Accounts receivable processes are central to an organisations’ financial health – it’s vital that they are as visible, streamlined and dependable as possible.

Automated cash collection is proven to save accounting staff one hour a day, save organisations €13 per invoice, and pay themselves back within six to eighteen months.

They can also provide more accurate financial reporting. Financial Directors need accurate data at their fingertips at all times, with total visibility of cash flow and outstanding invoices. This helps them and other senior decision-makers to make important business continuity decisions.

We’ll look at reasons why now is a good time to review manual accounts receivable processes.

Financial management

Central to effective accounting is managing cash flow and reducing the amount of time it takes for you to get paid.

Cash flow problems make it harder for businesses to ‘ride out’ unstable market conditions. They can also damage your creditworthiness and make it impossible to pay staff, suppliers, and creditors.

Automated cash collection makes accounting processes more efficient and less error-prone. Removing time-consuming tasks will help your team to focus on maintaining the financial health of the organisation. Improving the performance of accounting processes, instead of issuing, sending and chasing invoices.

Accurate and centralised reporting

If you don’t have trust in your data, you can’t make the right decisions. Being able to provide the Board, C-Suite and, lines of business with accurate financial reporting is essential.

Your reporting is only ever as accurate as your financial data. Automation removes the human element in accounting processes, making the data less error-prone and more accurate. It can also help analyse the data, spotting trends, identifying problems and quickly exporting reports. Making it easy for stakeholders to understand and use.

Improved reporting can also help organisations control and reduce their spending by providing a single, centralised view.

Enhanced business continuity

Automated cash collection tools are more operationally resilient than processes that rely on hardcopy documents and people being in the office. It’s vital that accounts receivable processes keep moving, even when ordinary working processes are disrupted.

Cloud-based platforms are accessed on a range of devices from any secure location. As a result, this helps to ensure that your accounting processes won’t grind to a halt if something unexpected happens.

What’s the answer?

Shifting to automated accounts receivable will not only help your organisation through a crisis, but help protect it for the future. It’s a sensible investment with a clear and immediate ROI.

Our Accounts Receivable Assessment gives you a clear picture of your current situation and a roadmap for the steps you need to take in order to implement an automated, digital solution.

CLICK TO READ:

If you’d like to learn more about Ricoh’s automated accounts receivable processes, check out the document above. Inside you’ll find guidance on how to minimise the risks of manual account receivable processes and how Ricoh can help you find a better solution.

And if you have any questions, feel free to get in touch with us on LinkedIn.

The post Automated cash collection: a reality or wishful thinking? appeared first on Insights.

Many forward-thinking organisations are looking to the future and working on plans to facilitate growth. Yet to make mission-critical decisions in a challenging world, leaders with a growth mindset need a clear financial picture. Without a real-time view of their cash position, investment decisions are difficult to make. A manual accounts payable process cannot provide CFOs with this vital information in real-time.

Automating the accounts payable process will not just provide immediate access to cash visibility, forecasting, and reporting. It will also transform what has historically been a very manual, time-consuming business administration process. 

Staying competitive in this new economic environment requires smart practices in all areas, even the unobvious ones. This is where our automated accounts payable system comes in.

Where’s the real value in accounts payable? 

Most likely you have a dedicated accounts payable function or employees who take care of this process. It is their job to receive purchase orders, delivery notes, invoices, process payments, and remittances. In some organisations, this all still exists on paper with records kept in messy in-trays and bulging filing cabinets.

Neither of these approaches provides you with a real-time view of what’s really going on in your business and an actual cash position that you can rely on getting, anytime you need it. And this is exactly what’s required if your business is to make better quality investments, see better ROI on those investments and make better savings.

What can Ricoh’s automated accounts payable system offer you?

Investing in a robust and resilient accounts payable system now will unlock massive value within your business. Helping you to scale up your internal operations for a robust future. And if the quantum leaps made in digitisation recently have proven anything; transformation doesn’t take as long as we may think.

Within each step towards digital accounts payable, there are also opportunities to save money, time, and resources. Costly mistakes and miscalculations are the last things any growing business needs. Especially if a slip-up leads to an easily avoidable risk.

Complete visibility for your executives 

Automated accounts payable revolutionises cash visibility, forecasting, and reporting. Users are given access to a dashboard, which offers a real-time view of their cash position, allowing leaders to make high-level business decisions with all the knowledge at their fingertips.

The system implements seamlessly with business operations within a few weeks at no delay – a big selling point for your C-Suite. Finance teams are also trained ahead of the system going live, giving the right people immediate value.

