With all of the attention focused on new truck technology and advances in logistics, fleets may not realize how much they can save by automating their back-office processes as well
There’s no question that fleets need to ensure that their assets are as up-to-date as possible and equipped with technology that will not only make them compliant with regulations but will also enable them to compete with others in the market. But if the focus is too intense on front-office operations, you could be losing out on considerable savings by not looking at ways to update and automate your back-office processes.
In her recent IdeaXchange blog, Jane Clark, vice president of Member Services for NationaLease covers this very important topic. At a recent NationaLease meeting, Matt Clark, COO of Corcentric gave a presentation, detailing how automating your transaction processes reduces costs, increases efficiency, and provides visibility and data that will lead to better decision making
Companies of all sizes need to take a serious look at how they manage spend and control cash flow and working capital. What is clear is that silos no longer work. Procurement and accounts payable need to collaborate and fortunately, there has been a considerable growth of e-procurement platforms and end-to-end electronic and automated processing design that will enable companies to realize the benefits quickly and measurably. In addition, by automating low value-added tasks, you free up valuable personnel who can then use the data and analytics provided by the solutions to lead to better sourcing, more advantageous payment strategies, and greater control over spend.
Companies may, and often do, choose to work with providers who offer full end-to-end, cloud-based solutions, from PO to payment. Based on Matt Clark’s presentation, Jane notes that there has been “an increased demand for outsourced payment solution providers that manage 100% of payments.
This sounds great for buyers, but what if you are a seller? The same technology that powers accounts payable solutions also powers accounts receivable solutions. Third party AR solution providers do more than speed up the invoicing process; they also show companies how to use predictive analytics to “identify potential credit and collection issues in a proactive manner,” states Clark.
Read more of Jane’s blogs to see what issues and topics are top of mind for the industry.