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Are you a person who doesn't know what you will actually do while you are attending a trade fair? Watch this video by Dr. Avani Agrawal where she talks about various things which you should do when you are taking part in international trade fairs. Subscribe to our channel today to keep yourself updated in the Logistics sector!

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If you don’t know what follow up actions you should take after attending a trade fair, then this video Ms. Avani will guide you in detail about How you should follow up with your customer, how to do categorization of the received inquiries, why it is important and which steps should be taken after doing categorization. To gain more knowledge about the logistics sector subscribe to our channel.

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If you are preparing to attend a trade fair & you are carrying your samples, catalogs, brochures along with, then in this video Ms Agrawal will explain to you what logistic activity you should follow and how you should send invitations to your potential and prospective buyers and existing buyers. Subscribe to our channel today to keep yourself updated in the Logistics sector!

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Do you know the Reserve Bank of India is looking to introduce a Central Bank Digital Currency (CBDC). Will it be the crucial decision for India? Why is India going to take this decision in urgency? What is the opinion of the banks of the other countries? What is discussed in the 2022 – 23 Budget about digital Currency? In this video, Mr. Bhatt will explain all-around information about it. 

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With the sudden increase and chaos in the Crypto market, a lot of people are curious about digital currency and it is getting famous and trending these days. In this video, Mr Kishor Bhatt, explains the basics of digital currency and all-around information about Cryptocurrency.

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Are you in the import - export business and confused about whether you should visit or exhibit an international trade fair? So in this video from JBS Academy that will help you to gain knowledge about international trade fairs, whether you should participate in trade fairs or not, and various options you should explore. Subscribe to our channel today to keep yourself updated in the Logistics sector!

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Are you looking to participate in international trade? Watch this video from JBS Academy that will help you to gain knowledge about international trade fairs, whether you should participate in trade fairs or not, and various options you should explore. Subscribe to our channel today to keep yourself updated in the Logistics sector!

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Transport Documents play a critical part in the Import Export business. Learn about essential foreign trade documents such as Lash bill of lading, port to port bill of lading, etc. in this video by Mr. Kishor Bhatt, subscribe to our channel today to keep yourself updated in the Logistics sector!

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To make your export-import business beneficial without any problem, you must take care of many simple but important points. Sometimes, these simple points take you into big trouble while preparing documents for your Import consignment or Export consignment. Watch this video from JBS Academy that will help ensure a smooth export transaction and avoid potentially costly mistakes. Subscribe to our channel today to keep yourself updated in the Logistics sector!

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HubBroker- Invoice Automation: Scaling Your Business With Invoice Processing

Is your Accounts Payable process prone to errors, slow, and costly?

Is your company buried under the stress of dealing with invoices? Invoice processing is a monotonous, laborious, and error-prone, unavoidable task. The accounting department relies on manual, paper-based processes that are boring and inefficient.

There is not enough time in a day to process invoices with a 90% chance of errors. The AP process is a revenue generator despite the companies neglecting its importance. The efficient AP processes ensure your company receives payments timely while freeing up the necessary cash.

“A penny saved is a penny earned” is an ancient saying implying that cutting costs play a significant role in scaling your businesses. The potential growth of any company is compromised because of the inefficient AP system and conventional invoice processing methods. Automating your invoice processing leads to reduced expenses, efficient processing, eliminating errors, and most significantly, relieving your employees of the hectic work schedule.

So what is the cost of processing an invoice?

Processing the invoice manually consists of entering data, proofreading the information, rectifying it, and finally processing the invoice. Later, invoices are validated, approved, and then sent to the vendors or suppliers for payments with a high probability of delay in payments. At last, the payments are received, and the invoice is archived. An average clerk from the AP department can process five invoices within an hour.

Take a second to analyze how much time is wasted on processing the invoices in your business while making a report of hidden costs that increase the overall expense ratio. Including all the processes above, the cost for processing an invoice on average is $15.80.

Despite the size of your company and the number of invoices you process, we are all sailing in the same boat. Multiple incoming documents with different types of formats from different vendors require many AP clerks to process those invoices.