All-around cost saving

Investing in an automated system means a lower cost across the lifetime of your business. There may be an upfront price to pay, but in the future, it will cut processing time and labour requirements. We found our system makes the process twice as fast, from 48 hours plus to under 24 hours.

Having a system in place can also empower accounting staff to focus more on strategic business goals and cost-saving activities. Which can only stimulate growth and fill individuals within your organisation.

Streamlined remote working

Suppose your accounting team has been fighting a losing battle with paper-based remote working. In that case, our secure cloud-based solution can offer you flexibility and continuity, no matter where your team members are based. And let’s be honest, it seems unlikely that we’ll be 100% office-based ever again.

As the system uses self-learning technology it also automates live feeds and batch approvals, easing workloads for your team. Task lists, notifications, and recorded version control also make the process faster and easier to manage from multiple locations. Keeping the entire team updated and on task.

The technology 

Our process automation allows you to digitally receive and process invoices and purchase orders with complete efficiency. With a powerful search function for instant retrieval of information when needed regardless of the source. The technology makes it possible for everyone to access the exact version of the same document anytime and anywhere.

The self-learning data input also means the system is able to auto-extract and populate invoice data. Therefore, it can be indexed against its original purchase order. No scrolling through endless records, no scope for human error, and certainly no need for staples.

And it doesn’t stop there if the system works well in your accounting department. You can also consider integrating the same solution to other departments within your organisation. In manufacturing, and especially sales, this technology provides huge potential for growth.

Integrating automated accounts payable into your business

We’re confident our solution can help a range of sectors. But we don’t operate with a one-size-fits-all approach. We tailor the solution to you and put together a package that fits your needs.

Once we have the solution in place. Our team will provide training to all who require the use and visibility of the system. And if issues and queries pop up, there will be reliable, and reachable after-sales care on hand.

Find out more 

Are you ready to ramp up those processes that are ‘done that way, because they’ve always been done that way?’

The gap between those keeping up and those falling behind is growing. It’s time to match your internal operations with your external growth ambitions.

Use our ROI calculator and find out what this means to you

The post Why automating accounts payable should be your next strategic goal appeared first on Insights.

The rise in popularity and use of smart devices and technology means the amount of personal and confidential data obtained by organisations has increased rapidly.

The arrival of GDPR will increase the control a person (or Data subject as it is termed in the legislation) has over their personal data. We’ll be able to request access to it and withdraw the right for businesses to store it. Companies will not be able to gather personal data without good reason and they will have to prove they are doing all they can to keep it safe, which includes disposing of data in a proper way.

Printers and MFPs are the weak link in the chain

63% of businesses experience one or more print-related data breaches

Functionality like scan-to-email on printers and multifunction printers increases efficiency in a process but these devices also collect personal data that needs to be stored securely. Keeping track of where this data is held and how it is disposed of is crucial for businesses ahead of GDPR. This is especially true during the disposal of end-of-life equipment.

How many places can sensitive data really hide in a printer?

Turn to page 3 of our data cleansing brochure and you’ll find the answer. There you’ll see nine potential places where residual sensitive and personal information could be found on a standard MFP (Multi-function printer).

Auditable proof that data has been disposed of securely

While rules around consent in regards to collecting, storing and using personal data already exist, GDPR strengthens these requirements. Under the new rules, individuals can demand that their data is deleted and where incorrect data is held about an individual, they also have the right to ask this to be rectified.

This may not be too dissimilar to current data protection laws, but where it gets complicated (or more strict) for businesses is that they have to prove the data has been dealt with in accordance with the legislation. In other words, you have to be able to evidence compliance.

What should you be looking for from a secure disposal service?

• First and foremost you should make sure that both physical data and digital data is eliminated, which includes everything from the print drum to the hard drive
• As already mentioned, you have to ensure that the whole process is GDPR compliant
• Also, you need to make sure that each step is documented, in order to provide an audit trail
• Use a service that sends a certificate of proof that states compliance with data protection obligations was fully met
• Search for a solution that can be easily integrated into the management of your device lifecycle

I know that GDPR is causing headaches for businesses of all sizes, but you don’t have to navigate this legal minefield alone. We have delved into the topic of GDPR in an earlier blog – Embracing digitalisation is key to GDPR compliance – which looks at how digital transformation puts the right building blocks in place.

If you would like to learn more about securing information and ensuring compliance with new legislation, just fill out the form to the right to download your copy of our Security Solutions report.

The post GDPR and data cleansing: the hidden threat that most of our clients overlook appeared first on Insights.

