Is your finance department benefiting from multichannel technologies?

Discover multichannel and digital technology benefits and how finance teams can put them into practice.

Businesses are improving processes using digital and multichannel technologies better than ever before. Multichannel techs, automated intelligence (AI) and data analytical tools are reducing manual tasks and transforming operations. Yet, finance teams have a long way to go to match the accelerated use of digital technologies within the workplace.

Discover digital technology benefits and how finance teams can put them into practice.

Digital Adoption Changes

The uptake of multichannel and digital technologies is accelerating at a fast rate, but not for finance teams.

Finance teams currently spend as much as 80%³ of their day on manual data gathering, data inputting and admin tasks. Global management consultant McKinsey⁴ analysed these kinds of tasks and assessed where automation and digital technologies could play a role. McKinsey found that 40% of finance activities could be fully automated, and 17% could be mostly automated. The area that allowed for the most automation was “general accounting tasks”. The area to be the most difficult to automate was “business development”.

McKinsey’s research reveals the opportunity available to finance teams. Digital technologies can automate tasks and transform how finance teams operate. Finance teams should no longer focus on admin based tasks. The teams can transition and start to focus their time on business development and company growth.

Deloitte⁵ looked at the opportunity further. Deloitte analysed where digital technologies will take finance departments over the next 5 years. Deloitte predicted that with real-time, automated reporting and an increase in self-serve technologies, finance teams will no longer spend their time on their everyday, manual tasks. Finance teams will transform. They will become more business service led, helping their business to predict and act upon insights.

Finance teams can now transform with digital technologies. Digital technologies to use across their whole department. From payroll to accounts receivable to purchase ledger. The benefits of digital technologies are ready for them to use.

What are the opportunities and benefits?

Automate processes

Reduce human error

Self-serve opportunities

Improve costs

Automate processes

Digital and multichannel technologies can automate tasks. For finance teams this could be the creation and distribution of invoices. Instead of creating and distributing physical invoices, a multichannel portal can automate the process. Via a multichannel portal finance teams can upload their data and invoice template via a secure connection. The creation and distribution of each invoice is then automatically put in place.

Such technologies also allow for added digital benefits. Digital benefits such as the tools to track when invoices are received, viewed and paid. Finance teams can reduce the time spent distributing invoices and chasing customer payments. They now have the tools in place to automate their processes.

Reduce human intervention and human error

57%⁶ of invoices received are on loose pieces of paper. An invoice can also involve upwards of 15⁷ people in its lifecycle. Multichannel technologies digitise invoices, keeping the document digital throughout its whole life. Loose pieces of paper are no longer an issue.

Multichannel technologies and e-invoicing solutions also reduce the occurrence of human error. As these technologies digitise documents, less data inputting is required. Resulting in more accurate invoices and a decrease in invoice processing issues.

Time spent solving invoicing issues decreases, and overall cash flow improves.

Self-serve opportunities

Multichannel and digital technologies are providing businesses and customers with more self-serve opportunities. Such as notifying customers of new financial documents via their channel of choice. Allowing customers to self-serve with payment and document search tools. Customers can also utilise the likes of chatbots to find their own answers, without your finance team’s input.

Finance teams no longer need to resend documents, or be a payment taker. They can let multichannel and digital technologies do the heavy lifting for them.

Improve costs

Businesses that distribute large volumes of invoices understand the challenges around late payments. Without invoice processing automation technologies invoices can take between 12-15 days to process. E-invoicing and processing automation technologies can reduce this time to 3-5 days.

E-invoicing and e-payable technologies help improve accounts payable processes and reduce invoicing costs. Ardent Partners research⁸ found that the top level enterprises who used e-payable solutions saw a 6 times lower invoice processing cost. With these types of cost savings it is clear why digital technologies should be in use.

Prime Document’s Multichannel Solutions

Multichannel and digital technology use has accelerated for a reason. The technologies increase operational efficiency, improve cash flow and transform teams. Finance teams can reduce their manual daily tasks and transform within business.

At Prime Document, our multichannel technologies show businesses the potential. The potential to transform processes and improve business operations. From creating employee portals to distributing global payslips, to digitalising invoices. Our multichannel solutions automate tasks, create self-serving customers and help businesses efficiency.

Explore our multichannel technologies today to discover the solutions and tools for your finance team. Not only will your finance team benefit, but with our simple and smart solutions your company will see benefits across the whole business.

Discover multichannel solutions