AP invoice automation insights by Medius

Live Webinar Oct 24: Accounts Payable and the Data Driven Future Learn More & Register
Self-Assessment Checklist What is your AP organization's level of automation? Download Checklist
On-demand Webinar: How AP Automation Supports 2019 Business Goals Learn More
White Paper The Modern AP Manger's Automation Toolbox Download Now
On-Demand Webinar Prepare AP for the Age of Digital Transformation Watch Now
On-Demand Webinar Top 3 KPIs AP Needs To Know Watch Now

Cloud AP Automation Helps Companies Weather Storms and Other Variables

Cloud AP automation helps companies weather storms and other variables so everyone can work and collaborate in the cloud accounts payable system, regardless of the weather, time, and location.

Since its inception about twenty years ago, cloud computing has proven its cost benefits, competitive advantages, flexibility, and efficiencies over the old way of running a paper-chase enterprise. Nearly three-quarters of businesses are already using cloud automation in one form or another. The rest are preparing to adopt it. In the cloud, no local computer storage is required. Everyone has access to the data in real-time from their computers or mobile devices, regardless of time and location. 

This becomes particularly important in the face of natural weather events or other unexpected disasters.After Hurricane Maria, businesses relying on cloud technology in Puerto Rico used the cloud to continue to move forward despite the disaster conditions around them. Find out how tools such as cloud AP automation are helping companies weather storms and other variables.

Weather Storms Through All Four Seasons

Each season brings its hazardous weather conditions, depending on where in the world the business is located. From earthquakes and blizzards to hurricanes and floods, these natural disasters can bring down buildings, destroy data, and displace a corporate staff of hundreds of employees. These losses can put a company out of business or lead to dire financial circumstances, such as bankruptcy. 

Consider how some Puerto Rican companies benefited from using the cloud during Hurricane Maria. Despite the devastation that decimated the island’s infrastructure and, more importantly, brought about a dire loss of life, there was a glimmer of positivity as Puerto Rican businesses began to pick up the pieces. Data securely kept in the cloud is available and accessible anytime, so teams could collaborate even if their physical headquarter locations were gone. 

Working in the cloud keeps businesses profitable, despite any weather conditions that threaten to bring down operations. When it comes to the data at the core of a business, innovative applications and software, such as a cloud-based accounts payable system, make it possible to access large amounts of data over a secure online network. 

Always Get a Competitive Edge with Flexible Collaboration

The business world moves faster and becomes more competitive every day. A Verizon survey revealed 77 percent of businesses believe cloud technology gives them a competitive edge. Plus, adopting modern technologies helps attract millennial talent to help companies become even more competitive. In addition to attracting new talent, companies operating on cloud-based systems have the advantage over their on-premise competitors when it comes to facing off variables that may arise due to unpredictable factors such as weather, staff changes, policy updates, and more. 

In the financial process, every role - from valued AP team members to the C-suite - plays an important function in keeping the system running smoothly. However, there will always be times when people get sick, travel, or leave the office for an extended period. In more severe circumstances, things events like natural disasters can often leave the team completely displaced. Fortunately, flexible collaboration is easy with cloud AP automation because data is instantly accessible to anyone with a computer, laptop, mobile device or smartphone. Working together is possible from hundreds of miles away on any device with an Internet connection. For example in accounts payable, necessary approvals are issued immediately, so AP never has to chase after anyone to make timely payments or take advantage of early payment discounts. 

Cost-Effective Operations to Survive Any Storm

Financial storms are inevitable for the most successful organizations, based on many business and market factors as well as updated tax regulations that could have an impact on the bottom line. The key is to be well-prepared and find ways to save money to survive any type of storm - weather-related or not. Cloud AP automation helps companies save money by reducing the use of paper and manual tasks associated with old school data processing methods as well as improving accuracy, and providing transparency and predictability into the business core financial data

Even if storm conditions do not directly impact your organization, AP automation can help you immediately identify suppliers in the affected areas as well as pull reports on invoices from them to address potential delays in payments or goods expected to be received. Having access to this data helps companies weather the impact of storms from afar.

Swift Disaster Recovery Makes a Difference

Downtime can have dastardly effects on businesses. Any period when an organization is unproductive leads to losses. Control is a significant factor that contributes to a company’s success. Having operations down can mean lost revenue and lead to a negative brand reputation - even if there’s a valid reason, such as a hurricane or other uncontrollable event. Cloud computing makes swift disaster recovery possible, so companies can stay afloat when everything tangible has washed away. There’s no better time than the present to implement cloud AP automation to weather the storms that may be ahead. Start preparing the AP team for cloud automation now, before any disasters strike. Introduce it as an opportunity for everyone to collaborate and succeed under any circumstances. Even on sunny days, AP automation tackles mundane manual tasks to improve the working conditions and strategic position of everyone in the AP department.

Related content
Invoice Data Capture - a Small But Essential Part of AP Automation How AP Automation Performance Metrics Tie Into Accounts Payable Goals Setting The Manufacturing Process and AP Automation: Improve Supply Chain Management Untapped Reviews the Microsoft Digital Transformation Academy 2019 Event