We all know that knowledge is power, what we don’t know is how to acquire said knowledge.
It’s easy to implement an automated solution to complete a process, but how can you maximise the benefits from your solution if you don’t gain any knowledge or experience from it?
In the days of cloud technology, sharing information is easier than ever, so why are business systems so antisocial?
Why should one company have to work so hard to create a database of information which is already being used by another company with the same software?
Since technology is so advanced at home, and is being brought into the workplace by new generations of employees, people expect the same level of intelligence from business applications, so why don’t they get it when it comes to P2P?
What is shared supplier master data?
Shared supplier master data is when the supplier master data from processed invoices is stored in the cloud and is accessible for other businesses, so they don’t have to stay on top of their supplier master data to pay invoices correctly and timely.
Why hasn’t this been done before?
The limitations of on-premise solutions, and simple cloud offerings, meant that historically sharing huge amounts of sensitive data between companies has been challenging.
Thanks to improvements in cloud infrastructure and security, technology providers are able to leverage opportunities from cloud providers (namely Microsoft Azure) to bring this immense benefit to organisations.
The difficulty has not only been “how can we share all this data securely?” but also “how can we keep this data accurate and up to date?”.
This can now be done thanks to advancements in Machine Learning – a subsection of Artificial Intelligence.
Historically systems have been able to utilise machine learning to increase automation rates for that organisation, but now this learning can be pooled and shared amongst other organisations.
Knowledge is power… What power?
The power I am referring to is the power for organisations to start saving money earlier than previous solutions allowed.
Shared supplier master data allows all organisations implementing an application to benefit from a first-time automation rate that previously could not have been achieved without a long on-site learning period.
First-time automation is an identifier of good data, since the data being input into your systems is correct. Your systems have the confidence to continue onto the next step of the process instead of pausing for someone to validate its work.
Less manual intervention after implementation can only mean an increase of savings earlier in the product’s life.
This paired with a cheaper application, thanks again to cloud technology, makes a return on investment easier than ever.
In today’s world of hi-tech homes and gadgets, it’s time we actually brought the Information back into Information Technology.
When purchasing an application for your processes, don’t be satisfied with just a simple automation package.
Demand the best for your business and gain as much knowledge with your purchase as possible.
Shared supplier master data does not only benefit other organisations using the application, it benefits you. Your team, your department, your organisation.
Read the Capture as a Service White Paper today to expand your knowledge on the latest and greatest in data capture technology for finance departments.