Tag: financial process automation

Will my company be “Uberized”?

k-12-t.png… or Amazoned or AirBnB’d? Think about it. When was the last time you went into a travel agency to book your flight? Printed out directions for your road trip? Walked into the bank to write a check for cash? We can’t remember either.

Automation isn’t coming; it’s here!

Just look around you. See those core business processes. One way or another, they’ll be automated. It’s the opportunity of a lifetime and it’ll change your organization.

Automating these core processes isn’t just about driving 5% cost reductions but 50% (or more) in parts of your operations. It’s about changing and enhancing what your people do, Monday to Friday, 9 to 5.

You have to start TODAY!

Manual knowledge processes do not stand a chance. In a world of “Amazon cost” and “Google speed”, you have to automate. But how? I.T. is overloaded. Where do you start? 

Download this white paper which discusses workflow automation, how your organization can benefit, and how you can evaluate and deploy a visual, low-code platform like frevvo for your automation needs.

Download-White-Paper

Visit our website to learn more and sign up for a free trial.

How Process Automation could save you $50,000 every year

roi.pngAre you wondering if you should automate your routine day-to-day approvals? You’d be amazed at the Return on Investment. Let’s do a quick analysis. Approval workflows are usually at least 3 steps long and, often quite a bit longer. For now, let’s consider a 3-step workflow:

  1. Performed by an Employee, for example, asking for a Travel Authorization or Purchase Requisition. Maybe a Salesperson is trying to get a PO from a Client and needs Manager approval for special pricing. Let’s say this employee costs $80,000/year including benefits, vacation, taxes and other costs. Typically this would translate to a salary of about $60,000.
  2. Performed by a Manager who essentially checks the request, approves it if it is valid or sends it back for corrections. Let’s say the manager costs $100,000/year inclusive of all costs.
  3. Performed by an HR or Finance person who essentially updates an internal system and does the equivalent of filing the request away (email folder, network drive, paper filing cabinet, document management system). Let’s assume this person costs $60,000/year inclusive of all costs. Maybe they work part-time.

Now, assume that the time savings are 10 min, 3 min and 3 min respectively in each step. That’s pretty conservative given there’s no printing, signing, scanning etc. involved. Finally, assume that there are 400 approvals per month of all kinds (Vacation requests, Sales Orders, Time Sheets, Travel Authorizations etc.)

How much do you think you will save in costs? You might be shocked:

You’ll save ~$50,000 every single year or 57% of your costs and see net positive ROI in just a bit over 2 months.

It’s amazing how much the paper/email process actually costs you – close to $85K per year. And that doesn’t even take into account the time spent trying to track down emails, chasing down managers for signatures or, perhaps of greater importance, the Opportunity Cost of delayed approvals.

Try it yourself by clicking the button below.

Try-ROI-Calculator.png

It’s often hard to see how much those paper/email workflows are really costing you. Visit our website to view customer success stories and signup for a free trial.

The benefits of automation

In March 2017 APQC surveyed organizations with high transactional volumes to understand the impact of automating the sales order entry process on performance and practices. The resulting infographic (below) shows how organizations that have adopted sales order automation have improved customer satisfaction, data capture for analytics purposes, and operational efficiency.

We’ve seen this ourselves at frevvo as we’ve automated our own internal approvals. It’s far easier and more efficient than managing them through email.

K08071_Benefits of automation

Central Wyoming College automates Purchase Order in less than 10 days of work

Central Wyoming College serves Fremont, Hot Springs and Teton Counties. CWC is committed to supporting students through their educational journey and helping them achieve success.

CWC-Campus

CWC wants to reduce their reliance on paper and sneaker-net processes. They saw significant value in streamlining their PO process which involves calculations, lookups and dynamic routing fixing a particularly error-procedure as a result.

“Our PO workflow was automated in record time. The forms look good and are
easy-to-use. frevvo’s system just works and meets our needs at reasonable cost.”

John Wood,
Chief Information Officer

CWC selected frevvo to automate their PO process because of its modern look & feel, speed of implementation, ease of use and dynamic routing.

As a result of the streamlined PO process, hours of staff time have been reduced and CWC staff can get back to focusing on students rather than administrative tasks.

Read the Case Study and learn more by visiting our website. Explore some of the examples, read customer success stories and contact us for more details.

[Video] Install and Modify a PO Template

purchase-order-videoPurchase Order Approval is a very routine day-to-day workflows. Many customers choose Live Forms to digitize this workflows.

Starting with one of our pre-built templates, you can easily customize it to create your own fully electronic, mobile-capable and business-ready PO in very little time. You won’t need expensive and hard-to-find skills like iOS/Android app development or HTML5/CSS3 expertise to create a beautiful, electronic app that just works on all devices.

At frevvo, we just digitized a completely customized Purchase Order approval workflow for a University customer in 45 man-hours.

Watch this short (7 min) video to quickly see how. We’ll show how to:

  • Install a pre-built PO workflow template with a single click.
  • Modify it to meet business requirements (we’ll add a Finance step).
  • Run it in frevvo’s Cloud.

Hundreds of customers are already benefiting. Why not give it a whirl? Sign up for a free trial and see for yourself. It takes 30 seconds, and you can install a template and try it out instantly.

[Webinar] 45m to automate PO approvals

roiPurchase Order Approval is one of the most common day-to-day workflows. Many customers choose Live Forms to digitize this workflow and quickly see positive ROI.

Join us on this webinar where we’ll show you how to:

  • Install a PO template with a single click.
  • Run the template.
  • Edit the template and modify it.
  • Add users & roles for routing.
  • Add the workflow to a portal and use it on multiple devices.

Webinar Details
Date: Tuesday, Mar 21, 2017
Time: 1.30 PM EST
Duration: 45 minutes (including Q&A)

Register Now

Automate your PO. Save $50,000 !!

roiWe’ve seen that many customers use frevvo to automate Purchase Orders. It’s the most frequent one. One of our partners asked me if I could quantify what’s it really worth. So, I tried to measure it for a 3-step approval workflow and the result was surprising at least to me. Here are the assumptions:

  1. An Employee costing $80,000/year (including benefits/taxes/vacation etc.) saves 10 min using an e-form.
  2. A Manager costing $100,000/year saves 3 min for each approval.
  3. An Accounting Manager costing $60,000/year saves 3 min for each invoice.
  4. There are 400 approvals/month (for all kinds of workflows PO, Leave Approval, Travel Authorization, Time Sheet etc.).

You’ll save ~$50K every single year or 57% of your costs. It’s amazing how much the paper/email process actually costs you – close to $85K per year. You’ll see positive ROI in just a bit over 2 months. And that doesn’t even take into account the time spent trying to track down emails, chasing down managers for signatures or, perhaps of greater importance, the Opportunity Cost of delayed approvals.

Try this ROI Calculator for your own organization. It’s often hard to see how much those paper/email workflows are really costing you. Visit our website to view customer success stories and signup for a free trial.