by Sophia Riley | May 23, 2023 | Risk Management
Risk assessment is a critical step in the planning process. At oAppsNET, we help CFOs improve risk management by identifying and analyzing key risks. It’s an opportunity to identify and prioritize risks and their impact on your organization. In addition to helping you identify key risks, oAppsNET can help you assess how likely they are to occur. This information can help you determine how to manage those risks.
Who Is oAppsNET?
oAppsNET is a cloud-based business process automation company that allows companies to improve their backend processes by reducing costs and speeding up the process. It’s a fully customizable platform that takes into account your companies current level of automation and future goals.
oAppsNET is designed to be compatible with most major brands of ERP Systems. You can use the platform to manage transactions for all your customer or suppliers in one place and then manage risks. It also includes integrated analytics tools that gives you in site into your cash operations so you can make better business decisions.
How oAppsNET Helps CFOs
The oAppsNET platform also helps CFOs manage their team members’ performance, giving them insight into how to improve it. This helps them identify areas where they need to focus on improving productivity and efficiency among their team members.
With oAppsNET, you can easily:
Assign risk exposure to each process, activity, or person
Risk management is about understanding how your processes operate, who’s involved in them, and their impact on your bottom line.
Risk management is a continuous process requiring regular assessment of business risks. Every hour of every day, you must think about what could go wrong and impact your business if it fails. You can’t ignore risks; they’re too important. With oAppsNET, you can assign each process, person, or other entity with risk exposure based on its impact on the overall business operation.
Identify potential risks by analyzing business processes and activities
Risk management is all about identifying potential risks and taking the right actions to mitigate the damage if they occur. While this sounds simple enough, it can be a difficult task for most businesses. This is because each business has its specific risk profile, which means it’s not immediately obvious what these risks are or how they could negatively impact your business. To help you identify potential risks and manage them effectively, oAppsNET uses machine learning algorithms to analyze your company’s existing data and identify any new risks previously unknown to you.
Prioritize your risks by considering cost and impact
Risk management entails prioritizing your efforts to spend your time and money on the areas that impact your bottom line and overall operations. To do this, you need some way of classifying different types of risk in terms of their severity or impact on your organization. Fortunately, oAppsNET has built-in tools that make this process simple for even small businesses that don’t have staff dedicated specifically to risk management or budgeting.
Generate a list of high-priority risks from your results
Improving risk management helps in identifying the risks that your company faces. This can be done in several ways, including by reviewing the results of your financial statements and external auditors’ reports or using accounting software like oAppsNET.
When you review your results, it’s essential to consider the various types of risks you face. For example, if you have a high level of debt and are heavily reliant on short-term funding from lenders, you may need to put more emphasis on reducing that exposure. If your financial statements show that there is a lot of volatility in your revenue stream, then you may want to explore ways of increasing sales volume as well as improving the predictability of your revenue streams.
Once you have identified high-priority risks, you should think about how these might affect your business in the future. Is there any way that these risks could develop into bigger problems? Are there any mitigating factors that will help protect against these risks?
It gives you access to information about the company’s financial performance in real-time:
You’ll see how expenses affect cash flow and whether new investments pay off in terms of returns on investment (ROI). You’ll also know when funds are needed for unexpected expenses such as bad debts or legal settlements.
by Sophia Riley | May 18, 2023 | Artificial Intelligence
The function of departments that deal with accounts payable has mostly stayed the same during the past decade: complete payments, bring spending under control, and complete bill processing, verification, and reconciliation. But how the job is being carried out is starting to undergo specific changes. Technology is advancing rapidly and will bring more changes and benefits to accounts payable teams. This is where accounts payable software comes in.
What is accounts payable software?
Accounts payable software is used to resolve the issue of having incompatible systems and procedures for approving invoices. It is no secret that the accounts payable (AP) process is manual, heavily dependent on paper documentation, and lacks the necessary checkpoints to reduce the risk of error and fraud. Despite the significance of this activity, businesses frequently need to provide it with the adequate attention and resources it requires. Surprisingly, the one procedure in an organization that calls for the most collaboration also receives the least input from the people who are essential to the process.
Once an invoice is received, it is forwarded circularly from person to person and system to system, with no care for reviewing the invoice for errors or identifying whether or not it is valid. Verifying that the signatures have been obtained is done manually if approvals are necessary. The company risks paying an incorrect bill if the verification does not occur.
