Is Your Company’s “Change Oil” Light On?
Over the last few weeks, every time I got in my car to go to work, the ”Change Oil” light showed up as a reminder each time I started the engine. My 2014 car has up-to-date technology, so even if I press a button on the side of my steering wheel to get rid of the reminder, the message is there to greet me again the next time I start my car.
For most of us, changing our car’s oil is rarely at the top of our to-do lists. You probably tell yourself that you’ll get to it next weekend, week after week, until you actually get to it. I do that too. So where exactly does that oil change, along with taking care of my car in general, fall on my priority list? I don’t know. I know that I should do it, and I know it is important, but there is no sense of impending doom waiting for me if I push off this task for another week.
The other day as I started my car and proceeded with my ritual of deleting the Check Oil reminder, I saw an additional “Low Fuel” reminder. Suddenly, I felt a sense of urgency. Like most everyone else, I altered my morning drive to include a stop at the gas station.
I don’t know if I mentioned I work for a Billtrust, a company which helps Businesses automate invoicing, payments and cash application with our SAAS technology. What is the correlation? Over my last 9+ years in this industry, I have only run across a handful of companies in a desperate search of a partner who can help them automate their accounts receivable (AR) existing processes. Many of those are companies have deadlines for compliance that need to be met and they move fast. It’s as though they need to fill the gas tank today before they find themselves on empty, and stalled at the side of the road.
At the majority of the organizations, I find out while meeting with and listening to their executives and managers that they need the accounts receivable equivalent of an oil change. Each has a plan, a desire, or even the faintest recognition that AR automation and efficiency is important, but rarely is there the sense of urgency associated with the fear of running out of gas.
Businesses today talk internally of the importance of automation, but they don’t know what they don’t know. They know they should automate, they know automation is important, but there is no sense of urgency or impending doom on their shoulders, pushing them to take the next step.
There are many benefits to a timely oil change, and the attention given to this little ritual helps improve the vehicle, prevents costly repairs, and even extends the life of the components in my vehicle. If I believed that my car would seize up if I was late with the oil change, I would never ignore the reminder. (In fact, I would demand the car makers build a vehicle with a better life span and one that did not need to need an oil change every 3000 miles, but I’m starting to get off topic here.)
Every business has unique methods and requirements for handling the invoice-to-cash process. We know that we can take advantage of technology and create a more efficient way of sending invoices, accepting payments and handling cash application by using automation. Each time I speak with a company, I find dozens of ways to help them improve on their processes and increase efficiency. My job is to let business owners do what they do best – provide products and services within their industry, while we do what we do best – provide integrated receivables solutions that yield efficiency and cost savings.
Now it’s your turn to answer the question. Do you get to do what you do “best at” every day at work? Do you get your organization’s oil changed and fuel tank filled? Or do you spend each day handling emergencies and tasks outside your area of expertise?
Scott Nugent is Partner Enablement Manager at Billtrust. He can be reached on LinkedIn.