Delivering paperwork from desk to desk, requesting written approval, manually searching for correspondence – all of these tasks are inefficient and time-consuming. Implementing a process automation solution can transform an existing routine from ineffective to exceptional.
Accounts Payable (AP) is arguably one of the most critical departments of any company, regardless of industry. Accounts Payable processes often involve paper-intensive tasks including invoice processing, three-way matching and the overall management of payment records. Working with paper-based files and invoices can cause AP employees to capture data inefficiently and incorrectly. Paper records can also build up quickly, causing data entry processes to become very cumbersome, especially if your company has a large number of invoices.
Every day large volumes of paperwork can become difficult to manage, often leading to data entry errors, loss of information and inconvenient work delays. This inefficient use of time, equipment and resources can result in significant financial losses for any sized business.
Many companies look to workflow software to scale up their productivity. Workflow software is comprised of a set of tools aimed at maximizing all the benefits of performing automated business processes while reducing costs. It allows individuals to automate repetitive business processes and easily follow up on uncompleted tasks. Users gain knowledge into workflow performance with in-depth visibility into what needs to be done, who is involved in the process and what will happen after an action is taken. In order to build effective automated processes, organizations can implement workflow software that will deliver the following five essential features:
As Q4 comes to an end, businesses must now take the time to review their P&Ls and finalize a suitable budget for the upcoming year. Visual numerical data instantly shows decision makers if and how a new implementation has impacted costs. However, not all business solutions deliver hard ROI figures.
Proven for paper-intensive work environments, Enterprise Content Management software allows businesses to become more efficient with the seamless ability to capture, index, process, retrieve and archive digital documents. A main goal of implementing content management solutions is to reduce costs, however increased efficiency does not always correlate to recognizable cost savings. This is, of course, without a little thought and exploration. Let’s identify common business inefficiencies where the ROI benefits of content management software come to light.
Increasingly more businesses are transitioning into high-tech office environments with digital kiosks, collaborative workspaces and progressive amenities. Filing cabinets are vanishing as companies worldwide are taking business digital. The office of the future is paperless, and employers maintaining their documents electronically are realizing storage efficiencies, improved accessibility and workflow at drastically lower costs.
Moving a business paperless saves time and money while improving productivity, security and collaboration. The easiest way to get started is by digitizing personnel documents within the Human Resources department. Doing so allows the immediate benefits of paperless efficiency to be realized company-wide. Let technology do the work for you and, with these five tips, soon your company can experience the impacts of going digital.
Contract management is critical for any company, regardless of industry, because documented contracts provide a high level of certainty in business arrangements. Contracts contain the specific terms and conditions of an agreement to explain what is required by each participant, as well as policies, procedures, responsibilities and disciplinary code.
Every company has an accounts payable process, because every company needs to buy and sell in order to stay in business. A paper-intensive process, Accounts Payable departments ensure the timely and accurate payments of all invoices owed to suppliers. According to a 2011 Aberdeen Group study, the industry average to process one paper invoice from requisition through payment takes about 10 days and costs $12. But applying an Electronic Document Management solution enables businesses to cut paper management costs by streamlining invoice processing and payment automation. This in return, allows your accounting department to get more done, while utilizing fewer resources.
Is your non-profit organization cluttered with volunteer applications, donor records, board member files and tax returns? Increase your file organization and staff productivity with a structured yet customizable document management solution, built to reward storage reductions, improve workflow and provide immediate access to volunteer-related information. In return, this drastically shortens document retrieval times to ensure a smooth donation process. Document management software can also help non-profits to increase compliance and document security, while decreasing office supplies and equipment costs.
A Human Resources department is all about the people, policies and processes of a business. Responsible for the careful management of each employee’s lifecycle – from hiring straight through retirement – Human Resources is the heartbeat of a company, handling important yet extremely sensitive information daily.
The key to working smarter as an HR professional is to implement innovative technologies. By automating manual processes and streamlining administrative tasks, document management solutions replace time-consuming paper methods and free-up time for more value-adding activities. These solutions improve operations but they also cut costs, boost efficiency and aid in decision making not only for the HR department but company-wide.
According to PricewaterhouseCoopers, finding a lost document will cost a company $122 on average. It is also estimated that 7.5% of all company documents are lost completely. Let’s assume your company works with 10,000 documents – an extremely light figure. That would mean, about 750 of those documents are doomed to be lost, ultimately costing your company around $91,500. Plus, if you had to recreate any lost documents, the time and supplies involved would make that number jump well over the $100,000 mark.