AP Technology eradicates the vast majority of these issues if not all. Automation enables the creation of a central receiving location for all bills. With only one system, departments communicate and cooperate without a hitch. The details on the form are viewable by everyone, and they can also be verified. Furthermore, the technology is capable of automating the approval procedure. AP Technology can obtain approvals from the relevant parties and halt payment for any transactions that have not been approved. As a result, invoices are only paid if they have been given the appropriate approval. In addition, implementing artificial intelligence (AI) makes it possible to do away with processes that formerly required a lot of manual labor.
What is Artificial Intelligence [AI]?
The term “artificial intelligence” (AI) refers to technology that, under identical conditions, can carry out the same functions as a human. Artificial intelligence software can learn in the same way that people do. As a result, the program can process enormous volumes of data, adapt to shifting circumstances, base choices on previous data, and carry out complex data analysis tasks.
Intelligent accounts payable software uses artificial intelligence to reduce the amount of manual human processing and speed up the approval procedure for invoices. The program can set up checkpoints at various process stages to ensure each bill receives appropriate scrutiny. In addition to this, the use of AI technology makes data entry simpler.
The papers can be uploaded to the system in a wide variety of locations. After the data has been entered, AI technology can interpret the data and populate the correct fields in the system in real time. Once the data has been entered, the AI tool can index the form. When AI is used for indexing, it guarantees that the form can be searched and located in the system according to specific criteria. When done correctly, indexing can reduce the likelihood of losing an invoice.
Will accounts payable software replace human?
The widespread misconception that AP software is the answer to reducing labor expenses by employing fewer people is quite common. However, the purpose of the AP software is not to take the personnel position; instead, it is to automate many time-consuming procedures associated with the accounts payable process. If such responsibilities are removed, the remaining staff members can work more effectively throughout the day and contribute more value to the organization.
The technology that manages accounts payable does a wonderful job of easing the work for the staff. The primary function of their employment is no longer extended data entry; accounts payable intelligence automatically harvests real-time invoice data and auto-populates the code for accounts payable teams to examine. In addition, they no longer have to spend time locating specific individuals to obtain the information they require to proceed with the payment. Instead, the software will send automated notifications and reminders to the task owners. This will allow the accounts payable personnel to improve their communication with suppliers and other departments to resolve any problems.
The ability of Automated Invoice Management software to upload a huge number of invoices in a relatively short length of time enables a greater volume of work to be completed in a shorter amount of time. Companies can avoid incurring late penalties by making payments promptly because of the higher processing speed. When a company pays its bills on time, it opens the door to further opportunities, such as receiving trade discounts. Entering data manually is fraught with the potential for error. Because the software uploads the data, the likelihood of making an error is significantly reduced. Before beginning the processing of each bill, staff members can begin their work knowing they have access to accurate data.
Wrapping up
Accounts payable software is an essential tool. Not only can it be used to speed up the process of processing invoices but companies can exploit the AP data for strategic planning once a new approach that is streamlined, transparent, and efficient has been implemented. Cash flow is one example of such an area.
Because AP information comes from just one source, businesses get a more precise picture of how much money they spend. They can then utilize this data to pinpoint areas of their spending that are superfluous, freeing up more capital for them to utilize. The ability to perform an in-depth analysis of AP data can also assist managers in ensuring that the money spent goes toward areas that contribute to achieving the company’s goals.
by Sophia Riley | May 16, 2023 | Digital Transformation
The customer experience (CX) has become the core of corporate change. The fundamental pillars of enhancing customer experience are order administration, processing, and fulfillment. Organizations deal with a tremendous amount of paperwork, translating to volumes of data they need to manage. Automating sales order management is inevitable to eliminate manual tasks and speed up the process.
Order management is essential for enterprises, and numerous transformational strategies exist. This article will cover the potential for automation in order management, its most important applications, and how to revolutionize order management.
Managers are aware of the necessity for digitization because there has been an increase in utilizing analytics to optimize inventory management. Automation significantly decreases order processing time frames and saves firms money with every customer request, helping to balance supply and demand.
Sales Order Processing
After a consumer puts in an order and pays for it, order management procedures begin. The inventory section receives the order information, and warehouse staff handles the selection, packing, and delivery. A business completes the process by calling the consumer to see if they are satisfied with their purchase. Here is an overview of the steps;
Taking orders from Customer
When someone makes an order, the first phase of the order management process starts. It entails acknowledging the client’s order and obtaining payment. After that, the information about the transaction is sent to your storage facility so that the team may begin preparing the goods for shipping.
completing the order
The next stage involves completing the client’s requests. QWe can divide this phase into the following three steps:
Selection: Picking, or getting the things out of storage, is the first step in completing an order. Store employees must be able to swiftly and precisely choose the appropriate items because shelves in most warehouses are lined with various product categories. After selection, the products head to a packaging section where they are packaged.
