Part of running a successful business operation is regularly identifying pain points and developing effective solutions for minimizing those inefficiencies. In today’s landscape, one of the most appropriate methods to incorporate into your business is digital transformation — these tools are a means to transform the way your business uses technology on a daily basis to increase business versatility and gain a clear competitive advantage.
Many different types of businesses are using digital transformations, but for mid-market companies with limited resources to invest in updated technology, this can be complicated and must be approached much more carefully. However, fear aside, mid-market companies can begin to tackle digital transformation by incorporating AP automation into their daily operations to master complex, expensive AP systems and streamline short- and long-term operations.
Reasons Why Mid-Sized Businesses Resist Adopting Digital Transformation
For many mid-sized businesses, adopting digital transformation solutions is incredibly difficult — most automation solutions are designed for either smaller or larger operations that are either insufficient, not versatile enough for scaling and growing with business operations or too robust and costly for their needs. It’s important for long-term success to avoid using these initial excuses and attempting to implement individualized, small point solutions for short-term problems.
Along with current software that is not tailored to mid-sized business operating expectations, many mid-market companies are also hesitating to embrace digital transformation products and ideals due to fears of missing the mark on required return on investment and limited time and resources to adopt the proper technology.
Easing Mid-Market Companies Into Digital Transformation with AP Automation
Without adopting digital transformation, many mid-sized businesses may find themselves left behind in the modern era and being surpassed by more innovative companies. While many mid-market companies share the goals and aspirations of their larger counterparts, the reality of being unable to spend the time and resources in investing in digital transformation remains a significant challenge.
The best solution for incorporating digital transformation for mid-sized businesses is by starting with enterprise content management (ECM) with a focus on streamlining accounts payable automation solutions. Accounts payable is a high-impact department, and a majority of mid-sized businesses have similar AP pain points and daily inefficiencies that lead to manual entry and greater forced errors, costly operations and ineffective procedures.
While a complete overhaul of current systems is daunting and too great a risk for many companies, AP is prime for automation, making it a great starting point. ECM platforms that are compatible with existing applications, like Vanguard’s, tend to benefit mid-market businesses most as they yield a higher ROI and encourage further automation.
By utilizing ECM for AP automation to begin your digital transformation process, you can:
- Drive return on investment by increasing the value of a single technology adoption to increase team collaborations, boost efficiency and reduce operating costs
- Accelerate payments, capture early-pay discounts and reduce late payment penalties
- Eliminate process bottlenecks and redirect focus from manual entry to core initiatives
Looking for Innovative Digital Transformation Solutions? Contact Vanguard Systems Today
In today’s environment, embracing digital transformation is crucial for streamlining your daily business operations, reducing procedural inefficiencies and empowering your employees to achieve greater results. When you’re ready to embrace the future of your industry, work with the professionals at Vanguard Systems. We constantly work to improve our accounting solutions and advance our technology to best suit the overall needs of mid-market companies. With our ECM and AP automation software, document management is easier and faster, freeing up time for your employees to complete more complex tasks.
Learn more about our AP automation software for mid-sized businesses and find out which solution is right for your company — call us today at 800-445-1418 or complete our online contact form.