Talent is the most important determinant of success in the 21st century. Talent is scarce and the competition for the most in-demand skills is fierce. Retaining your best employees is harder than ever before. Attracting and retaining world-class talent has become a critical aspect of companies’ futures.
According to a Pew Research Center analysis of U.S. Census Bureau data, more than one in three working Americans are millennials; more than any other generation in the labor force. By 2030, an estimated 75% of the workforce will be millennials. In order to stay competitive, you must engage with them now.
But, what are millennials looking for in companies today? Let’s take a look at some key aspects:
Recent advances in technology are creating profound impacts on many businesses activities. In particular, digital transformation is rapidly changing back-office operations such as supply chain management and procurement. Digitally transformed organizations increase efficiency, lower cost, and adapt to fast-evolving customer expectations.
To stay relevant, competitive, and profitable, businesses need to keep pace with new technologies. Procurement is no exception. New technologies facilitate e-procurement, contract repository, supplier performance management, spend analysis, supplier information management, AP automation, business networks, contract authoring, and more.
Everyone wants a smooth workflow. The word itself says it all. You want the work to flow as you focus intensely and produce results with minimal time wasted. Yet we all know that’s not how our workdays turn out.
Thankfully, there are tools you can use to get rid of distractions and time-consuming processes. Think of them as shortcuts that enable you to focus on your work rather than all the superfluous details.
A McKinsey report on social technologies found that simply by tapping into powerful applications, we can improve global productivity by 20 to 25%. The apps include those that can improve communication and collaboration between teams, saving time and improving performance.
HR departments have gone through some changes in the recent years. Their responsibilities have shifted to be more aligned with the company’s overall goals rather than simply managing benefits and records-keeping for the workforce.
Since talent is now the #1 challenge companies face, that means HR must focus on attracting, retaining, and developing the best talent. HR employees in a successful, modern company cannot afford to waste time on paperwork.
To stay competitive in today’s business world, HR departments must evolve to be fully business integrated and need to streamline processes.
Procurement. It’s one of the most core activities any business performs. Obviously, you must procure the raw materials and services you need to build your products. Otherwise, you can’t be a successful business.
Yet, procurement is persistently one of the most disorganized activities within most organizations. Often, that’s because procurement’s top priorities have not evolved to be in tune with the demands of a modern business.
It’s hard to blame the procurement department. After all, in many organizations they’re still stuck using Excel spreadsheets and email for routine processes. Without automation, employees are still spending a lot of time on paperwork. They don’t have the time to think bigger. About Corporate Social Responsibility or reducing everyday risks to the business.
Whether you’re a small or large business, process automation helps increase agility and sets your business up for success in the 21st century.
A typical organization deals with dozens of kinds of documents. These are everyday things like invoices, new hire paperwork, student records, 401(K) change request forms, contracts, purchase orders, absence records and so on.
Truth be told, you’re still likely to find large filing cabinets and folders filled with documents in many offices. People still print out their documents, stick them in a folder and put it in the corner filing cabinet. Of course, paper documents are hard to find, maintain, modify, send around etc. – the usual problems. They’re also vulnerable to disasters e.g. a fire could destroy years of information.
As digital transformation sweeps across the globe, organizations are looking to use technology to improve efficiency in all departments. The procurement department, which owns the overall procure-to-pay (P2P) cycle, is no exception. Digital or e-procurement has the potential to hugely impact P2P.
What Is Procure-to-Pay?
Procure-to-pay is an umbrella term for the process of requisitioning, ordering, purchasing, and receiving goods or services for an organization. It’s a standard, necessary part of any business operations that may or may not involve multiple stakeholders depending on the size and hierarchy of the company. The process usually requires a lot of paperwork and time to complete fully.
Today’s workflow software market is filled with confusing myths. In reality, automation has become affordable, easy and fast. Let’s clear up some of the worst misconceptions.
A workflow is an activity that someone in your organization performs on a routine basis to achieve a well-defined goal. Workflows are characterized by (i) a series of repetitive tasks and (ii) flow of data.
Common workflow examples used everyday across every business include purchase order processing, time off request approvals, travel reimbursements, and new hire onboarding.
Today, almost every business understands the benefits of automating these everyday processes. They know that talent is their most valuable resource and they don’t want employees to waste time on paper- or email-based processes.
Companies everywhere are transforming their tedious, time-consuming, manual processes into streamlined, easy-to-use, automated processes. They’re doing it to reap the many benefits of automation technology. Updated technology improves consistency and companies have enjoyed increased productivity, availability, reliability, and performance, while drastically reducing costs.
However, each company has different automation needs and priorities. For example, a company that procures a large number of raw materials may benefit from invoice automation as opposed to a temp agency that may prefer to invest in automating new hire onboarding.
Here’s a list of workflow examples for common business processes. For each type, we’ll explain what your workflow should include to make them perform optimally.
Access to world-class talent is the #1 determinant of success in the 21st century. As a result, HR employees have one of the most important roles in every company. They follow employees from the scouting and recruiting process all the way to the employee offboarding process and everywhere in between.