One of the greatest setbacks in the path toward optimal operational and financial performance in the private sector is waste, while many companies have struggled to get an adequate handle on these matters. When the economic recession began to take hold in 2007, those firms that had the least efficient operations likely saw the most difficult times, while those that had reached and sustained lean processes were among the most steadfast in the face of these issues. 

Although the Great Recession was decidedly negative, one of the silver linings that came in its wake was the increased attention to optimal efficiency in the private sector, with companies fully understanding why they needed to eradicate waste and how they can reach these objectives. Additionally, while it might be a bit of a chicken or the egg debate, modern technology solutions gained traction at the height of the recession, notably the ones that had the strongest performances with respect to spend-management. 

For example, cloud computing has become one of the most common investments in the private sector because it can simultaneously reduce capital expenditures while boosting the power of the organization. Similarly, automated solutions – some of which have been around for decades – are finally beginning to hit the adoption rates many had hoped for in the past, as companies look to streamline workflows and processes through the use of helpful software. 

There are several common areas of operations that might be causing waste or inefficiency, and automation tools can help to reduce strain and waste in one fell swoop. 

1. Reporting
A critical aspect of corporate management, any firm that still relies entirely on manual data entry for reporting processes should seriously consider making the switch to automated solutions. Manual data entry has not only been found to be a common source of inefficiency, it has also proven to cause accuracy issues, poor employee engagement and a wealth of indirect hindrances that hold the firm back from optimal operations. 

Automated reporting analytics solutions can quickly make a big difference for employees in a wealth of departments, while also strengthening responsiveness to compliance demands and boosting performance of analytics pursuits. 

2. Accounts payable and receivable
The accounts payable and receivable department should be among the leanest and most accurate in the business, as the books must be balanced at all times and transactions completed in accordance with deadlines. When firms do not use any form of accounts payable and receivable or processing automation software, chances are the amount of time it takes to clear invoices will be a bit longer, and this could have significantly negative impacts on the company. 

For example, if outgoing or incoming payments are not being reconciled in real-time, cash flow can hemorrhage, leading to issues in provisioning, enterprise resource planning and the like. Consider deploying an AP/AR automation solution today. 

3. Expense reports
Although this is a bit of a seldom-discussed matter that most companies have a very simple process in place to handle, it could become inefficient for certain businesses that have a wealth of relevant activities each month. By automating expense reports, the firm will be able to more fluidly track where money is being spent on the corporate dime, and more likely to reduce inaccuracies that could lead to inefficient or poor planning for the future. 

4. Invoices
This one is likely to become a bit more mandatory than optional in the coming years, as so many national governments and major enterprises have made the switch to e-invoicing in the past few years. Simply put, experts have hailed these solutions as representing some of the best opportunities to reduce the volume of outstanding payments, improve efficiency for individual firms in the accounting department and standardize processes in light of the highly globalized economy of the modern era. 

Again, in the coming years, more governments are likely to demand these forms be used for tax-related payments and others, while corporate clientele and consumers are increasingly preferring these tools as well. As such, the time is now to begin considering moving away from traditional invoice processing and and toward automated e-invoicing solutions. 

5. Content management
Aside from simple reporting analytics, content management can be an area that quickly leads to waste on a large scale and, considering how important information governance and analysis has become in the past few years, this is simply unacceptable and dangerous. Content management automation can put the power and control back in the hands of supervisors, managers and executives, allowing them to more efficiently oversee the ebb and flow of data in real-time without placing strain on employees. 

To ensure strategies are well-informed and carefully monitored without allowing waste or inefficiency to enter the equation, content management automation is recommended.