How a digital approval process can help you accelerate decision making

Improve-approval-process-with-business-process-automation

According to McKinsey, 60% of employees could easily save 30% of their time by automating business processes such as paper approvals and processing documents. Business process automation helps improve decision making to carry out ripe approval processes. 

In one way or another, before beginning many business tasks, a formal approval process is undertaken. With that said, one business process alone can require multiple approvals. That is, depending on particular variables such as project size, departments involved and so on. Therefore, business processes can quickly be prolonged or delayed if approvals are not completed on time. 

Handling approval processes without an agile method or system can be chaotic and quite difficult to manage. On the bright side, there is a solution; workflow software.

So, we want to show you how a digital approval process can help you accelerate decision making. As a result, your organisation can maximize efficiency and become more agile.

What is an approval process?

An approval process is implemented in order to allow business processes to run more smoothly and efficiently. In particular, it helps to digitally transform approval stages of business processes through automation. 

Overall, business process automation standardises tasks in an organisation by efficiently routing request information and related documents to relevant personnel.

You can rest assured that work will be approved the same way each time through by automating approvals through business process automation. 

Traditional ways to complete an approval process involve stakeholders having to manually approve data and documents. Additionally, a lot of time is exhausted tracking down and transferring documents whether it be via email, shared spreadsheets or paperwork. Not to mention the additional phone calls or messages regarding queries and so on. 

Might we say, many organisations have already began moving away from paper-based methods to digital ones to carry out approvals and other business processes. With that said, some have still not begun their business process automation journey.

Yes, these methods do get approvals completed. However, are they sufficient? The answer is no.

Using many forms of communication and methods slow down the approval process and automatically cause delays and bottlenecks in overall process. As well as that, it can be confusing to say the least.

In other words, still actively using traditional tools to carry out approval processes could well be limiting your organisations levels of productivity and efficiency. 

With workflow software you can easily approve, digitally sign and collaborate, all in a single place.


Types of approval processes to automate with workflow software

Here are 4 examples of approval processes that you can automate:

1. Capital Expense Approvals

CapExAlso known as CapEx approvals, this process can be difficult for any organisation, especially when it involves multiple approval levels. And, it normally does. Capital expense approval processes require careful consideration and decision making. Simply because, investing in machinery, equipment and other assets is largely expensive.

And without transparent insight and inaccuracy, decision making for an approval process is inevitably affected. 

On the other hand, using workflow software for your CapEx approval process provides consistency, accuracy and improves visibility. As a result, managers and teams can confidently make better decisions when approving. 

2. Purchase Order Approval

purchase order PO Approval can be lengthy and time-consuming as it is, never mind how long the process is when handled manually. Using paper, emails and spreadsheets is without a doubt slowing your purchase order approvals down.

Needless to say, they can incur quite a lot of expenses also. But, we don’t need to tell you that, right?

Workflow software can mitigate these issues by allowing you to streamline your purchase order process. Business process automation provides a faster approach to purchasing, facilitating a reduction in time and money spent on the job. As well, automation reduces the probability of human error in a PO approval process. 

3. Budget Approval

Budget approval processBudget approvals are essentially put in place to ensure that financial projections and priorities are in line. In order to plan strategically, businesses need to firstly, set out realistic budgeting guidelines and abide by them. And secondly, to observe these budgets with an eagle’s eye to decide whether to approve or reject. 

Without a consistent and skillful system to manage budgeting, it is a complex process that presents a lack of visibility into the financial state of an organisation. As a result, the business can fail to see an authentic view of the future due to an unrealistic projection.  

Automating your budgeting approval process will allow financial teams to guarantee that expenses align with the company’s financial forecasts. By accurately managing expenses, organisations can ultimately reduce operational costs. 

4. Project Approval

Project approval Undergoing a new project entails a variation of different project documents and deliverables. Hence, a close eye is necessary for review and approvals of certain documents to ensure efficient management of the overall project. 

Handling project approval processes through emails provides an opportunity for emails to become lost or convoluted in threads. As a result, approvals can pile up and the overall task can be delayed and if multiple projects are awaiting approvals, a back-log of projects will occur. 

The ability to transform tasks with business process automation presents better tracking, monitoring and approving at a faster pace. In doing so, projects can kick-start without any delays or issues in the process.

