As any store operator will tell you, convenience is a fast-paced industry and efficiency is a non-negotiable for success. As more and more of c-store operations move online, digitizing invoice data offers a clear path to streamline costs, reduce human error, improve vendor-retailer relationships, and gain valuable insights into shoppers’ purchasing habits.
However, in a highly fragmented industry like convenience, it’s common for retailers to work with a variety of suppliers using their own invoice formats and channels – including paper, email, or electronic transmission. “In order to get the full benefits of digitized invoices, convenience stores should look to implement the right tools and processes to standardize how invoices are captured, matched, processed, and paid regardless of the method in which they are received,” shares Blake Weber, a consultant at Clarkson Consulting. Plunging headlong into digital transformation can also be overwhelming – or even backfire. In fact, according to research from the 2024 Convenience Store News Technology Study, operators say they are eager to introduce more technology into day-to-day operations, but are held back by challenges such as training (27%), resistance to change/adoption (25%), and resource shortages (24%).
This point-of-view piece explores some of the benefits of implementing invoice digitization, offering practical steps for convenience stores to streamline operations, enhance inventory accuracy, and reduce costs.
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From Paper Trails to Data-Driven Insights: Efficiency Wins with Smarter Invoicing
by CSNews Staff
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