What is the General Data protection Regulation? (GDPR)

GDPR, which comes into effect on 25 May 2018, is designed to unify data privacy requirements across the European Union (EU). If you market to or process the information of EU Data Subjects (customers, end users and employees), you need to be ready to address these new requirements.

A brief overview of GDPR

In an increasingly data-driven world, the aim of GDPR is to protect all EU citizens from privacy and data breaches. Over the last few years, some of the largest global companies have disclosed security breaches, including Yahoo and Uber. The new regulation is great news for consumers but presents a complex challenge for businesses.

One of the biggest changes is to the jurisdiction of GDPR. It affects every company – regardless of size – that processes personal data of ‘Data Subjects’ residing in the EU, no matter where the company is located.

The EUGDPR.org website provides an easily-digestible overview of the main changes, but in summary:

• Businesses must have explicit consent to use a wide variety of data
• It is now a legal requirement for organisations to hire a data protection officer if business processes require the storage and manipulation of certain categories of data
• ‘Privacy by Design’ is now becoming part of the official legal requirement, which states that data protection must be included from the onset of system design. This includes pseudonymisation techniques, so that data cannot be attributed to a specific data subject, and data minimisation

GDPR also includes some onerous provisions to promote accountability and governance, meaning it is even more important for organisations to demonstrate compliance. Essentially you must:

• Implement a clear governance process with regards to the type of data and what data is managed, processed, stored, retained and deleted
• Maintain documentation, such as data protection manuals and personal data inventories
• Conduct data protection impact assessments
• Deploy ‘Privacy by Design’ to ensure that privacy is embedded into any new process or product that is deployed

Are you suffering from compliance fatigue?

I worry that for many organisations, especially for SMBs, the constant need to stay on top of new compliance and regulations could lead to fatigue in dealing with the issues.

Perhaps it feels like a mountain to climb and it would be easier to just sit tight and hope everything will be OK. Well, this time, it won’t. There are some fairly hefty penalties for non-compliance, which could prove financially crippling for many businesses (up to €20 million or 4% of an organisation’s total worldwide annual turnover in the previous year).

It’s not too late to act

If your existing data processes are not up to scratch, you still have time to put the right infrastructure in place. Despite moving to online modes of delivery, such as self-service portals, virtual advisors and chatbots, which reduces the amount of paper, it is still just not possible to work in a paperless office.

Physical documents are pervasive and there are still cultural and behavioural attachments to the portability, annotation and longevity of paper as a medium.

But how can you deal with physical documents in a safe and secure way, while still meeting the new regulations?

From our experience, the three main reasons our customers approach us to digitise paper processes are to:

• Accelerate – become quicker at what they do
• Increase productivity
• Reduce costs

Now, I would also include here:

• Be compliant

With the power to digitise existing paper processes and capture, process, store and retain this data electronically from the outset, you can be GDPR compliant and reap significant operational benefits.

Take a look at the article ‘GDPR and data cleansing: the hidden threat that most of our clients overlook’ to gain a better understanding of what secure document scanning and archiving means. If you’d like to discover more about digital transformation, we recently released an infographic looking at the future of a technology-led workplace. You might be surprised by the number of people who are open to digital innovation.

Embrace digitalisation for a safe and secure future

Or perhaps you could turn this statement around and embrace GDPR as a means to get your business processes in shape for the future. Either way you look at it, you can’t sit and do nothing. What will you do next? After all, why just survive when you can thrive in a digital environment.

If you would like to learn more about securing information and ensuring compliance with new legislation, just fill out the form to the right to download your copy of our Security Solutions report.

The post Embracing digitisation is key to GDPR compliance appeared first on Insights.

With an ever-increasing amount of personal and sensitive information, the rising number of remote and mobile sources, the different formats and value of information available, there is no question that organisations’ have to do everything they can to protect customers’ information.

On the other hand, the rising costs and financial penalties for failing to comply with information security regulations can have a huge impact, especially if you’re running a small business. The new General Data Protection Regulations come into force next month – are you ready for GDPR? 

Earning your customers’ trust by securely managing their private information is essential

Your customers place a lot of trust in you to protect their personal and private information. Securing their information throughout the document lifecycle doesn’t have to be a chore; there are lots of secure document management systems that will secure data from initial contact to data destruction.

Five best practices to realise the benefits of information security governance

1. Define information access based on user credentials

Access to business information is best governed by role-based authentication of individuals or groups. It is normally possible to set permissions at the document or folder level, as well as by application, by device or by function, for example fax, copy, scan and print. With the right authentication process in place, such as passwords or ID card validation, you can effectively ensure the right people have access to information.

