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5 Best Practices for Automating Your Office Workflows

10/4/2021

 
The importance of workflow automation cannot be denied. These 5 best practices for automating your office workflows will guide you to the success you desire. First, it ensures specific tasks complete on time. Additionally, processes allow your employees to focus on more productive activities instead of wasting their time on mundane assignments.

However, even though you have automated specific processes, anticipate that they might be hampered by inadvertent delays, obstacles, and bottlenecks. Some difficulties that occur are almost always inevitable. Employees who need to review applications, for instance, become ill and miss work. Documents and files are misplaced. Machine failures occur in manufacturing operations.

Nevertheless, for everything that is avoidable, there is a lot you can do to maintain your automated workflows running well. After all, in the words of Benjamin Franklin, “by neglecting to prepare, you are prepared to fail!”
In this article, we discuss five excellent practices to prevent needless bottlenecks in your workflows. However, before we delve into these practices, let’s first understand what workflow automation is.

What is Workflow Automation?

Workflow automation eliminates the issues created by manual processes by connecting systems with software. As a result, automating procedures in your organization may significantly decrease the money and time required to operate. In addition, automation allows workers to focus on mission-critical tasks while avoiding costly mistakes. For example, you can make the process more efficient and potentially save costs by automating your accounting activities.

Due to its efficiency, workflow automation has grown tremendously in the past few years. In fact, according to a global survey conducted by McKinsey & Co. in 2020, 66% of business leaders from a broad cross-selection industry were initiating solutions to automate at least one of their business processes. You can learn the fundamentals of workflow in our K2 course Workflow and Automation Essentials.

5 Best Practices for Workflow Automation

Workflow automation is becoming more sophisticated inside accounting products, document management products, and from the significant productivity suite providers such as Microsoft 365 with modules like Microsoft Power Automate or Zoho Flow. But we must get the workflows optimized first! Consider these 5 best practices for automating your office workflows.

1. Create An Office Workflow Plan

The most straightforward procedures are sometimes more complicated than you realize, specifically with numerous phases and approvals. That is why almost every workflow requires a map.

Workflow process mapping is a method of keeping track of your work steps so that you understand what each step does, why it is functioning, and what to do when something “breaks.”

Workflow maps don’t have to be complex or challenging to create and understand. They can be just a few post-it notes on a board or a doodle in a notebook. Remember, a post-it note turned 45 degrees makes a diamond shape. So, one pad of post-it notes gives you all the flow-charting shapes you need.

However, having a finished a written or sketched workflow map may keep you and your employees aware of every stage in the process, so they understand what to expect. In addition, process mapping your existing process (“as-is”) lets you transition the process to a new, hopefully, better, process (“to-be”).

Hence, before you do anything at all, begin with workflow mapping. Then, even if your workflow is already in place, map it out. Consider each process and step and reviewed it meticulously.

2. Apply Strategies to Your Workflow Automation

Workflow automation is more than just making a list of operations that need improvement and then crossing them off one by one.

Creating business automation and managing in this manner is akin to attempting to untangle tangled wires by grabbing one and pulling. Of course, you’ll make some headway. Those victories, though, will be few. However, you’ll soon find that you’ve made the knots much, much worse. And repairing it will require additional time and resources. The current term “hairball” describes what many have created with flawed workflow processes and best-of-breed SaaS solution selection.

Instead, it would be best to emphasize process automation by weighing efficiency, simplicity of use, ROI, and business effect. Then, if done correctly, you would be able to automate the right activities, which will allow you to reap the benefits of automation. Sometimes you need a separate workflow product like XCM, Doc.It, or with the workflow built into most accounting software products today.

3. Train and Equip All Stakeholders

When things are going wrong, it’s simple to point the finger at those allocated to certain workflow phases. If an approval step, for example, is delayed, the person in charge of authorizing it may get emails about this until the stage is approved. However, management or leadership should first ask questions before making assumptions about why a specific process phase hasn’t been performed.

Is the person in charge of this process step equipped with all they need to execute it? Do they even have access to the necessary tools? Further, are they receiving alerts? Above all, are they informed of the problem?

When you inquire about your process constraints, you are more likely to obtain a helpful response. However, when something goes wrong, consult with your staff before making the decision. We recommend a debriefing when there are process failures to get to the root cause.

Moreover, these issues can be avoided by ensuring that all the stakeholders are trained and given all the tools needed to carry out their part efficiently.

4. The Best Practice is to Select the Best Processes to Automate

Regardless of how efficient your company is, you almost certainly have sluggish, clunky, and needlessly burdensome procedures. Thinking that automation would solve inefficient workflows can lead to disillusionment. Your processes will become ineffective automated procedures because of automation.

