Tag: productivity

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.

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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.

Financial Process Automation: you’ll come for the costs but stay for the productivity

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Research shows that digitizing reduces invoice processing (procure-to-pay) and sales order processing (order-to-cash) costs by anywhere from 50-60%. Impressive numbers indeed. Automating day-to-day financial processes in the cloud means you can process invoices, sales orders, expense reports etc. without worrying about the costs of servers, software, maintenance, upgrades and other hardware.

Many frevvo customers are automating their financial processes and lowering costs. But, what they’re finding as they go along is that the payoffs in increased productivity are vastly more compelling. Here’s what they tell us (see Case Studies for more):

  • Happier Employees: Your employees are so much happier now that they’re freed from error-prone, tedious data entry tasks. Automatic calculations, instant validation, PDF generation, no more duplicate data entry or signatures – it just makes for less frustrated and more productive people.productivity-circle-icon
  • Mobile Enablement: Our customers love that their forms/workflows simply work on mobile devices. But, they’re equally appreciative of the fact that they work well. Business forms are often large and complex and the time and effort we have put into people-first design ensures that the end product is usable and gets used rather than becoming yet another piece of “shelfware”.
  • Business Speed: Sales Orders, Invoices, Expense Reports get processed faster. You get cash sooner, avoid penalties & side effects of late payment and reimburse employees in a timely manner.
  • Improved Visibility and Control: Searching, tracking,and auditing are all much easier when everything’s electronic. You’ll feel the benefits all over the organization by virtue of facilitating access, sharing knowledge, promoting employee flexibility and improving business continuity.
  • Compliance: Digitizing obviously helps improve compliance. It’s far easier to ensure that documents can be retained, retrieved, audited or destroyed according to your business policies.
  • Business AgilityWhen employees spend less time on paperwork and tedious tasks, they’re freed up to respond to customers. In today’s world, you must be able to react to customer feedback and take advantage of new opportunities as soon as they come up. It’s critical for growth and the consequences of not being agile can quickly become disastrous.

Interested in learning more and automating your own financial processes?Learn more by visiting our website. Explore some of the examples, read customer success stories and contact us for more details.