Four major ways you can accelerate your invoice adoption program
Discover our best practice strategies for accelerating your invoice adoption program.
Automating your invoice process is no longer just a way to pay or get paid. It’s an opportunity for you to streamline your whole AP department, adopt new accounts payable best practices, and start freeing up your time, energy and working capital for your business. Taulia has helped many businesses revolutionize their accounts payable process through AI and automation, thus eliminating manual and outdated processes forever. The benefits of automated invoice processing can be unleashed after careful consideration and thoughtful execution in four core areas:
- Buyer Commitment:In order to facilitate a successful invoice adoption process, key players within a company’s finance and procurement departments must come together to discuss their invoice project’s goals, objectives, and policies. Following this discussion, a dedicated project manager or project team must be put in place to ensure the project is successfully implemented across all supplier networks. To increase adoption rates, we suggest your business clearly communicates with its suppliers the benefits of adopting the invoicing program, such as: eliminating paper, reducing manual data entry and decreasing critical human error. The bottom line – make sure all stakeholders are working congruently to develop and maintain the successful implementation of the project.
- Defining Program Scope:To get the most out of your invoice adoption program, you must first clearly define a program scope to ensure you are maximizing your operational efficiencies. You must make a decision on whether you want to target all of your suppliers, or only those currently enrolled on the Taulia platform. Whatever you choose to do – Taulia can help you to reach out to your suppliers and clearly communicate the benefits of the invoice adoption program, such as promote portal electronic invoicing for your low volume suppliers, or a supplier integration campaign for your high volume suppliers. Defining a clear program scope will ensure all parties are working together towards a common goal and are able to achieve it successfully.
- Marketing and Communications Outreach:The way you communicate your new invoicing policy to your suppliers will be key to your program success. Working together with your Business Consultant, Taulia can help you determine whether it would be best to communicate en masse with your low volume suppliers or communicate individually to your high volume suppliers. Developing a clear and concise communication outreach plan will ensure your suppliers are aware of the program and know how to utilize the tools and resources available to them.We recommend requiring policy compliance from your suppliers because a program mandate ensures the highest levels of electronic invoicing adoption. We also recommend you:
- Prepare a policy to address any non-compliance from your suppliers. Any waivers to the policy should be reviewed and agreed upon by senior management.
- Clearly define project timelines to ensure a smooth internal process for your project team and clearly communicate those timelines to your suppliers.
- Be consistent and stay firm on your policy to ensure timely implementation and project success.
- Be prepared to follow up with your suppliers who miss the new invoicing program deadline.
- Assign the appropriate internal resource(s) who can answer questions from your suppliers during this process.
- Measuring Program Success:How will you measure the success of your invoice adoption program? It’s critical you establish clear metrics to measure your program’s success, particularly to ensure internal cross-divisional alignment. Some examples of these metrics may include cost reductions related to per invoice pricing; streamlining operations to reduce staff or redeploy staff overhead; ROI on the program software purchased; and/or converting a specific percentage of invoices. Each business case is unique, therefore, success looks different for everyone which is why it’s important to clearly establish your own measurements of success so that you can track your outcomes.
How Taulia Can Help you Achieve your invoicing goals:
There is a myriad of ways Taulia can help you achieve your invoicing goals, through our specific invoicing campaigns or invoice automation solutions, our dedicated resources, our supplier-specific invoicing webinars, our reports that track supplier engagement and invoice tracking, and more. Our global presence and invoice compliance across a majority of countries ensures a smooth invoicing integration for your suppliers. Let us show you how to streamline your invoice processing with our electronic invoicing solutions. Reach out to your Business Consultant or contact us to learn more about partnering with Taulia.
Before you go, you may be interested in this resource:
Spend matters: What Makes It Great (Invoice-to-Pay Solution Map Analysis)