Welcome to week 3 of our 8 week series on modern technology, specifically in the downstream fuel space. This week we're discussing automated workflows and the value that drives.
Touch, touch, touch, touch, touch, touch. There really are a tremendous amount of touchpoints in the existing procure-to-pay workflow. One of our primary objectives is to get the manual touch points to zero and have orders gracefully move through the process - automatically. It's a lofty goal for sure. Are we there yet, nope. Are we getting close, yes!
In the last two weeks, we've discussed modularity and being API-centric. The output of being modular and leveraging API's is automation. Automate, automate, automate. If it can be, it probably should be.
The more touches there are the slower the process and the more errors that occur. By driving automation speed increases and errors decrease. As an example, when automating the back office matching and reconciliation process prior to data hitting the accounting system our customers reduce their time to close by 43% and reduce billing errors by 91%. That's the power of automation.
When you think about your workflow, from supply and contract management to forecasting and dispatching, to reconciling and invoicing, how many touch points do you have? We typically find it's north of 100. There is a tremendous amount of value in driving that number down by automating the workflow.
If you would like to learn more, just shoot us a note and we'll get something on the books.