In Part 5 of this series, we examine how Best-of-Breed solutions help improve the quality, efficiency, and value small teams bring to their organizations. For more information, read our post 3 Ways Small Procurement Teams Can Get Outsize Results.
Smaller finance and procurement teams at small to midsize organizations are the most likely to achieve outsize results by implementing Best-of-Breed solutions.
These teams are often the most pressed for resources and stand to gain the most from increases to efficiency and process automation.
Leaders are typically doing double (or triple) duty taking on a wide assortment of titles and roles.
Finding ways to decrease time spent on tasks that can be more efficiently automated allows these leaders to better focus their efforts and optimize their strategy where it matters most!
What Best-of-Breed Solutions Provide
- Results like you had a team of hundreds of data crunchers backing you up – which helps to compete with larger organizations or organizations with bigger teams or more resources.
- Competitive advantage over less-efficiency-minded competitors – big or small!
- Improve morale and the strategic value of your team – give your team more time and energy for value-adding strategic activities by automating repetitive tasks.
- Improve “silo” issues between teams, leaders, and departments.
- Position the finance department as a leader and value-adder to the organization instead of a mere “accounting function.”
Small Teams & Small Organizations
Small teams can actually be more effective than larger teams…
They are better integrated – they understand other roles in the company and are better able to see the important connections between various departments and positions.
But those benefits are often hard to realize because many of these individuals are trapped behind a mountain of repetitive tasks that take up a significant chunk of their work time.
Using automation and machine learning to decrease the time spent on these tasks can open a whole new world of possibilities – employees are free to spend more time working on important supplier relationships and devising and evaluating new strategies.
Customizable “Best-of-Breed” solutions give users the ability to get more work done, more efficiently, and with a greater focus on those tasks that can specifically benefit from “the human touch.”
It won’t feel like installing software, it’ll feel like you’ve added a hundred experienced CPAs to take care of all the complex and menial work in the background…
…which can be a MAJOR competitive advantage for smaller organizations.
This can leave larger companies with bigger teams (but less optimized systems) at a significant disadvantage compared to the optimized efficiency of smaller firms employing Best-of-Breed solutions.
Smaller organizations with fewer resources are likely to experience significant disruption and will eventually need to invest in automation and optimization if they are to survive and thrive.
Overlooking inefficiencies will soon no longer be an option.
Find out more about how Suplari’s Best-of-Breed spend analysis solutions can catapult smaller teams ahead of their competition.