Since the advent of technology, your company has needed an efficient processing system that is reliable and productive. In the previous decade, invoice processing automation was expensive; however, not integrating automated invoice processing is more expensive today. Recent research by EY concluded that more than 41% of the companies have accepted the fact that automation is critical with passing times for businesses to stay progressive.

Check the following to generate a more specific estimation of your own manual invoicing costs:

Total processing time for invoices (including time in the post)

Time spent evaluating invoices in total

Total time spent locating and rectifying data input errors, duplicate payments, and other inconsistencies.

Physical invoice storage and shipping costs

Discounts that have been lost and penalties that have been incurred as a result of late payments, blunders, and so on.

A total number of hours wasted by employees doing invoicing instead of their assigned tasks.

With this information, you can estimate your own invoice processing costs by adding employee costs, lost discounts, late fees, storage costs, and postal and shipping charges, then dividing that sum by the total number of invoices processed to get the average invoice processing cost.

How can you get paid quickly while processing invoices? 

An average company’s cost of processing an invoice starts from $12 and goes as high as $40. The cost directly depends on the complexity of the AP processes and their relative functions. If you digitally process invoices, there can be a massive difference in your expenses.

Choosing the right technology for your business means improved efficiency, reduced costs, efficient invoice processing, and saving time, money, and resources. With Hubbroker, your company can gain up to 75% efficiency using our cutting-edge business technology. We deliver invoice processing wrapped up in minutes while reducing your per-invoice charges to a minimum, helping your scale your business and allowing your employees to narrow their focus on core business objectives.

Hubbroker enables your company to save thousands of dollars with top-notch technology while reducing the scope of errors you experience during manual invoice processing or conventional OCR technology. Our high-tech technology integrated by our clients has reduced their invoice processing cost to a bare minimum of $2.00. The potential to save money, scale your business, streamline your processes, and enhance your ROI.

In e-invoicing, the data is automatically captured with 100% accuracy and whenever a document is received, performing an extensive data extraction process and three-way validation method for verification of the information. This ensures the information extracted is correct, saving your employees time verifying the information.

After the three-way validation procedure, the invoices are transferred to the back office for processing invoices in a format that will allow automated invoice processing.

Automated invoicing aids companies in saving time and is not limited to any specific company size or industry. This means that your AP team can aim their efforts towards more crucial activities for the enhancement of your business.

Should I integrate e-invoicing in my company?

Processing invoices is hectic and worrisome that pours stress on the employees and the managing teams. Reading through the invoice and entering data from one system or a paper to another system gets you frustrated, doesn’t it?

Well, you can reduce your frustration and your costs without disrupting your current position in the market and a guaranteed chance to enhance your ROI while reducing workload.

In 2018, the American Productivity & Quality Center (APQC) report from their evaluation stated that only $2.07 was spent by the top 25% of businesses. Comparatively, the bottom 25% of the companies spent over $10 or more, five times the higher prices for a single invoice.

The key difference between the top and bottom performers is a simple and five times effective – automation. Processing invoices digitally enhance performances and trims costs through:

Eliminating the scope of errors and providing reliable accuracy

Enhanced communication channels, reminders for payments, and cloud-based storage for all-time accessibility

Improving security and reducing frauds with in-built verification technology

Allowing the management to focus on futuristic goals rather than micromanaging the invoicing tasks

Gain better insights into the processes

Streamlined processes

Gain control over the processes and productivity

Compatible with most formats of the invoices, hence, higher chances of onboarding new clients

Reduced staff requirement and work hours on-premises because of automated invoice processing.

Remove the use of paper, which means no storage issues, no shipping or postal costs, and most importantly, reduces carbon footprint.

To understand the company’s potential to stay afloat in the current market, ask yourself these questions. 

How is my company currently processing invoices?

Do we handle the inbound invoices more often?

What is the time of processing one document in my company?

What is the cost of processing one invoice?

Do we hire temporary staff to rectify errors that occurred during the data capturing process?

How accurate is your data after data capturing?

Are SLAs met for your suppliers?

How automating the processes can help our company?

We process business documents automatically 24 hours a day, 365 days per year, all processed with 100% accuracy. With hundreds of customers and partners spread across the world, HubBroker receives and processes documents from thousands of unique senders.

We’d love to help you meet your business automation needs. Contact us today to know how we can help you reach your automation goal in record time.

