John Chambers, the outgoing CEO of Cisco, made a shocking statement to an audience of business owners just prior to retiring in 2015. He stated that 40% of their businesses would be functionally dead in 10 years. His statement was partially based on his own frame of reference: Cisco itself has undergone a massive reorganization in order to recover from a marketing slump.
His statement might seem to be unnecessarily terse, unless you consider how consumerism has changed in just the past 10 years. Automation has changed everything. It has changed how consumers think, what they want, and more importantly, how companies need to respond to what consumers want.
Primary Business Systems Must Be Automated
Companies that are lagging behind in automation will inevitably drop out of favor with consumers, who increasingly want the instant gratification of being able to choose from a large assortment of products and shop for them in the most convenient way possible. Businesses, feeling the pressure of consumer demands, will seek to buy and sell to other companies that are tuned in to the same wavelength.
Organizations that want to remain successful will have to keep up by staying current with the latest technology, and offering their services and products in new formats that are the most popular for access.
AP Automation: The Life Blood of AP
Unused, archaic systems in a business are like fingers and toes that slowly go gangrene. Accounts payable is one of those systems that must be transitioned into the future of automation.
The new accounts payable department is far more than just a payment system; it is a way of accumulating data on vendors and invoices to cunningly use it toward the best advantage of a business. Accounts payable automation used correctly affects the highest levels of a business, allowing it to control its existing working capital and forecast future expenses, while significantly streamlining current payments.
Dynamic discounting is just one part of electronic invoicing that can radically change the savings a business can accrue on a daily basis. Corporations that have employed e-invoicing are considered to be the best in class, because they are surging ahead of others in profits.
New technologies aren’t just desirable for a business anymore; they are essential in order to remain competitive. Older businesses are competing with startups that have already chosen to appeal to consumers with the latest trends in technology, and to enhance their business acumen with such innovations as AP automation.
The technological tidal wave is already rolling and rapidly gaining strength. It’s time to jump the wave with technological advancements and the latest in AP automation that can keep your business alive and kicking into the future.
Julie Bort: “Retiring Cisco CEO Delivers Dire Prediction: 40% Of Companies Will Be Dead In 10 Years”: www.businessinsider.com: June 8, 2015