Every time we think we’ve got a handle on automation, new statistics emerge to challenge our perception. Just this month, McKinsey released a new report about the future of women at work, saying that an estimated 40 to 160 million women around the world will need to transition their skills.
But the report also pointed out that both men and women will be similarly affected by automation, just in different areas. Without a doubt, the effects of automated processes will be felt in every sector across all roles.
To understand the scale and importance of automation in the workplace, take a look at some of these key statistics.
Taking vacation is about resting, relaxing and de-stressing. Numerous studies have shown that employees who take vacations get better sleep, have lower risk of heart disease, and come back more motivated to produce amazing new things.
And yet, people are stressed about taking vacation. A survey through Healthline found that ~62% of 2,280 readers said that they experienced “very or somewhat” elevated stress levels during the winter holidays — which means employees came back to work just as stressed as before.
Purchase Orders (PO) and Purchase Requisitions are extremely common documents that practically every business uses. They help businesses control costs, ensure that employees cannot bypass business standards and that the business gets the best possible deal. Problems are easier to track down. If the vendor delivers the wrong items, the signed copy of the purchase order proves what the business actually ordered.
Organizations create a sales order form to list the products and services being ordered by a customer. The customer may provide one or more purchase orders (PO) for that purpose.
The sales order is a document that’s created internally by the company so that it may process the order in a controlled manner with the necessary checks, authorizations and signatures in place. Generally, the sales order form includes any associated purchase orders for convenience. In some cases, the sales order may also be sent externally to the client for signature, for example, to formally accept Terms & Conditions.
Workflow analysis is the process by which your business examines data about its workflows, determines trends and improves their efficiency. In turn, this improves customer satisfaction and the competitiveness of the business itself.
In most cases, if you ask people why a particular workflow is setup the way it is, they’ll tell you “That’s how we’ve always done it.” The design probably made sense years ago but as the business and its environment have changed, the workflow was probably never updated.
Workflow analysis is the first step towards these necessary updates. Apply it in the following ways:
Purchase order and invoice processing are basic functions every organization performs as part of its day-to-day operations. Employees in the finance department handle POs, get them signed, send them out to vendors and process related invoices on a routine basis.
These processes can often have complex business requirements:
Organizations of every stripe – small businesses, schools & colleges, and even some large companies – continue to email Excel sheets to approve purchase requests and issue a purchase order. While that’s better than paper, Excel still has numerous disadvantages particularly in today’s mobile-centric, data-driven world. You need a fully digital solution.
Let’s face it – even though procurement management is an essential part of successful businesses, it’s one of the most disorganized activities at many organizations.
More often than not, inefficient manual processes are the root cause of these challenges. These messy and wasteful processes causes delays, errors, and workarounds that result in much larger downstream issues such as:
Procurement is a core operational function of any business. Without the ability to obtain the necessary materials, a business cannot manufacture its products.
Traditionally, procurement’s most important goal was to lower costs. However, the pace of modern business has accelerated dramatically. Today’s businesses also operate on a global landscape sourcing materials and selling products across the world. That’s forced procurement to become a digital, measurable function aligned with overall corporate priorities.