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Integrated EDI streamlines business processes by eliminating manual data entry and reducing errors. Cloud-based EDI solutions for Dynamics lower costs and simplify the implementation and maintenance of EDI operations by eliminating in-house data translation and connectivity.

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Paper invoices weighing you down? Enable AP digital transformation with e-Invoicing solutions from HubBroker. With HubBroker you can have traditional “paper” invoices, like PDF files, and convert them into an acceptable format such as EDI, XML, etc and send it directly to your Vendors, Suppliers, and fulfillment partners. Discover the new and easy way of doing business with HubBroker

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Paper invoices weighing you down? Enable AP digital transformation with e-Invoicing solutions from HubBroker. With HubBroker you can have traditional “paper” invoices, like PDF files, and convert them into an acceptable format such as EDI, XML, etc and send it directly to your Vendors, Suppliers, and fulfillment partners. Discover the new and easy way of doing business with HubBroker

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HubBroker- Traditional EDI vs. Microsoft Dynamics Cloud-Based Solution: What To Pick?

Integrated EDI streamlines business processes by eliminating manual data entry and reducing errors. Cloud-based EDI solutions for Dynamics lower costs and simplify the implementation and maintenance of EDI operations by eliminating in-house data translation and connectivity.

Whether you’re new to EDI or presently use an on-premises infrastructure solution, you may be considering making the transfer to a cloud-based solution soon. When anything is accessed over a network connection and need not be stored locally, the term ‘cloud’ is used. Many people regard cloud-based solutions as an undiscovered territory, mainly because they are relatively new to the market comparatively.

It’s important to note here that more than 95% of the companies have increased the value of B2B integration after they outsourced their EDI operations to a Service provider, as per the Stanford University Supply Chain Forum.

A cloud EDI has several commercial advantages over a traditional version. It not only exploits the power of the cloud but also frees enterprises from EDI restrictions while assuring seamless interaction with trading partners‘ apps, demonstrating yet another trend of cloud migration.

Assess their expertise in Microsoft Office Dynamics

One major mistake companies make is joining hands with companies who are still learning to climb ropes. Without getting hasty, your company needs to assess the credibility of the service provider by asking these few questions:

How many years of experience do they have working with Dynamics customers?

The testimonials of previous and current clients

Do they have a team specifically dedicated to individual clients?

Scalability

Moving to the cloud prepares your business to scale for its next growth milestone. The right EDI solution must scale your business. Transitioning to the cloud enables your company to access more documents with adjustable storage capacity that can be increased or decreased at convenience. You need to inquire about their solution’s capability to manage the growing volume of orders, multiple retail types (drop-ship, marketplaces, wholesale, e-commerce, etc.), and onboarding new retailers without disturbing the current clients.

Eliminates the need for additional staffing and reduce costs

Many Dynamics EDI solutions require considerable time, money, and resources to maintain the system, often translating into hiring employees and unforeseeable expenses. Instead, you can go for a full-fledged EDI solution that provides a predictable calculation on a monthly basis that includes almost everything. As a result, there would be zero unnecessary expenses, no maintenance charges for updates or mapping. Also, your staff can divert their focus into high-value projects as their employees handle all the day-to-day EDI activities.

Opt for predictable and scalable IT infrastructure

The best part about shifting to the cloud is that it allows you to offload the IT infrastructure costs and maintenance. You won’t need to buy and maintain any additional servers. Instead, you have a fixed price for your Dynamics EDI solution, including the data center, security, and other needed IT infrastructure, all managed by experts. It’s important to understand a solution’s reliability and fees to comprehend its long-term impact on your business.

Remote Benefits

Since the pandemic, the demand for remote facilities has taken a considerable surge. And shifting to the cloud facilitates you with that. Your company can rip the benefits of easier accessibility with cloud-based solutions at any time and can also be linked with your mobile applications.

Storing Documents

Accessing files was trickier with Dynamics EDI solutions. There were difficulties in accessing the files. It was time-consuming and had the risk of losing or damaging the documents.

Shifting your Dynamics to Cloud-based EDI stores your document in the cloud and is regularly backed up for you to review.

Your Dynamics EDI switch should be planned ahead of time.

