The saying goes if it’s ain’t broke, don’t fix it. But as we all know, that’s an outdated way of thinking, especially regarding payment processing. One of the things I see most when I meet with a business to enhance their payment processing systems is a mentality of ‘what we’re doing works. Why mess with it?’ Data backs up this mentality, too. According to data from Pymnts, 40% of B2B payments are still made with paper checks, and another 81% of companies admit they still make payments through paper-based channels.
However, paying with paper checks or through paper-based channels isn’t the only way businesses fall behind. Too many organizations are still stuck in the Excel loop, endlessly creating manual input spreadsheets to collect and store data. An article from Pymnts.com shared an example of how Formula 1 was using a giant Excel workbook to store car build data with information on over 20,000 individual car parts. The only problem was that you couldn’t see how much time and money it took to produce each part, so the data lacked vital context for builders.
Unfortunately, I see this all the time. Businesses spend far too much time manually inputting data or using outdated paper-based payment methods. Even if they’ve found efficient methods for these systems, they will fall behind over time. Why? Because the world is going digital, businesses unwilling to adapt their systems will fall behind.
As a treasury strategist, my role is to help your business embrace digital tools to save time and money. Automated fintech solutions can reduce your account receivable overhead costs and speed up how quickly your business can receive payment. Increasingly, we’re also seeing more intelligent automated tools that utilize AI for data collection, processing, and even forecasting.
As AI tools become more widespread, they have the capacity to help businesses scale up in exciting ways and reduce manual payment processing procedures. My team can help your business prepare for these tools and finally shift away from cumbersome Excel spreadsheets and manually inputting data to automated tools and systems. Imagine the time and money you will have to invest back into your business with the savings these tools can provide.
We love Excel, and it’s an excellent tool for data presentation, but it’s not intuitive. It’s time to shift away from manual processes like spreadsheets and paper checks to digital fintech tools. So, if your business is ready to make the change, book a consultation today!