2. Extend security policies every corner of the enterprise network

Protecting the core of your infrastructure must be accompanied by adequate defences at the periphery, which is where business information often enters and leaves an organisation. It is therefore critical that this is not left unmanaged. Remote monitoring and reporting tools can assist in consistently managing diverse and distributed devices across the global enterprise.

3. Encrypting business data on devices

It’s not uncommon to overlook connected devices, such as mobiles and tablets, and access to open WiFi connections where there are very real threats to security. When someone accesses an open or public WiFi network, data such as user IDs and passwords are stored. It’s important to have secure encryption as standard to ensure there is no risk that this data can be hacked. With the interconnected world we live in there are many areas of the business that need protecting, including scan to email functionality, PDF password encryption and any data stored on the device hard drive.

4. Monitor security across the entire document lifecycle

A security policy that protects business-critical information must cover its input (when it enters a company), movement throughout the business, output (when the information leaves a company) and storage, including secure scheduled destruction. Administrators in organisations need to be able to oversee the entire document lifecycle and should be able to track and record all activities at each of these stages. Make sure there is an audit trail that includes traceable information that contributes to compliance reporting and alerts you to potential information security threats.

5. Secure destruction of information on the device

Did you know that printers, scanners and copiers retain information in their internal memory of all the information they process? As a business, you need to the ability to overwrite stored business information so that it is unrecoverable or irretrievable. As part of GDPR, it will be a requirement to show proof that this type of information has been effectively destroyed from printers and multifunctional devices – including the print drum and internal memory.

Would you like to know more about the hidden threat that most of our clients overlook? Read our blog GDPR and data cleansing now. 

If you would like to learn more about securing information and ensuring compliance with new legislation, just fill out the form to the right to download your copy of our Security Solutions report.

The post 5-step guide to information security and governance appeared first on Insights.

Companies can contribute to a more sustainable Europe in a number of ways, for example:

• Developing environmentally responsible products and services,
• Reducing the carbon footprint of daily operations, and
• Cutting resource consumption

These can all have a lasting positive impact but I think there’s still more that can be done. I believe that businesses have to take responsibility to foster environmental awareness among their employees and partners, encouraging them to incorporate sustainability into their daily work. Much work is already happening and it’s clear that sustainability has risen up the agenda, but what may be more difficult is how to measure the impact of these initiatives.

Digital transformation

Digital transformation is one measure that can help to mitigate negative environmental impacts, improve productivity and cuts costs. Even a simple change, such as switching from paper to electronic invoicing (e-invoicing) can bring significant savings. Research commissioned by Ricoh revealed that companies pay 2.6 times less for receiving an electronic invoice than for its paper equivalent. In the long-term, the switchover from paper invoicing to e-invoicing could drive cost savings of €243 billion for businesses across Europe.

iWorkers are the breed of the future

Companies which have already launched a digital revolution in the office will be better prepared for a future shaped by ‘intelligent workers (iWorkers).This new breed of skilled employees thrive in a digitally-connected workplace, where they have 24/7 access to all the necessary information to meet the needs of the business and its clients. While another Ricoh-commissioned study found that only four per cent of business leaders considered the majority of their workforce to align with the iWorker definition, they expect this number to rise to 37 per cent by 2018.

The potential for a sustainable economy

The European Commission is encouraging companies to exploit the great economic potential of a sustainable economy. The global market for environmental goods and services is already worth around €1 trillion per year and this is expected to double by 2020. Forward-thinking business leaders are now preparing their organisations for the upcoming era of green growth because they have realised that sustainability is not a burden but a chance to improve their company’s overall performance, build consumers’ trust and drive profits.

Beginning a green transformation may seem daunting but with the right expert help, it’s possible to produce a sustainability roadmap that offers manageable steps for companies to take. Following an initial audit, you’ll get much better insight into where inefficiencies are and some proposals on how to find solutions to the challenges that are identified.

This is first step in exploring eco-improvements but it is important to keep monitoring progress to make sure your company stays on target with its green commitments. We have found that a systematic approach can bring significant results to both large multinationals and SMEs alike. This includes a considerable reduction in paper and electricity consumption, along with renewed motivation for employees to contribute to their company’s green goals.

A journey towards sustainable business

Remember, you’re not alone on your journey. There are many companies – large and small – who have already started this journey, which means there are some great examples out there to give you ideas. Our sustainability strategy at Ricoh followed three phases. It started with passive compliance and environmental regulation, where all the legal boxes are checked but there is no ambition to drive positive change. Next, the company’s leaders defined their own environmental goals and proactively implemented green practices, setting the bar above basic regulatory requirements. It is usually at the end of this phase that sustainability efforts start to pay off, boosting profits and performance. The ultimate destination of this journey was ‘the responsible stage – a rewarding turning point where ecological solutions and business strategy complement each other to drive economic benefits for the company, consumers, the environment and the wider economy.

