“Do more with less.” This is the modern mantra within the workplace. When budgets are already tight, it can be difficult to justify spend on a financial intelligence platform like Terzo.
But executives need and benefit from it most.
Sure, they might not be the people within the organization who get in the weeds and analyze their contract data day to day. But it is critically important that leaders understand exactly what data they have and what data they need, in order to delegate the data work to others. Without this understanding, it’s impossible to drive results across the organization.
Here’s why: When data is spread across multiple contracts, invoices, purchase orders, and other PDFs, it is impossible to fully understand the financial landscape. This data lives all across the organization - within software, email, or drives. Even old software that is not used anymore can house important data.
Executives need a strategy to figure out how to get the data, what data they need, and how to report it in order to drive results. The organization will get left behind without the budget to invest in AI technology. With this technology, you can run more efficiently, be more productive, and build a modern organization.
It’s time to invest in the future. It’s time to take action to optimize supplier expenses, reduce redundancy, and eliminate waste.
It might seem like there’s no reason to do this today. Why not wait and institute it when it is needed? Don’t wait to set up an AI financial intelligence platform. A solution like Terzo helps drive short-term impact in multiple ways.
Improve Data Accuracy, Faster
In the past, consulting firms manually did the work of centralizing and analyzing data. The old way was tedious and took 18-24 months. By the time the data results came back, they were already over a year old.
It’s impossible to drive results when working off of old data.
With AI financial solutions, we have an amazing opportunity to quickly get clean, accurate data.
There is a smaller margin for error when using AI solutions, so you can get high-integrity data. And it’s compiled, centralized, and analyzed within months, not years.
Drive Profit Margin
It’s easy to only focus on revenue and sales to drive profit margin. But it is critically important to pay attention to expenses in order to drive profit margin in today’s environment. With inflation and high interest rates, every dollar is important and can be optimized. This is where organizations can burn millions of dollars without knowing it. Expenses must be tracked, and waste eliminated.
But when that data is locked up in disparate systems, it's impossible to get a full picture of all the revenue and expenses.
If you wait for a consultant to do this work, you will be working on data that is 2 years old. You can’t improve financial results for the next quarter by looking at data that is 2 years out of date.
Increase Opportunities
This is simple: if you wait and do nothing, you will miss opportunities to save money. Without the data that is locked up in contracts, invoices, and purchase orders, it’s impossible to know where expenses overlap. Missing overlapping expenses is like setting money on fire.
In addition, your organization could be put at risk in other ways. Without knowing what parts and warranties are being used, you could miss compliance deadlines or fail an audit. That could also cost the organization money in fines and fees, or have more serious implications.
It’s time.
It’s time to invest in financial intelligence. The bottom line is: without an AI-fueled solution, it will be impossible to stay ahead. The old software solutions will not help move the needle anymore. You need new tools in order to make a difference for your organization.
With AI financial intelligence, you can drive results and increase productivity across all teams. When you let contract intelligence work on the data, your team is free to do the deep strategy work that they were hired for.
Leaders must make the call to invest in the organization and truly pave the way into the future. The cost of doing nothing could be millions of dollars for your organization.
To learn more about leveraging the power of AI to improve accuracy, drive profit margin, and increase opportunities, reach out to the team at Terzo for a free consultation.
