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[Virtual Presenter] Title Page Business Model Design Activity for Beanworks by Quadient Accounts Payable.

[Audio] Terms of reference The major goal of this project is to carry out a comprehensive business model design exercise for Beanworks by Quadient. A report submitted in fulfilment of the requirements for the Fundamentals of Financial Technology module Department of Finance, Accounting and Risk, Glasgow Caledonian University".

[Audio] Executive Summary Beanworks, a prominent provider of Accounts Payable automation solutions, uses the Software as a Service paradigm, providing cloud-based platforms that interact with ERP systems. Beanworks serves over 1,000 clients and processes CAD 16.1 billion in transactions each year, is noted for its affordability, versatility, and speedy onboarding process. A complete business model design exercise was carried out, identifying areas for improvement and developing an execution strategy for strategic growth and competitive advantage. Beanworks' SWOT analysis revealed strengths in offering cutting-edge solutions and weaknesses in possible technology problems and scalability issues. The implementation plan proposed a tiered approach that included R&D funding, strategic collaborations, and ongoing monitoring of key performance metrics..

[Audio] Table of Contents Title page Terms of reference Executive Summary Table of contents Introduction Methods Results and Discussions Conclusions and Recommendations References.

[Audio] Introduction Quadient, a digital and physical consumer engagement provider, has acquired Beanworks, a SaaS company specializing in accounts payable automation. The acquisition aligns with Quadient's Back to Growth strategy focusing on software solutions through acquisitions. The aim of this report is to carry out a business model design exercise for Beanworks. This entails a detailed market analysis of AP automation, an evaluation of the company's current business model, a search for opportunities for improvement, and the creation of an implementation strategy to support strategic expansion and competitive advantage..

[Audio] Methods A key step in honing a business concept is business modeling, which involves constructing an organized picture of sustainability and income creation (Zott and Amit, 2010). Value proposition, target client categories, distribution channels, income streams, and cost structure are some of the important elements that must be identified. Information on the target market, industry trends, customer wants, and competitors are gathered through market research, secondary research, and SWOT analysis..

[Audio] Results and Discussions Market Analysis of AP Automation: Accounts Payable (AP) automation solutions are technology that streamline and automate the accounts payable process, enabling easy processing of supplier invoices and efficient workflow management. These solutions can be applied to any software program or process that automates the entire accounts payable process. The adoption of technology is reshaping business practices globally, with finance industries experiencing significant impacts..

[Audio] The Factors Driving Growth in the Market for Accounts Payable Automation 1. Accounts payable automation is gaining popularity among organizations to reduce fraud and improve productivity. 2. This is driven by eco-friendly procedures, reduced invoice paper use, and the need for one-time payment options. 3. Government programs supporting digitization and automation also contribute to the sector's growth. 4. Business-to-business transactions are crucial for payment and compliance with buying procedures. Market expansion is expected to be driven by reducing payment delays and minimizing fraud. 5. Collaboration with banks and financial institutions has created opportunities for accounts payable automation solutions. The increasing digitalization and need for error-free payment procedures are driving the demand for AP automation.

[Audio] Challenges in the Market for Accounts Payable Automation: Supplier Adoption may require adjustments from suppliers, but solutions with 100% connectivity are available, eliminating the need for operational changes. Senior management approval is crucial for AP automation. Managing employee change is key to successful implementation. Integration with ERP and legacy systems is another challenge in implementing automated AP systems..

[Audio] Evaluation of Beanworks' Current Business Model Beanworks operates on a SaaS model, offering cloud-based AP automation solutions. Software as a Service is a modern software access method that allows users to subscribe to software on a regular basis and access it online, eliminating the need to purchase and install software on individual machines. SaaS uses cloud computing architecture to offer online services like networking, data storage, and processing power, saving businesses the expense and hassle of purchasing and maintaining their own equipment..

[Audio] Beanworks' SWOT Analysis Strengths: Beanworks provides cutting-edge AP automation options that interface with ERP systems with ease. Their solutions are well known for being quick to onboard, flexible, and reasonably priced. Weaknesses: Despite being a tech-savvy company, Beanworks faces issues with software, technology, and cyber threats. Its success only reaches a small market compared to larger competitors, especially in rural areas. Opportunities: Beanworks aims to expand market share by targeting new markets, industries, and customers. Strategic alliances with ERP suppliers and financial institutions can enhance capabilities. Threat Beanworks faces competition in the AP automation market, leading to strain. Meeting data protection and e-invoicing regulations can be costly. Economic downturns may affect automation investments. Technological advancements may make solutions outdated..

[Audio] Opportunities for Improvement: Though Beanworks has accomplished a great deal, there is still room to improve its business approach. Beanworks may improve customer satisfaction and strengthen its competitive position by emphasizing ongoing innovation and tailoring products in response to consumer input. It may also be possible to promote long-term growth and market expansion by looking into chances to broaden its clientele or enter foreign marketplaces. Implementation Strategy for Strategic Expansion: Beanworks may implement a staged strategy to enable strategic expansion, starting with the identification of key client categories and thorough examination of their individual requirements. It is crucial to continue funding R&D projects in order to expand its product line and keep a competitive advantage. Moreover, establishing strategic alliances with ERP suppliers or other related service providers offers a chance to expand its service portfolio and efficiently target new customers..

[Audio] Key performance indicators (KPIs) to evaluate the efficiency and effectiveness of Beanworks Accounting metrics consist of monthly invoices processed per full-time equivalent (FTE), total touch points, invoice exception rate, processing time, and cost per invoice handled. Invoice processing can take a long time, but with well-developed AP procedures, it can be cut down to three to five days, saving time and preserving vendor connections. The monthly invoices handled per full-time employee show increased efficiency, while the invoice exception rate assesses the incidence of mistakes or inaccuracies. Enhancing AP efficiency may be achieved by minimizing manual involvement.

[Audio] Conclusions and Recommendations Beanworks has made a name for itself in the industry with its cutting-edge SaaS-based AP automation solutions. Its platform is reasonably priced, flexible, and effective, making it a great choice for mid-market businesses. The organization deserves praise for its emphasis on ERP system connection, fast onboarding, and dominant market position. To maintain competitiveness and continued expansion in the fast-paced AP automation market, Beanworks must, like any other company, manage its opportunities and difficulties. Beanworks suggests a few tactics to keep one step ahead of the competition and satisfy changing client demands. These include making R&D investments to improve current features, forming strategic alliances to reach a wider market, emphasizing excellent customer service, keeping abreast of legislative changes, varying income sources, and looking into prospects for international development. Beanworks can strengthen its strategic growth efforts and maintain its position as a leader in the AP automation industry by putting these tips into practice and keeping an eye on important performance metrics. Beanworks can sustain its growth and expansion by capitalizing on worldwide patterns in e-invoicing and AP automation..

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