Is Your Financial Back-Office Ready?
The COVID19 pandemic has brought about many changes, some of these changes will be temporary and will fade as the pandemic fades. However, other aspects of our professional lives, will be changed for the long term. Nowhere is that being felt by more people than in how the workforce is deployed. The Pre-COVID white collar workforce saw a trend towards greater movement to a decentralized remote workforce. While this trend represented a very small piece of the overall pie, certain functional areas like financial back-office were generally exempt from this trend. But that is changing rapidly as companies have been forced to adapt to a greater number of resources working remotely. What many companies have now realized is that the low cost, low overhead model of a remote workforce is here to stay.
One functional area that had to quickly adapt to a remote workforce model that was not planned has been the financial back-office. Since many of the functions around the financial back-office surround processing activities, companies had to shift those resources and activities out of the controlled team-centric environment of a shared service center or centralized processing operation while still being able to manage the performance and productivity of those workers.
Cloud Hosted AP Workflow Automation & Processing
Enabling, easily accessible technology is one of the cornerstones of a successful remote workforce. ICG’s AP Automation delivers value, savings, and efficiency. ICG’s cloud hosted Accounts Payable solutions are designed for rapid deployment in a remote processing environment to support business continuity in good time, difficult times and national emergencies. ICG can help your company support remote back-office operations with the following:
- Process invoices from multiple sources in multiple formats
- Processing all types of invoices (Expenses/Non-PO, PO, Fixed Assets/Fleet, Construction, Services, Repair & Maintenance, etc.) in one place with one consistent user experience
- Tracking worker productivity using ICG tracking and reporting tools
- Handle more work in less time with advanced AP Automation solution
Our cloud hosted accounts payable and comprehensive procure-to-pay solutions are technology-agnostic and can seamlessly integrate with your current systems and infrastructure. Our goal is to help you create a remote, automated and standardized back office system that is optimized for a remote processing operation and works in conjunction with your existing processes and systems.
Vendor Self-Service to Support Remote Workforce
A Vendor Portal (also called a Supplier Portal) is a web-based, vendor self-service solution that allows you to collaborate with your vendors in a secure, online environment 24×7. Vendor portals provide a web based platform that allows you to move non-value added processes from your operation back to the vendor thereby reducing the burden on your remote workers. A list of activities you can move from your operations back to your vendors:
Move non-value add research and data gathering functions from your operation back to the suppliers. A Vendor Portal (also called a Supplier Portal) is a web-based, vendor self-service solution that allows your vendors to find the information they need when they need it. Constructed correctly, over 70% of vendor questions can be serviced through the portal instead of through return calls and emails, freeing up time for your resources to focus on value added activities.
- Perform 24 x 7 payment and dispute inquiries without having to call your vendor service center or their AP contact;
- Electronically submit invoices for payment, including PO flip, to eliminate the need for a physical mail room activities for AP;
- Initiate payment and transaction disputes and track the progress of resolutions via the portal;
- Prospective vendors can easily provide data and documentation electronically via the Vendor Onboarding (Supplier Onboarding) portal;
- PO Dispatch and Update module allows the vendor to receive POs and Updates via the portal – vendor setup;
- Participate in workflows to update, communicate and collaborate;
- Offer vendors a dynamic discounting solution to drive significant economic benefit while strengthening your supply chains.
ICG Consulting has helped several of it’s high transaction volume customers adapt to a remote workforce in very short order. Customers like Love’s Travel Stops & Country Stores and MGM Resorts International were able to respond to the need to transition to a remote based operation quickly without sacrificing performance, service, or functionality. Utilizing ICG’s cloud hosted back-office solutions, these companies and others clients like Boyd Gaming are positioned well for now and into the future with their low cost, high functioning remote operations.
The Love’s Travel Stops & Country Stores Story
Listen to an interview with Misti Holland, Senior Accounts Payable Manager at Love’s Travel Stops & Country Stores. Missy discusses the move to remote operations during the COVID-19 shutdown, and adding flexibility after the re-opening.
The Boyd Gaming Story
Listen to an interview with Matt Mitchell, Vice President of Financial Shared Services at Boyd Gaming. Matt shares how the COVID-19 shutdown affected his Accounts Payable operation, the expedited move to effective remote operations, and how ICG Consulting cloud-based solutions made the move possible.