Effective workflow automation necessitates a reassessment of your organization’s business practices. Before you attempt to automate outdated workflows, you may need to restore or entirely rebuild them. Don’t be scared to divide the colossal process down into smaller sections. Breaking processes into smaller steps might increase agility while decreasing siloed data in your business. For example, industry businesses commonly have 250-400 processes, where CPA Firms commonly have 45-70 workflows.

An excellent place to start is picking a process that doesn’t require drastic changes to your existing functions, such as invoice approval. If done well, the automation of this process can lead to multiple benefits without disrupting many of your current processes.

5. Analyze Your Company’s Business Process Management (BPM)

Sometimes problems occur that have nothing to do with a particular procedure. Instead, the issues are a product of more profound disarray inside the organization. As a result, incorporating workflow planning and mapping into your everyday routines and implementing business process management (BPM) solutions into the company becomes critical. You want to turn your organization into process thinkers constantly looking for a better way to do things.

BPM can assist in keeping the company on track. It can help the company define priorities. Moreover, the right BPM can help plan for errors at a higher level.

Disruptions in one or two workflows become considerably less of an issue when effectively managed by the entire company. So, if you aren’t currently using BPM methodologies in your business, start now.

The earlier your business eliminates ineffective procedures and replaces them with successful ones, the smoother your workflows would become. If you have targeted the proper market, buyers should quickly discover everything about the product and business through their social media accounts.

Bonus Tip: Don’t Delay Automating Your Office or Business

Don’t overlook the signals that your firm needs to be automated. As a result, your company can consolidate its back-office operations, streamline marketing activities, and cut expenses.

However, establishing automated business processes is not always straightforward. Hopefully, these 5 best practices for automating your office workflows have helped you understand the actions you must take. Unfortunately, several stumbling blocks and blunders might derail your efforts all along the way.

Hiring a professional expert is the key to avoiding these stumbling blocks. Most importantly, the contracted expertise can place your company on a path to quick success with process automation. In addition, you may benefit from the experience of an automation specialist by collaborating with them. They will not only design the apps your organization needs to automate workflows, but they will also design a business-defining strategy to get you there in perhaps the most effective manner possible. In conclusion, you can’t outsource the understanding of your processes. You must know and maintain these with your personnel. You can’t let the expertise leave with the consultant.

Learn more from K2 You can learn more about workflow in our K2 course Workflow and Automation Essentials.

Randy Johnston

Must-Know Facts and Features of Mobile Wallet Marketing

9/7/2021

 
Business owners know how important it is to build trust and loyalty with their customers. Especially for small businesses, finding ways to enhance consumer confidence can help foster these lasting relationships. Similarly, these must-know facts and features of mobile wallet marketing can help you build customer relationships. Likewise, with more people keeping up with their favorite brands through websites and apps, mobile wallet marketing is one approach to creating a top-notch customer experience.
​
Mobile wallets are apps that store payment data using digital cards like Google or Apple Pay. For businesses, mobile wallet marketing is the use of these mobile wallets to boost consumer engagement. Are you interested in using mobile wallet marketing for your business? Then, keep reading to learn some facts and features that can help get you started.

Mobile Wallet Marketing Facts

Since the first mobile wallet launched in 2011, the apps have transformed the way we make payments. That’s why knowing how to best use mobile wallets is a smart business strategy. To help you understand what makes mobile wallet marketing so critical for businesses today, check out these statistics:
​
  • At least 100 million Americans are expected to use mobile wallets this year.
  • By 2022, the mobile wallet market size around the world is projected to reach $3 trillion.
  • By 2027, the worldwide mobile wallet market could be worth over $12 trillion.
  • There will likely be over 14 million new Apple Pay users and over 10 million new Google Pay users between 2020 and 2025.
  • Approximately one in three consumers have three or more mobile wallets downloaded.
  • Last year, almost one-half of millennials used digital wallets for online purchases.
  • All of the participants in a survey reported that they would keep mobile wallet content on their devices if it were personalized.

Mobile Wallet Marketing Features

Once you understand the potential of mobile wallets, you might wonder how your business can use them. The mobile format offers features designed to promote the brands most relevant to users, from alerts to location tracking. Here are some elements of mobile wallets to consider in your marketing strategy:
​
  • With the ability to easily save and track points on a cell phone, mobile wallets can simplify customer loyalty programs.
  • Cellular devices can monitor your location, so mobile wallets can show customers certain content depending on where they are.
  • In addition to in-app use, mobile wallets can translate to customer engagement on your business’s website or in-store.
  • Mobile wallets allow coupons to be accessible at your fingertips so that retention rates could be higher.
  • Since cell phones can learn a user’s preferences, mobile wallets can personalize content based on the customer’s interests.
  • Push notifications provide customers with updates about their loyalty points and reminders to use certain offers.
  • Mobile wallets eliminate the need to carry loose papers and make ideal destinations for boarding passes and concert tickets.

