Aug 29, 2017 Byron Biggins
I recently finished reading Value as a Service, by Rob Bernshteyn. Bernshteyn is the CEO of Coupa—a leading procure to pay solution provider and a partner of Nvoicepay. The high-level message of the book is that it is no longer enough to satisfy your customer with a product or service. The new goal is to make the customer more successful by providing quantifiable value.
As I read the book, I noticed how much Coupa’s way of providing value for customers aligns with Nvoicepay (one of the reasons we are such good partners).
At Nvoicepay, we offer a solution that helps accounts payable (AP) teams more easily pay all of their suppliers. But to put it in terms that Rob would use: How do we provide value and make an AP department more successful?
Create the most efficient process for paying suppliers
Most AP departments are spending too much time paper shuffling both invoices and checks. Coupa and Nvoicepay aim to turn manual, time-consuming processes into simple electronic ones.
Payment automation removes as much of the low-value activity as possible from the daily work of the AP department (chasing unsettled payments, answering payment questions from suppliers, etc.). This spares time to focus on more productive and strategic activities for their organization.
Pay suppliers in the most cost-effective way possible
The AP department shouldn't have to collect and manage the data around how each supplier is paid. Through payment automation, this process is self-managed. Turn paying suppliers into a revenue-generating activity by providing a rebate on all payments made by virtual card. This maximizes the number of payments that provide rebates by optimizing the supplier enablement process.
Demonstrate the value before the decision-making process
While our clients can cancel their subscription at any time, we realize the careful consideration they take before partnering with a new technology provider. That's why we generate a payment analysis report for a prospect that explains and quantifies the net benefit of using our solution.
Minimize the effort required to upgrade to a new process
A business can undertake dozens of initiatives that will add value, but there are only so many hours in the day. And as Rob covers in his book, people tend to resist to change. It needs to be quick and easy for an organization to make a change.
All business leaders should reassess the relationship with their customers (and their suppliers). Your company should help customers become more successful in a measurable way. For tips on how, check out Rob’s book to understand this new value-driven model and its disruption of the business landscape.