It takes time and a well-thought-out strategy to migrate to the cloud. Some Dynamics EDI systems can be migrated to the cloud-first, making this phase of the strategy the simplest and causing the least amount of disturbance to your business. However, not every application must migrate to the cloud simultaneously. HubBroker’s Dynamics team can tell you more about this procedure and how others have successfully moved their EDI early on.

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HubBroker- Critical Automation for the Growth Stage of a Product Life Cycle

A strong relationship with partners and customers is critical for B2B businesses. This needs to be reflected in the successful B2B eCommerce strategies. Nowadays, the B2B eCommerce model moved beyond from just transactions to putting more emphasis on relationships and automated ordering systems.

The growth stage of the product life cycle is when your product hits the road and takes on the acceleration. Once you launch your product, you need to spread awareness, establish your brand in the market, increase market share, improve sales and increase revenue. In the growth stage, you are likely to increase sales of your products and improve your margins. 

Well, manually doing all the labor may slow down your process and cut your profits. To avoid this, Process automation is critical in the growth stage of the product life cycle. 

Here are the essential keys to automation in the growth stage:

Automate product data sharing to enable scale

The proper marketing and content make your product stand out in the market, whether physically available on the shelf or sold online. 

Consumer these days require details about the product to make their buying decision. They need details like color, dimension, ingredients, ratings, and reviews. Consumers are aware and hands-on to ample information and compare your product with others. It is equally important to provide transparency. 

Similarly, your retailer needs a structured plan to allocate and sell products. They also require details like pricing, stock available, shipping documents, charges, and other information. As you do not have only one retailer, it is crucial to compile your product details and submit them in various forms to your retailers. 

If you are habituated to storing your data on a spreadsheet and keep updating the list now and then as per your suppliers’ requirements- the process gets error-prone, monotonous, and frustrating. 

Thankfully, you can automate the entire process with the help of product data automation. With business automation solutions like HubBroker’s, your details and data will be automatically updated, formatted into a proper structure, and delivered to all your retailers and suppliers. Using automation, you’ll be eliminating the risk of human error, back and forth emails, and notifying retail buyers now and then. 

Keep your partners updated with inventory

Everything you do is related to buying and selling the product. And in the growth stage, you have frequent inventory coming in and going out. Hence, you will need to provide regular updates to your traders and retail customers. It would be best to have visibility and transparency at all levels, especially the third-party warehouse. 

This is much needed if you fill orders directly to your customers, i.e., dropshipping. You need to provide hourly or daily inventory updates for a smooth flow.

Using an automated process, your inventory data sharing would become extremely easy to send and receive inventory updates. It eliminates managing inventory through emails, phone calls, or other portal updates.

Automate order management

We all want our business to grow and expand. Your business is booming in the growth stage, meaning you receive multiple orders from various channels. You might get orders from e-commerce, big-box retailers, or another marketplace. Managing orders from multiple channels and the process are time-consuming. 

As well as getting orders electronically, your retail purchasers might expect you to acknowledge orders electronically within 12 to 24 hours. Different retailers might require an affirmation within 30 minutes! Orders can show up whenever, here and there, requiring an action, even in the middle of the night.Automating order management helps in tackling this problem.

Overseeing and managing orders through spreadsheets, emails aren’t versatile for a developing business. When you are at the growth stage of the product life cycle, you really want an automated system to manage inventory and orders across all business channels.

HubBroker makes your management work easy and accelerates an eCommerce, Omnichannel, or marketplace initiative. No matter which eCommerce platform, EDI, or ERP you are using, HubBroker helps you deliver everything faster to your customers. Contact us today for more. 

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HubBroker- Electronic Data Interchange (EDI) and B2B Ecommerce

EDI and B2B E-commerce are not mutually exclusive in practice.Benefits of EDI:EDI challenges:B2B e-commerce capabilities: 

B2B companies now rely on technology more than ever before. Modern e-commerce is a vital strategy for B2B businesses due to forced digital transformation, fast-changing market conditions, and shifting buyer preferences.

Many firms used to think of Electronic Data Interchange (EDI) when discussing electronic sales in the B2B market. However, as businesses grew and new revenue streams were necessary, B2B e-commerce use skyrocketed.