Infographic


Summary

By learning the must-know facts and features related to mobile wallet marketing, you can better understand the value of this new digital payment method. From there, you’ll be able to create a marketing strategy that can elevate your business’s customer experience.
​
Eager to learn more about mobile wallet marketing? Look at the infographic above for all the information you need. Then, apply these must-know facts and features of mobile wallet marketing to help you build customer relationships.

Learn more about supporting eCommerce in our article 5 Ways to Improve Your eCommerce Business, how to get started with Zoho Commerce, or in one of our Technology Conferences.

Randy Johnston

The Rise of "COVID-preneurs"

2/8/2021

 
Many startup businesses begin after an economic downturn. Will we see the rise of the “COVID-preneurs” soon? During the 2007-08 financial recession, Ken Lin started the personal finance giant Credit Karma. Above all, it was a defeatist economy. Funding money was strapped, consumers were hesitant, and financial institutions had a cloud of distrust around them. In addition, by textbook timing, this was no time to start a finance company. However, more than ten years later, in 2020, Intuit (a financial technology company) acquired Credit Karma for an astounding amount. According to Intuit, Lin’s company was acquired for approximately $3.4 billion in cash and 13.3 million shares of Intuit stock and equity awards with a value of $4.7 billion. The bet paid off.

Is This the Time to Start a New Business?

History seems to be repeating itself for many risk-taking entrepreneurs during the coronavirus pandemic and the subsequent economic turbulence that followed suit. According to the U.S. Census Bureau, Americans have been filing new business applications at the fastest rate since 2007. Many have determined this is a great time for entrepreneurs with ideas. They have time to work on their ideas.

For some, starting a business during such chaotic times may seem completely counterintuitive, not to mention crazy. For others, it’s prime time to implement a sound strategy and capitalize on the opportunity. In addition, you have those scratching their head and wondering, “why on Earth would someone become an entrepreneur in a pandemic?!” we have some points that will make you think otherwise.

Necessity, the Mother of Invention or Action!

For instance, during penny-pinching times, necessity is a significant driver of entrepreneurial activity. The pandemic results in unprecedented unemployment rates. American unemployment surpassed 14% peaking during the pandemic compared with 10% during the Great Recession. With more people out of work, some are looking for creative and new ways to make money, like starting a small business or company.
In addition, people are seeing fresh opportunities as a result of increased time at home. Without commuting to work or traveling to school, more people are taking up side hustles that might evolve into a new company. Interestingly, 39% of entrepreneurs start a business to pursue a passion. So, those folks that have taken up bread baking during the pandemic and found it to be their passion might establish a full-blown bread baking company if well-thought-out.
Along with necessity and opportunity, new community needs have developed. Small businesses need to adapt quickly to online eCommerce. Rapid testing solutions need to be created. Smart healthcare technology needs to be advanced. In other words, these are just a handful of examples of the change in social needs due to the pandemic.

Have COVID-preneurs Already Built New Businesses?

This timing, coupled with increasing trends in entrepreneurship according to 2020 stats, has led to a skyrocketing rate of new business filings. The founders of such ventures cleverly nicknamed “COVID-preneurs,” might just well be the next Ken Lin. Will you help with the rise of the “COVID-preneurs?” Sources: LegalZoom  | Intuit
Click to view the Infographic from LegalZoom
86 Key Entrepreneur Statistics for 2020 and Beyond

Randy Johnston

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    Authors


    Ward Blatch
    Ward provides consulting and training services as the Managing Director of K2E Canada Inc. He joined K2E Canada in 2005 and is responsible for the Canadian operations of this international consulting group, which provides professional development technology education for accountants across Canada and the US. Ward lives in rural Nova Scotia and can be reached at ward@k2e.ca.

    Tommy Stephens
    Tommy is one of the shareholders in K2 Enterprises, affiliating with the Firm in 2003 and joining as a shareholder in 2017. At K2, Tommy focuses on creating and delivering content and is responsible for many of the Firm's management and marketing functions. Tommy resides in the metro Atlanta area. You may reach him at tommy@k2e.com.

    Randy Johnson
    Randy is a nationally recognized educator, consultant, and writer with over 40 years experience in Strategic Technology Planning, Accounting Software Selection, Paperless, Systems and Network Integration, Business Continuity and Disaster Recovery Planning, Business Development and Management, Process Engineering and outsourced managed services. Randy can be reached at randy@k2e.com


    Bernie Smith
    Bernie coaches businesses to develop meaningful KPIs and present their management information in the clearest possible way to support good decision making. As the owner of Made to Measure KPIs, he has worked with major organisations including HSBC, Airbus, UBS, Barclays, Credit Suisse, Lloyds and many more.

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