Our understanding of work has changed significantly in the last year as we have reevaluated what it means to be efficient and effective. Companies are working to develop remote, hybrid, and in-office models that maximize employee satisfaction and keep the business on track. When it comes to tools, however, employees are overloaded with systems, platforms, and notifications.
This is where automation can provide solutions, especially if you are a small business.
If the pandemic revealed anything, it’s that we need technology in order to progress. However, it also revealed that employees are often overworked and exhausted—perhaps even more so than many of us were aware. Automated technologies are a vital component of alleviating some of that overwork and keeping employees healthy and motivated.
Here are a few ways that automation can help your company – big or small.
Embrace Digital Transformation
Financial teams are now increasingly turning to innovative solutions within AI and automation to eliminate the communications and productivity bottlenecks that have historically created tension within organizations.
One of the leading financial automation platforms, Stampli, has noted the tidal shift occurring in how entrepreneurs think about their tech stack.
“Digital transformation is now a top priority for modern entrepreneurs, CFOs, and controllers alike. They see it as a competitive advantage, particularly with the ability to repurpose team members for more strategic and value-added projects,” says Stampli’s CEO Eyal Feldman.
The importance of having robust digital processes in place was highlighted for many financial departments during the shift to remote work in 2020, and it left many controllers and CFOs rethinking their approach to agility and how to more accurately manage funds and prevent waste.
Automate Recurring Tasks
The world of business finance has a million moving pieces. Even within a single company, every member has a shared responsibility and investment in company money. The accounts payable team often interacts with every other department, gathering paperwork, making sure payments are correct, and checking to see what has been paid.
This is a recurring task no matter what type of company you run. Manually managing every invoice not only takes extensive time and effort, but it can also result in plenty of human errors. If your accounting team is still manually processing every invoice, it’s time to automate this system.
Stampli uses machine learning to streamline the entire approval process. The AI reviews the data of previous invoices, purchase orders, and more. Once the data is confirmed, employees can handle approval requests within the platform itself so that everything is documented in one place.
The accounts payable department is just one example of a place where companies can benefit from automation. But whatever your industry or niche, the same principles apply. Automated tech stacks driven by AI provide both greater efficiency and efficacy for businesses. Not only do they reduce the frequency of human error, but they free up the invaluable brain space of employees to address more challenging, complex, and significant issues within the company.