The success of a company relies heavily on efficiency and productivity. Replacing the manual management of business content with automated solutions creates a streamlined workflow of processes, increasing production and positively impacting a company’s bottom line.
Even within the world of rapid technology advancement, paper isn’t going away anytime soon. This is especially true in Accounts Payable (AP) departments. While the amount of invoices received differs based on company size, number of vendors and industry, AIIM research finds that invoices represent around 77% of business documents. A typical AP employee spends on average 30-40% of their time mining invoices for information, proving that manual data processing is an ineffective use of time and resources.
What is the starting point for your business processes? Is it sifting through a filing cabinet for paperwork? Or is it at your document management system, where you can digitally search and retrieve the information that is imperative for your business to function. While this is an acceptable starting point, a good foundation for creating efficient business processes begins with capture automation.
How often do you transport files in and out of the office? Do you constantly worry about misplacing confidential records or damaging them during travel? Research shows that an estimated 7.5% of a company’s paper documents are lost, costing an average of $122 to find or replace. That means if your company manages 10,000 documents, about 750 of them will be go missing, costing around $91,500 for the time and supplies it would take to recreate them.
Did you know that a typical employee spends 40% of their time looking for information locked in email, printed documents, shared hard disks and filing cabinets? (AIIM Survey 2016) We can all agree that the main goal for businesses of any size, in any industry, is to drive revenue and reduce costs.
According to Gartner research, a digital workplace advocates new, more effective ways of working with technology to raise employee morale, engagement and overall productivity. Having a document management strategy in place can maximize business efficiency, keeping a company competitive with the evolving trends of digital business.
From student enrollment to transfer applications, parent-teacher conferences and payroll, the education system distributes large quantities of documents every day. Whether a student, teacher, or faculty member, all are affected by the heavy paper trails existing in school districts from elementary to high school, college and beyond. The management of this paperwork is critical to ensuring a respectable reputable educational environment, and it must be organized efficiently.
How much time do you spend each day manually typing in data? Think about it. It could take hours, even days to process documents and sometimes even longer to find them. Document management software uses the power of automation to simplify these daily tasks, significantly reducing the time it would normally take to manually process documents. It allows employees to streamline administrative responsibilities, like organizing and filing papers, while providing more time to focus on higher priorities.
The trend to go paperless is growing. According to CMS Wire research paper consumption is decreasing in 44% of organizations compared to 35% three years ago, and the average amount of paper storage in offices is currently13.5%, down from 15.3% in 2011. Converting to a paperless process with document management software will keep your company well organized and efficient, benefiting your overall business strategy.
As business continues to move digital, it’s time to think about the productivity of your employees, and the overall efficiency of your organization. In today’s busy tech world, you must ensure that your company is available to work whenever, wherever you are. Having that immediate access to your documents is more important than ever.