When we speak with corporate customers, we are frequently asked about the differences between EDM and B2B e-commerce. People frequently ask whether EDI will be phased out in favor of B2B commerce and the best solution for their company.

According to the Digital Commerce 360 B2B 2020 B2B E-Commerce Market Report, EDI accounted for 78.4 percent ($7.00 trillion) of all B2B electronic sales in 2019. Statistics like these demonstrate that EDI isn’t going gone anytime soon. And it will be the smart use of EDI and B2B e-commerce by thoughtful businesses that will lead to success.

It’s crucial to understand that EDI and B2B e-commerce are two distinct solutions ideal for tackling various challenges within a company.

In this article, we’ll look at the two most common queries we get about EDI and B2B e-commerce:

What is the difference between electronic data interchange (EDI) and business-to-business (B2B) e-commerce?

Why are EDI-centric companies including B2B e-commerce into their sales and distribution plans?

What is EDI?

Electronic Data Interchange (EDI) is the electronic communication of structured data between computer systems using agreed-upon message standards without the need for human intervention. To put it another way, EDI is essentially the transfer of data from one computer to another, making it ideal for automating repeated transactions.

Many large corporations and their suppliers have made significant investments in EDI over the years, and the technology continues to function as intended. In a supply chain where products are predefined and known with contracted pricing, EDI is most commonly utilized for large, recurrent orders.

EDI allows businesses to transact with one another using well-defined standards. These standards specify how business documents (invoices, purchase orders, and ship confirmations) are transferred, ensuring that supplies flow smoothly throughout the supply chain.

Essentially, an EDI is a system that allows organizations to transfer business papers linked with a sale back and forth without the use of paper or people.

Benefits of EDI:

Reduced customer churn and the establishment of key system-to-system automation.

Reduced order cycle time results in increased speed and accuracy. With EDI, your business cycles can be accelerated by as much as 61 percent.

Reduced order errors result in cost savings. Automation eliminates time-consuming and error-prone manual order processes.

Improved inventory and supply chain visibility and a clearer picture of transaction progress.

EDI challenges:

With EDI, there are two main challenges:

Only once a customer connection has been formed for a contracted set of products and pricing should EDI be used.

Because not all customers and new technology solutions enable EDI, you’ll need to complement other operational optimization choices.

Today’s B2B companies must pay close attention to the customer experience during the ordering process. It’s worth noting that an EDI doesn’t have a modern user interface. It cannot be used for marketing, such as communicating with customers or sales teams to promote new items, market, or cross-sell and upsell.

Once a customer relationship has been established, EDI removes your brand and salespeople from the order placement process. Companies that use electronic data interchange (EDI) run the danger of developing their buyer market. To buyers, acquiring the same product from various vendors via EDI may simply be a matter of pricing rather than an organization owning the purchasing decision in the commerce experience.

What is business-to-business (B2B) e-commerce?

B2B e-commerce refers to interactions and transactions between a corporation and its trading partners over a value-added network or proprietary connection, such as an electronic marketplace.

The B2B industry has grown in recent years, largely owing to shifting buyer wants and market forces. As huge corporations have focused on customer experiences, convenience, and self-service, the border between B2C and B2B buying experiences has blurred. B2B e-commerce is essential for distinction because it allows businesses to enter new markets, improve efficiencies, and generate new revenue streams.

Unlike EDI, which deals with massive, recurrent transactions, B2B commerce deals with ad-hoc ordering scenarios or items with complicated order management systems.

B2B e-commerce offers more than simply online ordering; it also allows you to communicate with your consumers engagingly. It allows people to browse and educate themselves by bringing your product catalog to them. It gives you a new way to sell to them and keep them up to date on product news, company updates, special offers, and promotions.

Your clients can maintain track of orders and other data online with B2B e-commerce, just like they can with other orders they place outside of their business transactions.

B2B e-commerce capabilities:

As a B2B company, standing out from the competition is critical. The strict EDI regulations may prevent a company from utilizing the levers necessary to get a competitive advantage in the market. The capabilities of B2B e-commerce, on the other hand, give businesses an advantage over their competitors.