There are many approval processes that can be optimised through business process automation. For more insight read articles on our procurement process, leave/holiday requests or travel requests 


Benefits of an automated approval process

Your organisation can retrieve substantial advantages from a single approval process automated. 

1. Rapid approvals save time

Business process automation entirely speeds up the approval workflow from initiation to completion. As a result of rapid approvals, business processes accelerate, allowing your organisation to complete tasks in a timely manner. By reducing the amount of depleted time and other resources dedicated to business process management, companies instantaneously cut costs. 

2. Increase productivity

Emphasizing on the capabilities of faster approvals, business processes are accomplished quickly and efficiently. In other words, business process automation allows companies to become more agile as it scales productivity. On that note, thriving productivity helps you keep in line with competitors and not fall behind. 

3. Improve transparency and collaboration

Having a better overview of approvals is better for everybody right?

With an intuitive workflow software, customisable dashboards provide insight into status of approvals as well as outstanding ones. Also, tracking allows you to see who is responsible for each approval and improves decision making. The ability to collaborate in a single place reduces errors and miscommunication across relevant departments involved in the process. 

4. Reinforce accountability 

Approval workflow software clearly demonstrates who is assigned to which tasks or approval. Subsequently, all involved know exactly who is responsible, allowing for superior communication and accountability

5. Enforce compliance with company policies

Automating your approval process enables better record keeping and tighter security control across the organisation. Also, controls ensure the correct measures and validations are in place. Because of this, you can easily review and check whether approvals comply with company policies in audits. 


Why you should automate your approval process

Business process automation derives many advantages for both the company and persons undertaking the task in itself. Besides reducing costs, improving productivity and decision making, and generating competitive edge, professionals can reduce overloading work through automation. That is, from the C-suite level right to the front line.

For instance, CEO’s spend a significant 20% of their time analysing, reviewing and approving work that could be easily automated. And that is one person. Many other employees throughout an organisation could also have a lot more free time on their hands to spend on other tasks. 

Digital transformation continuously grows and evolves everyday. We at Kianda suggest starting slowly but surely to convert your business into a digital workplace.

Many organisations have already digitized and automated many business processes, while others are only beginning their journey. Some particularly undergo business process automation to improve a particular business process. While, others focus more on the end-user experience of a business process and how to make their everyday work life a tad bit easier. Additionally, improving quality of work in your organisation will reflect the quality externally, by satisfying your customers. 

Regardless of the objective in question, business process automation has ultimately provided competitive advantage for many.


How does Kianda approval process work?

Approval-process-Kianda-business-process-automation-platformKianda workflow software provides a user-friendly approval software. 

As a requester you simply input relevant details about the approval process in question via Kianda form. For instance, description of the request, related department, purpose and estimated cost. Providing information relative to cost and department allows for better allocation of expenses accordingly to the overall budget of the business. 

You can also upload documents that go hand-in-hand with the approval. That way, all necessary information is included in the request, avoiding miscommunication. 

Kianda provides an intuitive process designer interface for admin users to easily tailor approval process without the need of coding. Based on your organisation’s unique needs, you can customize your approval process to suit specific requirements.

Admin users can assign particular users’ access to approvals, enabling better transparency, security and accountability. In addition, you can easily add extra approval levels based on a business logic such as the project size or required number of approvals

Managers and relevant personnel can track, monitor and manage approvals with a built-in, customisable dashboard based on real-time analytics. As well, you will receive notifications to ensure that approvals are completed on time. 

Read case study: Mercury Engineering transforms project approval process using Kianda.


Transform your inefficient approval process with workflow software

Streamlining approvals will prevent delays and bottlenecks in business processes. Improving the quality and flow of approvals makes decision making easier for stakeholders. As a result of better management of the approval process, productivity and profitability drive up.

Let us show you with a free live demo, how Kianda can help you.

Request your live demo today!


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https://www.kianda.com/blog/5-key-challenges-of-manual-approval-processes-and-how-you-can-overcome-them/

5 Core Business Processes You Should Automate to Increase Agility

Purchase Order Process

Pruchase Order Management

You can use a Purchase Order Process to better control purchasing of products and services from external suppliers. Moreover, PO software can help you accelerate your purchase order process.

Every business has a goal to cut costs and increase profitability. But, using the wrong tools and systems to carry out business process actually do the complete opposite. Put clearly, insufficient systems spike costs and shrink profits. 

