In today’s economy, bottom line is a natural focus. In this post, we’ll explore how an implementing or expanding your use of an approval workflow solution in the coming year – thereby eliminating inefficiencies and getting your organization to revenue faster – can have a positive impact on your budget.
Most companies have processes, systems, and technologies in place to manage their sales, customer relationships, finances, and human resources. These systems help companies more efficiently operate and meet the needs of their clients and team members. Adding efficiency to the review process with an approval workflow solution not only eliminates communication challenges, it helps prevent missed and misunderstood feedback that can result in costly mistakes that send projects over budget and past deadline.
An approval workflow solution also allows companies to know the exact approval workflow stage of each project, the amount of time spent in the approval process, and specific data on time to revenue. This gives managers the tools they need to make adjustments and improvements in the process.
It’s obvious that the faster your product or your client’s product enters the market the faster revenue is generated. There are many hurdles in this process. Bottlenecks can occur in the creative approval process causing delays in time to market. We used to think of the creative approval process as simply getting senior management or client “sign off”. Now so much more is involved. With multiple mediums, new compliance laws, and complex product marketing a more layered approval chain is standard. Errors and mistakes in product marketing, packaging, and advertising also cause delays and decrease the bottom line. By improving time to market and eliminating mistakes, ultimately revenue will increase.
An approval workflow solution also lets your team focus on revenue-producing activities. Many times the people within an organization that are responsible for sales revenue and for impacting time to market are spending more time chasing approvals rather than on their revenue producing activities. These are hidden costs and lost opportunities. Allow salespeople to sell and creatives to create rather than be bogged down with administrative details.
Discover how Advance Auto Parts is saving a million dollars annually after implementing inMotion: read the case story. To explore how an Approval Management Solution can help your company to decrease often hidden expenses and increase revenue, contact us to schedule a discovery call.