Customization: The capacity to tailor products to the needs of specific clients is critical to success. Product availability, pricing, and value-added services need to be integrated into a single experience, only achievable with B2B e-commerce. For B2B, the levers or inputs into those modifications are generally far more thorough, as they revolve primarily around the model of thousands of buyer-customer entities that demand their transactional workflows and product mix to reflect their operational requirements in doing business with you.

Consistency: The organization has some unique challenges due to its growth through digital transformation and commerce. How businesses scale experiences to meet customer demands will be the most significant advancement. This can take the form of large-scale cloud transformations for businesses or the acquisition of isolated solutions by individual departments or business units to manage their digital transitions.

Control: Companies who successfully upgrade their e-commerce strategy experience an increase in their core B2B customer base immediately. Internal interest in pursuing other markets, such as B2C or B2B2C, usually follows. Once your B2B e-commerce strategy is in place, it becomes evident that the technology levers that support your B2B customer base translate incredibly well to other markets.

Why are EDI-centric companies including B2B e-commerce into their sales and distribution plans?

Both EDI and B2B e-commerce aid in automating the ordering process and improving overall business processes. And, in most cases, one technique isn’t necessarily superior to the other.

However, in today’s digital age, organizations that previously focused on EDI understand the advantages of B2B e-commerce channels to support the required revenue and customer growth.

Complementing traditional EDI with API

Businesses may provide a modern ordering experience for their clients by incorporating B2B e-commerce techniques into expanding channels. Traditional EDI has gaps that can be filled with modern, API-first e-commerce. B2B e-commerce, unlike EDI, allows businesses to deliver more to their customers:

Inventory and pricing are updated in real-time and sent to your customers’ procurement systems.

As APIs to customers, we’ve improved order status and tracking capabilities.

Beyond what may already be configured in your customer’s EDI system, you can provide broad catalog access and search capabilities.

Today’s purchasers anticipate a great ordering experience, thanks in part to digital platforms like Amazon, even if the purchase is for “work.” Companies who invest in their customers’ needs today with modern, digital purchase experiences will undoubtedly reap the benefits as expectations rise. 

HubBroker helps businesses find the right solution for their integration needs. Whether you are looking to modernize your integration, consolidate systems, or looking for an easier way to integrate your ecosystem, HubBroker has got you covered. Contact us today for more.

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HubBroker- The Digital Guide: How to Successfully Carry Out Digital Transformation For Your Business

Integrating digital transformation with HubBroker is an excellent first step towards developing business practices that value long-term sustainability as a critical metric for success. Connect with us today, and let us help make your business structured, productive, and cost-efficient.

Welcome back to Hubbroker’s Digital Guide. You read in the first part about the whats of digital transformation and that simply integrating new tools into your system is not enough. In the second part, we shared thorough knowledge about the importance of digital transformation and how it can influence your organization. Moving forward to the third and the final part, we will share the necessary ways to successfully implement, install, and enhance your digital transformation strategy.

A plethora of organizations have faced turbulence while executing digital transformation. Inadequate communication, improper planning, lack of collaboration, and poor management support are some of the hazards in digitalization. 70% of the companies fail to accomplish their goals in their initiative of a digitalization program. Adapting to the trend requires vision, which a few leaders possess.

It does not imply that companies failing to reach their desired outcome quit or disregard the thought of digital transformation. The world is thriving, and your company must adapt to the evolving business trends to maintain its position. The raw talent with a fresh mindset requires up-to-date technology, enhanced digital culture, and a supportive environment to hone their skills. The prosperity of your employees moves parallelly with your company’s growth.

With detailed knowledge about digital transformation and its cruciality to your organization, you are just a few steps away from executing your company’s transformation. We have assembled precise guidelines to assist you in preparing and executing the digital transformation program for your organization.

This guideline consists of essential groundwork, deployment, and improving your journey to keep up with the trending market.

SET CLEAR GOALS

Having a clear vision is vital to any development. Regardless of how efficiently one strategizes, companies fail because of blurred vision and unclear goals. Therefore, invest your time in goal setting before investing your resources in executing the transformation.

Numerous organizations are confused with the result of digital transformation. The key to achieving long-term goals is to accomplish short-term goals by adding milestones into your goal planning strategy. Completing them drives inspiration for the entire work team, and they work with a progressive mindset to take your organization to new heights.