Packing: The people responsible do more than just package and transport products. They choose the proper packing supplies for every item to ensure that the product does not get damaged during shipping and reaches the customer in excellent shape while using the resources at their disposal.
Shipping: Once selection and packaging are done, the subsequent step is to dispatch the proper order. Warehouse staff will handle several tasks:
- Labeling the package for shipping and attaching an invoice, as appropriate, to the purchase
- indicating across the sales channels that the order has been sent
- Emailing the consumer with delivery updates and purchase tracking information
When customers ask for products that are out of stock, businesses have two options: reject the consumer or delay order fulfillment later.
Post-sales activities
Taking care of the post-sale procedures is the final phase of order management. Businesses use this to communicate with clients after the sale to get feedback, confirm whether they are happy about the order processing, and handle requests for refunds and returns if necessary.
An average order management procedure consists of all three steps. Organizations choose to tailor their order management strategy to meet their demands better. Let us examine how automation can help.
Reasons to Implement Sales Order Automation
Various transformational levers fit in businesses’ e-commerce strategies. For a seamless integration of components like a website, a mobile application, purchases, scheduling, distributors, production & distribution, enterprises will implement multiple digital tools.
Organizations can benefit from automated order processing by taking advantage of features like robotic process automation (RPA), machine learning (ML), and optical character recognition (OCR). In the office’s front end, chatbots can inform clients about the progress of their orders via emails, websites, social media, and user portals.
The technology provides multifaceted insights using dashboards on consumer wallets, the average order, overall effectiveness, and shortcomings of the order execution infrastructure. Here are the benefits of integrating digital tools for order processing;
Electronic data input
Using a digitized processing system gives businesses control over their data. Fewer people handle the data management tasks thanks to the program connecting to other business management software and tools. The administrator can provide access to company data depending on the worker’s job description and role, decreasing the likelihood of data loss. By utilizing automation, you can ensure that stakeholders, including your customers, have access to the required data while also enhancing data security.
The system takes customer orders and verifies them for processing. Also, it collects and stores client information like delivery location, ensuring staff does not enter information repeatedly. It builds databases and consolidates information organizations can use in decision-making or strategizing.
Cost Reduction
As businesses expand, the expenses associated with human errors will increase, resulting in lost sales or requiring additional resources to correct the problem. They risk losing workers due to a lot of repetitive tasks.
The situations are far more unlikely to occur with an automated order processing system as it reduces human mistakes and enables staff to concentrate more on high-value jobs.
Boost employee satisfaction
Manual order processing exposes your employees to mistakes, as data entering is tasking and frustrates them. It leads to poor productivity, and workers may quit due to the pressure. However, an automated system will support their role and improve efficiency. It boosts employee satisfaction, making them loyal to the company.
Boost client satisfaction
Consumers are ready to spend additional money on online retail transactions to receive orders faster, highlighting the desire for quick order fulfillment.
Your staff can more quickly fulfill orders using automated order processing, which will also help you satisfy client demand. It will strengthen customer connections and boost client satisfaction.
Final Thoughts
Given the benefits, enterprises must begin their automation journey as soon as possible to avoid falling behind in the digital transformation revolution. The best strategy is to research and identify the best service providers for automating order management processes.
People should be at the forefront of every business’s digital transformation. It is vital that the digital solution is scaleable to suit your company’s future requirements and include change management strategies to aid with implementation.
by Sophia Riley | May 11, 2023 | EBS Upgrade
Businesses handle loads of data daily, which is crucial to operations. Small and large enterprises can benefit from data loading tools. An efficient system will help with data management and analytics.
Studies show that companies lose millions of dollars annually due to poor data quality.
Despite being sufficient for business needs, there are certain restrictions to utilizing the Oracle ERP program for data processing. You could discover that entering data into the system takes time, and the forms aren’t easy to use.
A solution to the problem would be integrating data processing tools. Enterprises can get it free, use software developers, or from a tech company like oAppsNET: It will speed up data loading.
Integrating Digital Tools
Nowadays, enterprises largely depend on technology for business growth and to enhance processes. Companies with a developed digital strategy attribute their achievements to technology. Innovation may promote development and profit, but it requires a lot of preparation and strategy.
