MiMfg Magazine Jul/Aug 2022 | Page 27

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July / August 2022 MiMfg Magazine 27

How Automation Helps Manufacturing Accounts Payable Departments Manage Labor Shortages , Attract New Hires and Retain Workers

By Nasser Chanda • Paymerang
Hiring difficulties are a big problem for manufacturing accounts payable ( AP ) departments . Higher wages , fat signing bonuses , staff training and other enticements only go so far with job seekers and employees . The key to attracting and retaining top talent is to digitally transform the AP function into a more rewarding and strategic role , where staff have the automated , personalized tools that they need to be productive anywhere .
It ’ s no secret that a massive labor shortage is gripping Corporate America . Workers are quitting their jobs to find better working conditions , more fulfilling work or higher pay .
The ripple effect on manufacturing is massive . Manufacturing finance leaders are left grappling with how to do more with less , forcing staff to work longer hours — all while managing unrelenting pressure to reduce overhead and providing the business with insights to navigate an uncertain economy . Management needs to act fast and address the situation head on . Staff turnover can contribute to a drop in productivity , more errors , late payments , and missed early payment discounts . Suppliers may become frustrated by slower responses to their inquiries about the status of payments . And there is greater risk of fraudulent transactions slipping through without seasoned employees to catch them . Most of the typical AP practitioner ’ s day is wasted on manual , repetitive tasks such as keying invoice data , pushing paper , fixing typos and other mistakes , chasing down information and responding to calls and e-mails from suppliers and stakeholders about the status of invoices and payments . All the while , AP professionals must manage dozens of business rules , best practices , auditor guidelines and corporate standards for processing invoices and making payments to suppliers . In fact , the typical AP manager spends more of their workday on transaction processing than on the managerial tasks they were hired to perform — things like hiring and upskilling employees . All the time that AP teams spend on manual , repetitive tasks is time that they can ’ t spend on fulfilling , higher-value tasks such as analyzing data and collaborating with stakeholders .
Automation eliminates the manual , repetitive tasks that bog AP staff down . Automating work that is repetitive and rules-based can reduce employee burnout and turnover . And automation enables AP departments to efficiently scale their operations without the need to hire and train additional staff . One of the biggest misperceptions about AP automation is that many workers will be left behind by the technology — an understandable fear when job seekers are in short supply . But that couldn ’ t be further from the truth . Modern AP automation solutions include online training , intuitive interfaces , configurable workflows , automated work queues and machine-assisted decision-making that make it easy for workers with different skills and knowledge to get up and running fast and perform their jobs well . By providing employees with digital tools that make it easier for them to do their jobs , AP departments are better positioned to retain staff and cultivate a greater breadth of job candidates .

Employee turnover is inevitable . But making AP a “ better job ” through automation can stem the tide of productive , loyal employees heading for the door , solidifying your workforce from within . 6

Nasser Chanda leads Paymerang ’ s fast-growing organization and drives the company to provide best-in-class finance automation for the modern enterprise . He may be reached at 877-680-7332 or sales @ paymerang . com .
Paymerang is an MMA Premium Associate Member and has been an MMA member company since April 2022 . Visit online : paymerang . com .