Five KPI’s for Evaluating a “Best Fit” Document Automation Solution – Blog

Searching for solutions to automate your business transaction processes can be tough when you are unaware of the factors to consider. It can leave discrepancies between you and your team on what terms mean, what features you need, and what will create the best transition.

Before your search, make sure to plan your workflow needs out as a team.

Make sure these five key performance indicators are present in the solution in order to determine if the solution is the best fit for your unique business workflow to ensure future success:

1. Integration
Your new solution should integrate with your current accounting software to support transaction management, reporting and compliance. Your provider should have a list of accounting systems they support. APIs should be present and the integration effort should be seamless.

2. Cloud Platform 

The solutions you are considering should be offered in the cloud. A cloud solution provides tangible benefits.  There is no need to procure and manage IT infrastructure.  You pay for only what you use.  You can quickly scale up or down according to your needs.    You can deploy and access the cloud anywhere in the world with just the internet and a browser. 

3. Configurable Tools/Options 

A best-in-class automation solution should be configurable to your specific business workflow needs. A configurable solution is very different than a customized one.  A configurable solution contains native tools which can adapt to customer requirements whereas a customizable solution requires software coding at considerable time and expense. 

4. Human Interference & Controls  

Though best-in-class solutions can fully automate business processes with machine learning, it is important to allow for human interaction.  Any automation solution should have the ability to override, change, and track everything that is being processed in the event that any exceptions would occur. Look for a solution that allows for user control options. User and role-based access and permissions should be present.  For example, a processor, controller and CFO each have different functions and should have corresponding controls.  

5. Mobility & Growth

Look for a solution that allows you to access and use the solution across multiple devices.You also want a solution that will grow with you and your business. Your solution should include options for other business processes and functions such as expense tracking, vendor management, and payments optimization.  Make sure you’re choosing an automation to support your business, not just a single application.  

The important thing to remember? The “best” automation solution is the solution that fits your business workflow needs. Using this list as a reference will help guide you in evaluating which solutions meet your needs. Making the transition to automation can be most efficient when you know what to look for and when you have a plan.

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