The two main options when choosing business management tools are build vs. purchase. “Build” means a system developer customizes the program according to the customer’s needs before implementing a digital solution. The “buy” option is getting pre-made software to address a particular business need.
Free Tools for Oracle EBS Data Loading
An example of a free application from Oracle is Oracle EBS WebADI, which enables data entry into well-known apps like Microsoft Office.
Users need not download any extra software to use this tool because it is already available in the Oracle EBS data loading system. The Oracle EBS server incorporates security features and controls the program.
Still, there are limitations to using WebADI, much like Oracle. It never improves the data loading, and the interface is often challenging to use, requiring skilled users.
Customized Data Loading Program
This option involves technicians writing specialized code and scripts for Oracle data processing software according to the business requirements. It requires experts to undertake tasks that might be costly for small enterprises or start-ups.
Programming takes time and necessitates code adjustments for each Oracle EBS data load update. Businesses will also lose a valuable employee if one of your expert’s departments quits the company.
Third-Party Software
Another option is to purchase technologies from third-party firms in the industry, like Dataloader and oAppsNET. It is an affordable and effective solution to improving the Oracle EBS data loading system.
Enterprises can integrate Oracle into an Excel front-end and streamline data loading. There are dozens of digital tools that integrate with the most recent editions of Microsoft Office and streamline your Oracle EBS data processing.
The Benefits of oAppsNET
oAppsNET platform enables you to use Oracle’s complete capabilities within a comfortable interface like Microsoft or Google worksheets, unlike other alternatives provided by rivals like Dataloader, More 4 Apps and Excel 4 Apps.
Our user-friendly solutions remain centered on the end user. The objective is to keep accurate data even while handling massive volumes. oAppsNET assists with simple Oracle ERP data loading procedures, so your team may focus more on technical business activities.
Our licensing structure is based on the number of transactions so it’s not a User based license.
Looking for more information about integrating data loading solutions? Contact us right now or grab a free whitepaper from our official website.
Factors to Consider
Before determining whether to manufacture or purchase software, you must consider all pertinent factors. Evaluate several aspects, including the project’s objectives, the initial cost, ongoing maintenance, etc. In addition to organizational concerns, you must consider how outsiders interact with them.
Below is what to bear in mind:
- The Cost
Companies operate on a budget and must always search for the most affordable options. However, the financial burden of IT initiatives may add up very rapidly. Costs associated with the original development, support, testing, updates, and market status are things to consider. Also, more than half of IT projects take longer than expected.
Purchasing a program has a significant upfront expense but is a valuable investment for the long term. Since it is a developed product, organizations use it as it is and do not face unforeseen challenges associated with building software from scratch. Still, businesses save on costs and avoid the hassles of developing their application.
- Configurations
You should also consider how much you’ll require to configure the digital tool to suit your existing system. Most software developers and vendors provide customizable templates, meaning you receive a packaged version, which you may easily alter according to requirements. There is less space for error because the layout is simple, and tweaking the application won’t be difficult.
Software development requires more money and prolonged maintenance than buying pre-made digital tools. The implementation will take longer because of the coding process.
- Design
Users must find it simple to use the program to get the best outcome from its integration. Software should be straightforward to use, regardless of if you are buying or creating it. If your instrument is difficult to use, it beats the purpose of investing in it. A user-friendly design allows any member of the staff to learn it.
Besides affecting the output, the software design will determine the customer experience. The right technology needs to digitize and streamline processes.
- Security
Another thing to consider is company security when investing in digital tools. It is essential if your business involves handling highly private data. Think carefully about data security and its associated risks. You can be safe by strengthening the firewall to lessen the chance of data breaches.
- Maintenance
Finally, think about your technology in the long term by determining future maintenance and support needs. If you choose to build, it is best to utilize the same team who created it for upgrades and scaling up, making it challenging to do urgent maintenance or repairs.
Purchasing software is effective because another technician can handle the designs without relying on the service provider for support, updating, and maintenance.
Conclusion
Buying technology or developing it from the ground up is one of the most pressing for businesses.
It is necessary to consider the features of business management applications to pick the right product. The insights in this read will help with choosing the best solution fitting your business’s requirements.
by Sophia Riley | May 9, 2023 | AP Automation
Invoice audits are a great way to ensure your business is protected. Invoice audits help you look at all of your invoices and accounts receivable in a more detailed manner. When you do an invoice audit, you can find out if there are any discrepancies or issues with the invoices. This will help prevent fraud before it happens, which is always the best option.
