or invoice can be lost among multiple applications and databases, or in numerous electronic and paper documents. This can lead to errors like overpayments and duplicate payments, but this can be significantly reduced by increasing the accuracy of ERP data through digitization.
The whitepaper also explores ways to ensure ERP systems deliver maximum performance, including 4 ways ECM extends your ERP’s value, and how ECM systems work and integrate with ERP.
For more information about increasing automation rates and ECM systems, visit Hyland Software’s accounting and finance solutions page.
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