There’s a reason that saying “ERP” (the acronym for Enterprise Resource Planning) out loud sounds a bit like a shriek of surprise and pain. The vast majority of ERP projects launched by companies fail to meet their expectations in terms of costs, timeline or results.
It’s difficult to pick, implement and maintain a complex suite of software to better manage your resources and thereby optimize your inputs and outputs across many departments, from finance and HR to distribution, manufacturing, service and the supply chain.
Only about one in four companies is happy with the results of their ERP solution, surveys reveal. If and when an ERP is running properly, it helps companies better understand how its key processes are running, automatically combining data from realms as diverse as accounting, human resources to the supply chain and even customer relationship management. Connecting these respective data pipes and getting value out of such a complex automated system is, in short, a very challenging undertaking. It requires research, investment, and ongoing commitment.
Here’s how Gartner describes what an organization should expect from an ERP implementation: “Look for business benefits in four areas: a catalyst for business innovation, a platform for business process efficiency, a vehicle for process standardization, and IT cost savings. Most enterprises focus on the last two areas, because they are the easiest to quantify; however, the first two areas often have the most significant impact on the enterprise."1
And while it’s true that there are dozens upon dozens of ERP offerings, they offer by no means full automation for every aspect of your business. That’s particularly true for the Accounts Payable function, which has its own processes, workflows and challenges such as paper invoices, data entry and approval rules. Since an ERP solution usually is an all-encompassing answer to planning all your resources, it’s more of an all-around system. Being a generalist comes at a price: if your software is capable of doing a little bit of everything, it cannot fully satisfy every department’s detailed needs.
That’s why many companies we speak with might tell us they have already automated their processes with an ERP system of their choice. But look more closely, and the AP function is often not really automated. Which means they haven’t unlocked the full potential of going digital from invoice to payment.
So how do you bridge the gap between your ERP system and full-blown AP Automation?
Enter Yooz. Our cloud-based AP Automation is truly ERP-agnostic. We work with the system you have and provide an instant upgrade with almost immediate returns. That’s because Yooz connects seamlessly to over 200 financial software packages and ERPs worldwide, and we are adding to that number almost on a weekly basis. Take a look at our growing list of supported ERP connectors, and chances are virtually nil that your solution is not among them. The line-up includes all players large and small, even covering specific verticals like automotive or hospitality (https://www.getyooz.com/erp ).
Even better, Yooz doesn’t tell you how to connect but leaves the choice up to the customer since you know your specific business processes and workflows best. You may choose to export your AP data manually, based on your individual needs, or you can configure the system to automatically receive the latest data in your accounting software without even connecting to Yooz.
The potential benefits from full-on AP Automation are significant. No more paper invoices to manually key in or scan, no more hard-copies to chase, archive or ship between locations, no more delays in matching invoices to purchase orders and GL codes, and no more hold-ups when approving invoices or initiating payments. Machine learning takes care of it all -- and it gets better with every invoice it reads.
All of this results in lower costs, shorter cycle times, fewer late fees and more early-pay discounts, and -- above all -- increased visibility and better cash management for the company as a whole. Yooz won’t replace an ERP system, it just gives it superpowers when it comes to what we know best: AP Automation.
Getting this type of financial intelligence is, after all, the holy grail of a well-oiled ERP system. Combining your solution with true, powerful AP Automation so both working together will bring your company one step closer.