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Managing Cash in a Dynamic Market

dollarsignTrends Driving Payments Today

Interest rates have remained near zero for the last five years, causing organizations to look to new and different opportunities. In response to these market trends, a new approach to early payment discounting – known as dynamic discounting has arisen. This challenge is paired with the opportunities that have arisen from the explosive growth of digital business networks, causing the pace ...

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Factors to Consider When Evaluating Automation Technology – Part 5 of 5

Make employee ramp up easy.Evaluation5

Once the product is implemented, you’ll need your staff trained on the automation tools. You will need to account for the skill levels of various personnel across many store locations, but on-site training becomes very cost-prohibitive. As such, the solution must be user friendly and intuitive, with minimal training requirement needed for any role.

 

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Factors to Consider When Evaluating Automation Technology – Part 4 of 5

Evaluation4How does your company assess costs and deployment time?

Cost is always a factor in assessing an automation solution, but your focus should be on time to value. If your prospective solution can be up and running and producing a return on investment rather quickly, then you‘ll have turned a cost center – your AP department – into a profit center in short order.

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Factors to Consider When Evaluating Automation Technology – Part 3 of 5

Evaluation3How does your company assess potential vendors?

Look for domain expertise when assessing products from potential vendors because relevant experience is key. Take into consideration the following questions: Do they understand the retail marketplace and the unique workflow challenges associated with it? Have they built their solution to meet those needs?

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Factors to Consider When Evaluating Automation Technology – Part 2 of 5

Evaluation2Has your company mapped out the needed requirements of your business?

Sit down with your corporate team and local managers to identify the real issues and bottlenecks that are happening in the financial and HR departments, and select the solution that optimally addressees those obstacles.

Powered by IBM’s FileNet and Datacap technologies, our user-friendly applications help assure that real issues are addressed to ...

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Factors to Consider When Evaluating Automation Technology – Part 1 of 5

Evalutaion1Does your company process large amounts of documents daily?

The first question is, should you automate? While company size has always been the typical approach to underdoing the “tipping point” of systems build out, in retail it is most important to assess the amount of documentation being processed each day. When handling thousands of financial transaction per month, or managing performance documentation for hundreds of employees in ...

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Goals Every Retailer Wants to Achieve – Part 5 of 5

Goal5Does Your Company Have Strong Vendor Management?

Healthy vendor relationships are particularly important in the retail and restaurant industry, as regular delivery of inventory is needed to sustain optimal operations. If vendor invoices fall through the cracks, it can quickly impact the vendor’s willingness to do business. Delayed payments can also cause retailers to lose out on potential vendor discounts, which are often offered to ...

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Goals Every Retailer Wants to Achieve – Part 4 of 5

Goal4Does Your Company Spend Excessive Time Manually Administering Paperwork?

Many times, when it comes to financial and HR documents, more time is spent administering the paperwork then processing it. Inefficiencies abound just in the AP department, where corporate receives thousands of invoices from all different sources – by mail, email, and fax – and then must manually key in invoice data, manually route each for approval, and ...

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Goals Every Retailer Wants to Achieve – Part 4 of 5

Goal4Does Your Company Spend Excessive Time Manually Administering Paperwork?

Many times, when it comes to financial and HR documents, more time is spent administering the paperwork then processing it. Inefficiencies abound just in the AP department, where corporate receives thousands of invoices from all different sources – by mail, email, and fax – and then must manually key in invoice data, manually route each for approval, and ...

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Goals Every Retailer Wants to Achieve – Part 3 of 5

Goal3Does Your Company Have Complete Accountability?

Hand in hand with visibility and compliance is the need to optimally manage accountability. Because retailers tend to have many parties involved in the execution of their business processes, including team members from both the central office and the numerous dispersed locations, accountability checks and balances must be enacted to ensure decisions are made by the managers with ...

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