Deploying digital transformation should result in accomplishing business goals rather than technology goals.

For example:

Working paperless – Technology goal

Driving growth in revenue – Business goal

Stamp out the manual data entry – Technology goal

Improving productivity – Business goal

CREATE & MAINTAIN A CUSTOMER-CENTRIC APPROACH

Sustaining a customer-centric approach throughout your company is more complicated than it sounds. The back-office employees and your accounts payable (AP) team may not realize their impact on the customer service as they might consider that part outside their responsibilities list. Yet, it creates a significant influence on the customers.

The conventional manual data entry and invoice processing techniques are time-consuming, susceptible to errors, and missed or delayed payments. Now, missed payments disrupt your relationships with vendors, and distribution networks experience delays in delivering goods and services. This causes unsatisfactory customer service and also costs the reputation.

Any organization can avoid blunders like this by using HubBroker’s automated data capturing and integration solutions instead of tiring manual data entry of invoices. This component of your digital transformation program, and AP’s understanding of the reasons for its deployment, will empower AP to improve the customer journey. Focusing on this aspect of digital transformation while the employees take the responsibility of delivering quality service, whether in back-office or accounts payable teams, will benefit your organization.

This is just one example of how automating data integration with HubBroker can give everyone in your workforce valuable customer touchpoints. There are several examples apart from this where your team can provide excellent customer service to grow your company.

BE READY FOR CULTURAL CHANGE

Corporate culture should be altered to execute the digital transformation program. It is essential to stay connected with the teams and simplify processes for the organization. Your organization, the executives, and the employees must work in harmony without any scope of error and pave towards a successful transition.

The transformation goal may necessitate trying different methods and distinct decision-making for the organization’s benefit. The employees must fulfill their duties and work proactively to implement the digital culture in your office.

RUN PILOT TESTS

It’s vital to ensure that everything is in place from planning to executing and that the whole organization is on the same page about implementing digital transformation. Let’s say you have a dedicated and experienced consulting team, and the tech suppliers are in a position to kick off. But, does everyone in the organization have any idea of what will happen? Have you prepared any analysis? Have you performed any pilot tests for the same?

Going on the full-throttle without running any pilot test may cost you your time, money, and resources. Depending on luck while performing the transition leads to failure no matter how flexible, managed, or failure-accepting company you are. As mentioned above, only 30% of the companies transition into digital companies. Without any pilot tests, it’s challenging to carry out such a massive transformation without any undesirable outcome.

Performing a brief analysis and practical tests will guarantee your spot in the 30% of companies to establish a digitally transformed organization. It will help your company deploy an unscathed digital transformation program. Furthermore, it gives the companies a hawk-eyed vision to gain benefits, allowing companies to construct a roadmap to modify the process where necessary.

You can initiate the experimentation in the back office departments like Accounts Payable. Try installing automated data capturing software for invoice capturing and processing. Analyze the data collected, study the pros and cons, and work towards other departments gradually.

ROLL OUT THE TECH GRADUALLY

If your company has not taken any precautions regarding the procurement of new technologies, failures are just a step ahead. Acknowledging one’s limitations is a crucial strength for any company or an individual, even when they crave to push themselves for the desired goals. Your company may benefit a little from innovative technologies but hamper others or create a conflict with the culture in your workplace.

As the pilot tests are completed, modify the adjustments and implement them to eliminate the hurdles. Later, incorporate the technology and tools and measure, record, and progress your journey to the destination of a digitally transformed company.

GET DIGITALIZED WITH HUBBROKER

Hubbroker eradicates the need for manual data entry, providing quick data extraction from documents that is cost-effective. Its capacity to scan, capture, process data with high precision is an excellent place to kickstart your digital transformation program.

As discussed in the first part of our trilogy, automated document processing helps establish the four classes of digital transformation. For instance, in business process transformation, automated processing increases the output of the work, decreases the company’s expenses, and saves the employees from the laborious work of manually entering the information. Testing and learning philosophy of cultural transformation plays a vital role in cultural transformation and provides the staff with the required time and resources to shift their focus on reshaping the company’s business structure and domain.