Automated payments (AP) automation is another excellent way to prevent fraud from occurring. AP automation allows businesses to accept payments online for their goods or services through e-commerce platforms. This means you don’t have to store credit card information for customers to purchase on your website or through an app.
Invoice audits and AP automation are the best defense against fraud. When you automate your accounts payable processes, you can achieve the following;
Reduce Manual Errors
Invoice auditing and AP automation are the best ways to prevent fraud. The invoice auditing process involves reviewing invoices for accuracy and completeness, while AP automation uses pre-defined criteria to determine whether a payment is accurate. This can help reduce manual errors often made by employees or contractors when processing payments.
Reduce Fraud Losses
Fraud losses can be large, especially when dealing with third-party payments. If a company pays a contractor for work that never gets done or if payment is made for services that weren’t performed, then both parties could be losing money and time, and effort. Invoice audits and AP automation can help companies prevent fraud losses by ensuring that all payments are processed correctly and on Time.
Prevent Malicious Use of Vendor Accounts
When people use vendor accounts without authorization, they steal from their employer or client, whether they want to or not. By using invoice audits and AP automation, companies can stop these rogue users from making unauthorized changes to their accounts so that their employers don’t get stuck paying for services they didn’t order or didn’t receive in the first place.
Identify Potential Problems Before They Become a Problem
Invoice audits and AP automation are designed to identify potential problems before they become a problem. If you’re constantly checking invoices against your books, you will know when something has gone wrong or someone is trying to take advantage of your system by adding unnecessary amounts to their invoice. This helps prevent fraudulent activity from occurring.
Increase Accuracy in Your Data
Invoice audits and AP automation helps you increase the accuracy of your data. This is crucial when it comes to fraud prevention because many times, people looking for ways to commit fraud will try to get around the system by just changing their information and going through with the transaction anyway.
Find Suspicious Transactions Faster
Invoice Audits and AP Automation is that it allows you to find suspicious transactions faster. When you use these tools, you’ll be able to go back into older transactions and look for any discrepancies that might have been missed. You’ll see if any changes were made after completing the transaction that wasn’t originally recorded.
Prevent Duplicate Payments
Invoice audits and AP automation allow you to prevent duplicate payments. If someone tries to make two separate purchases with two different credit cards, then both payments will be rejected by the system as being fraudulent unless they’re reconciled with each other within 24 hours of being processed by your bank account or credit card company, depending on which one you use.
Reduce the Time it Takes to Process Payments
The Time it takes to process payments is a significant concern for many businesses. This can be especially true for small startup companies with limited resources. Invoice audits and AP automation can help reduce the time it takes to process payments by speeding up the approval process. Invoice audit technology will give you more accurate information on who has paid your invoices and when that payment was made. You will see the financial impact of any changes made to your software or processes.
Invoice audits and AP automation can help you reduce the number of manual reconciliation processes
Manual processes tend to be error-prone, slow and labor-intensive, which means they are prone to fraud. Automation is a technology that allows businesses to reduce the time it takes for their employees to complete tasks to free up time for other essential tasks. It also reduces errors in data entry by providing a more accurate system for entering data.
Reduce manual labor costs
If you are using manual processes for processing payments, this could mean more work for yourself or your employees. Pre-determining who has paid what can eliminate some of these manual processes and save money in the long run:
Basically, manual work is time-consuming and tedious, so if you have many accounts that need to be monitored and updated, it will take you forever to complete all of your tasks every day. You can reduce your manual work significantly by automating your processes and creating automated scripts for various tasks. This means you can focus more energy on other aspects of your business, such as marketing or sales, instead of having time to enter information into spreadsheets or manually update records daily.
Prevent payment reversals
The most common type of fraud is a customer who receives a credit card statement with an autofill function and returns the item they purchased, but their credit card company reverses the charge. When you run an invoice audit, you can stop this from happening by checking to see if your customers’ names are on file with your processor.
Key Takeaway
Invoice audits and automation are powerful methods for fraud prevention. They can spot invoice anomalies and automate the identification of potential fraud. Auditors will look for patterns in invoice numbers, credit card details, and other data points that could indicate fraudulent activity. Auditors can also use AP Automation to identify potential fraud by comparing invoice data against previously collected data from other sources, such as credit reports or existing accounts receivable records.