All businesses have the potential to move from the passive to the responsible stage.

This transition is imperative in turning the Europe 2020 sustainability targets from a grand vision into reality. Now is the time for those lagging behind on green goals to join the sustainability revolution. Inspiring examples of environmental champions and encouragement from policymakers can position green growth as a compelling target for businesses. Going green is no longer a jump into the unknown, but a smart step towards a sustainable and profitable future.

To learn more about sustainable business, fill in the form to the right to download our Ricoh UK Responsible Business Report 2017.

The post Why sustainability continues to grow within European business appeared first on Insights.

As an environmental manager at Ricoh, I’m often asked how companies and large organisations can introduce more sustainable printing practices. I meet people from many different sectors and everyone is very aware of the need to embed sustainability into their company’s vision.

The key to successful sustainability practice is integration into the larger business strategy

When sustainability is integrated into your company’s mission statement or Corporate Social Responsibility (CSR) plan, this allows all stakeholders (management teams, employees, board of directors, even suppliers and customers) to be better aligned with broader corporate goals – both environmentally and economically.

Implementing sustainable programmes takes teamwork and experience. Our guide gives you 10 initial steps you can take, based on environmental best practice in document processes and printing, which will contribute to a larger corporate sustainability strategy.

And it can do more than just conserve energy: it can help control costs, increase productivity and reduce material waste.

Your 10-step guide to sustainable printing

1. Think e-documents over paper

Electronic document workflows reduce the amount of hard copy output. Use scan-to-email technology to distribute documents electronically, and store scanned documents in an electronic repository. If you do need to print, switch to use recycled paper.

2. Analyse and optimise the number of printers you need

By assessing usage patterns and where devices are placed in the office, you could minimise redundant or under-utilised copiers, fax machines and printers. Introduce more energy efficient multifunctional printers (MFPs) that copy, fax, print and scan wherever possible and limit the use of single function devices.

3. Asset management, recycle and responsible disposal

With good asset management processes in place, you can easily keep track and identify equipment that needs upgrading. Always look for environmentally-friendly ways to dispose of printers, fax machines and MFPs, including recycling toner cartridges and toner bottles.

4. Encourage sustainable habits

Employee behaviour is perhaps the single most important factor in successful environmental sustainability practices. A training and education programme will familiarise your employees with procedures to improve processes, eliminate waste and ultimately achieve performance targets.

5. Redirect printing to the most cost effective device

Rule-based printing automatically redirects print jobs to the most suitable output device to optimise energy consumption, ensure use of resource-saving features and control access to colour output. Maybe it means employees have to walk a few extra steps to collect their printing, but perhaps that not a bad thing either.

6. Minimise power consumption

Purchase or lease devices that exceed ‘Energy Star’ and other industry ratings. Most modern printers and MFDs have energy saving modes and ‘Quick Startup’ technology, which means they are put to sleep when they’re not being used. When set up correctly, this helps to reduce the amount of energy used and reduces costs.

7. Reduce paper usage

Turn on the paper-saving features in the hardware/software of your device – the user manual often explains what’s available but in most cases you can choose duplex/double-sided printing, combining print, lock printing and scanning. When you encourage electronic sharing of documents and document previewing, this can prevent unnecessary reprints.

8. Print on-demand

Use digital print technology to print corporate and marketing materials on-demand – where and when they are needed – instead of printing large volumes to then find something has changed and it’s redundant.

9. Re-set settings and save

High-speed duplex printing, toner saving modes, ‘print selected text’, even default toner selection settings can have a surprising impact on your paper, toner cartridges, and carbon footprint.

10. Measure, manage, optimise

Environmental initiatives, such as carbon offsets, cannot be implemented without accurate measurement and reporting. When it comes to print, the environmental programme must be designed for document processes that not only address reduction of overall energy consumption, hard copy output and CO2 footprint, but also include future recommendations.

Integrated real-time data reporting and monitoring tools that provide enterprise-wide visibility on sustainability performance are critical for documenting success and reinforcing achievements with stakeholders.

To learn more about sustainability in modern business, fill in the form to the right to download our Ricoh UK Responsible Business Report 2017.

The post Sustainable printing: 10 steps that will cut costs, reduce waste and increase productivity appeared first on Insights.