Manual purchase order processes require a significant amount of time. If the necessary time is not dedicated, then you are prone to encounter risks and other issues that affect both the process and the business overall. 

Everyday organisation’s continue to switch to  more efficient methods to carry out their Purchase Order Process. Using out-dated methods like paper-documents and spreadsheets ultimately put a cap on businesses capabilities. On the other hand, using digital methods such as a PO software helps company’s reach their optimum potential levels.

Optimising purchasing management using PO software will maintain greater purchase control over the entire process. Additionally, transforming your purchase order process into a digital system will consequently open several opportunities for you to introduce efficiency.

For instance, digitalising your purchasing management process will help you mitigate risk. As well, it will reduce costs and enable you to improve decision making allowing you carry out the process, rapidly and efficiently.


Using spreadsheets for purchasing management can cause errors

When you or your team rely on manual  tasks like email and spreadsheets, it increases the risk of lack of visibility and error-prone results. As a result, compliance and efficiency will suffer.

Without a transparent overview of your purchase order process, it is difficult for managers to make clear decisions when planning purchases. As a result, it is quite easy to make mistakes and overspend.

Lack of structure in your purchase order process will inevitably incur additional expenses. Because of this, budget is automatically affected followed by company financial forecasts.

In order to align with strategic goals, it is essential to implement the correct system to carry out purchasing management. Gaining better control over purchase order processes will help your business avoid unexpected costs while succeeding in reaching end year goals.


Digital Purchase Order Benefits

Manual purchasing management is expensive, time-consuming and overall, difficult to efficiently maintain. Using PO software will not only save you time, but also help you structure the purchasing process. With the help of a process automation platform like Kianda, you can transform your cumbersome purchase order process into a time and cost-effective process.

Key benefits of using PO software:workflow software productivity

    1. Improved compliance 
    2. Easy to track and match invoices / PO Number
    3. Clear insights to approvals and bottlenecks 
    4. Better decision making
    5. Eliminate paper
    6. Better control over spending reduces costs
    7. Improved relationship between vendor and buyer

Multi-step Approvals Based on Limits

You can include multiple layers of approvals based on a threshold so that high volume purchasing can be approved by multiple managers. Purchase order process starts with a requester providing a vendor information, prices and descriptions with a couple of clicks and submitting for approval.

Automated Reminders Keep Approvals Flowing

automated reminder with PO softwareIn short, PO Approvers simply receive a notification and approve or deny based on the criteria provided.

With a digital purchase order process like the other approval processes Kianda offers, stakeholders can receive automatic, scheduled reminders. With this useful feature, purchase order requests don’t go unnoticed, allowing you to keep on track with all purchase order requests.

Scheduled reminders notify approvers of when they need to approve or reject automatically. Above all they can do this from anywhere using an intuitive interface.

In addition, this process includes supplier’s an invoice step to allow matching PO number with invoices received. When you approve a purchase request, the supplier can be notified automatically if you choose to.

As well, you can easily keep PO PDF and any related documents centrally available from a process.

PO documents can be stored in multiple systems like SharePoint, Dropbox, file shares and more. Because files are stored centrally within the process it makes it easy to find them when needed.

Your supplier will be able to upload their invoice and any other documents linked with the PO process. Your team will then have available a single view of a supplier. As a result, you can view expenditure by account easily.

Once approval is complete your finance team receives notifications and reminders proceed with the payment.

Automated Purchase Order PDF Generation

This process focuses on the approval and PO PDF generation. Vendors and internal users are guaranteed to always receive a PO PDF that looks consistent and matches company branding.

With PO software, you can fully customise the look of the PO PDF at any time, allowing you to suit the need of vendors. 

A unique PO number is generated per request and is customisable. This can follow advanced rules for generating  PO numbers. The Purchase Order Process we describe here covers all the aspects linked directly with the PO PDF.

For a process that covers a wider range of areas like vendor selection and management to delivery confirmation check-out our procurement process.


Optimise your purchase order process with PO software

Let us show you with a free customised demo what Kianda can do for you.

Request a live demo today!



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How a digital approval process can help you accelerate decision making

https://www.kianda.com/blog/5-key-challenges-of-manual-approval-processes-and-how-you-can-overcome-them/