Delays in approvals in a company, may occur for many reasons. Whether it is due to incomplete or inaccurate documentation, a high volume of requests, manual processes, assessments, or internal procedures, delays due to all of these causes can be addressed effectively. Most executives are doing their best to accelerate their work, taking the aid of some technology or the other, yet there still is a good room for improvement.
If you are stuck in the Approval Delay Quagmire, here are the areas that you are probably looking at
How can I ensure all data and supporting documents required to take the decision is available, accurate and consistent across all systems?
How can I ensure the flow of work is clear to all stakeholders and the turnaround times are met, despite varying degrees of priorities for the individual stakeholders.
On an average it takes weeks before the approval cycle to complete, and in some cases even months. And here are the common areas in each of the following departments.
SALES
- Discount approvals for Customer Quotations
- Legal wording approvals in Customer Contracts
- Deal routing approvals through different channel partners
- Credit Approvals for Channel Partners/ Distributors/Clients
- Technical feasibility and approvals
HUMAN RESOURCES
- Approvals for posting a Job Vacancy
- Approvals for releasing Offer Letter
- Performance Appraisal approvals
- Expense Reimbursement approvals
FINANCE
- Vendor Payment Approvals
- Customer Payment Approvals
- Credit worthiness Approvals
- Channel Partner Registration
- Discount Approvals by the Business Finance team
- New Vendor Registration
MANUFACTURING
- Material Approvals
- Design Approvals
- Quality Approvals
- Manufacturing Process Approvals
FULFILMENT
- Shipping Approvals
- Returns Approvals
Ensuring the data and supporting documents are consistent across all systems in place and integrating the different applications is the key.
When data is made consistent across all systems without manual effort, and by automating key steps in the approval process, a lot of time and energy is saved. This greatly enhances the way the departments work, and this way of working is much suited for all companies in 2023 and beyond.