Have you ever considered how trust impacts your organization’s bottom line? At DataServ, we put a lot of focus on trust – in part because it does matter to the bottom line – but more so because it matters to our culture of collaboration, transparency, and making sure everyone is supported and fulfilled in what they do.
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With that mission in mind, our team has been working through the lessons in The Speed of Trust by Stephen M.R. Covey. The premise of the book is that business happens at the speed of trust and that “the ability to establish, grow, extend, and restore trust with all stakeholders – customers, business partners, investors, and coworkers – is the key leadership competency of the new global economy.”
Having worked as a leader in the area of change management for as long as I have, I can definitively say that trust is a key variable in the success of any project that requires change. And, as our CEO, Jeff Haller, says in this article, trust in the capabilities of the software is essential to the adoption of an automation solution as well. Investing in automation, especially when the automation solution is SaaS-based, impacts the levels of trust both inside your organization and with outside vendors and advisors.
SaaS automation can enable an increase in trust through shared information, accountability, and increased visibility and transparency. For example, a component of trust comes from seeing results. But often those results are overlooked if the organization’s focus is on reactivity and putting out fires. With automation, however, you are able to see your colleagues being proactive and doing more high-level tasks, resulting in greater appreciation and trust in their abilities. No one is stuck doing routine work, which leaves bandwidth for analysis and maintenance – such as correcting the approval matrix, updating the vendor master file, or reviewing fraud controls and security.
We also trust our colleagues and partners and we can see they have integrity. While no system can create integrity, automation certainly highlights where integrity is present and where it is not, providing a basis for trust.
And finally, we promote trust when conflict is quickly resolved, and teams can confront hard realities together. When everyone has transparent access to the data, it exposes hidden and chronic issues. It allows those issues to be resolved in a quick, fair, and definitive manner. Reactive conversations destroy trust, but transparency and visibility lead to discussions that are proactive and preventive.
In our next three blog posts, we’ll highlight three types of relationships that are positively impacted as a result of this core of trust created from AP automation software.
Each of these relationships uses the trust provided by AP automation to bridge gaps, create better experiences, and provide faster, more accurate results – resulting in a smoother and more efficient AP cycle:
- The Impact of Trust: Accounts Payable and Purchasing
- The Impact of Trust: Your Organization and Your Vendors
- The Impact of Trust: Financial Control, Budgeting, and Auditing