More organizations of all types, sizes, and sectors are investing in digital transformation—including enlisting finance automation SaaS platforms— to solve business challenges. An early result of the COVID-19 pandemic is that the newly volatile global economy requires companies to bridge gaps in financial, human, and other resources to continue to operate with some semblance of normalcy.
Beyond the introduction of more reliable collaboration tools like Zoom or GoToMeeting, and secure access for employees working from home, consultancies like Bain & Co. are reporting increased adoption of AI-driven SaaS platforms that serve as building blocks for transforming crucial business processes.
|More executives—and particularly CIOs, according to Deloitte Insights—are fast-tracking their organizations’ digital transformation activities, in part to ensure that staff who are sheltering-in-place don’t get bogged down in the same kinds of time-consuming administrative tasks that may have distracted them from their business-critical, revenue-driving KPIs before COVID-19 struck.||
"Digital transformation used to be a question of strategy. Now... it's a case of simple and pure survival."
Did you know? Productivity is a big issue for today’s lean organizations. The issue is too much time and energy gets tied up in completing administrative tasks, when employees should be focusing their efforts on activities that can drive their business (and revenues) forward.
According to one HubSpot study, salespeople spend just a third of their workday actually talking to prospects. With the balance of their time, they:
- enter data and attend internal meetings (30%)
- write emails (21%)
- prospect or research new business leads (17%)
- schedule calls (12%).
Note: The Ordway billing and revenue automation platform reduces the largest time waster for sales people—data entry and meetings to talk about contract issues.
More c-suite executives look to automation platforms for efficiency
In their 2018 Global CIO Survey, Deloitte Insights found that 69% of CIOs surveyed considered process automation and transformation the primary focus of digital in their organizations. Fast forward to today, and numerous reports indicate that this trend has only intensified, as more c-suite executives enlist cloud-based SaaS solutions to automate and optimize key tasks within their teams’ daily workloads.
Take, for example, digital accounts payables solutions like Coupa or order-to-revenue solutions like the Ordway billing and revenue automation platform, both of which automate different parts of a company’s finance stack.
In many cases, these types of user-friendly, purpose-built platforms can save businesses hundreds of hours per month. In the case of our next-generation SaaS platform, by simply automating the finance department’s core billing processes, we can help companies price products, issue invoices, collect payments, and recognize, and report-on revenue.
And, beyond time-intensive tasks like closing the books each month, SaaS automation can be especially useful if you are a performance-economy organization and have complex fee structures and/or billing requirements that require manual input each time you stand-up new clients, including:
- managing recurring subscriptions;
- setting up invoicing schedules, pricing and deployment;
- sending payment reminders and processing payments; and more.
Wondering if order-to-revenue automation is right for your business? Take this 5-question quiz.
More businesses around the world are responding to economic uncertainties by strengthening their digital capabilities using order-to-revenue automation solutions.
If your answer is ‘yes’ to any or all of the following five questions, then you’re likely to benefit the most from using billing and revenue automation SaaS to streamline your financial processes:
A look ahead—preserve quality of work
More now than ever, we wish we had a crystal ball that would tell us what the world economy will look like once this period of uncertainty passes. One thing is certain—businesses that make it to the other side of the COVID-19 pandemic acted strategically to preserve the quality of the work their employees delivered during self-isolation.
It’s our job to help businesses like yours to relieve sales-to-finance, billing-to-revenue recognition, headaches. If you’re looking for ways to create resiliency, while preserving the quality of work from your already overburdened staff, let’s talk! There is an opportunity to strengthen the foundation so we all emerge stronger on the other side of COVID-19.