Did you know your existing customers are also your prospects? When your business needs to increase revenue, look no further than your current customer base. According to Gartner Group, 80% of future profits come from 20% of current customers. It has also been reported that repeat customers refer 50% more people to your business than one-time buyers! Returning customers truly have the power to help drive sales in your business.
According to Interact, approximately 20% of an employee’s time in the workplace is wasted by searching for information to perform their job effectively. Believe it or not, that is equivalent to an entire working day per week! Now, consider the time it takes you to find an essential piece of information within a stack of papers. You’re losing hours of your day trying to identify different documents and contributing to wasted time that should be spent elsewhere. If you haven’t already been convinced that adopting a document management solution is essential, wait until you learn how the key features of this technology can work for your business in ways you never imagined.
When polling business owners on file sync and sharing technologies, nearly 20% of AIIM survey respondents cited a lack of understanding the benefits intelligent data sharing can bring to their organization. But what they need to know is that intelligent file sharing extends the reach of operational data beyond the walls of an organization to provide immediate data accessibility, reliability, and most importantly - security. In order to achieve these benefits, organizations will need a file system that is spearheaded through advanced document management software. Let’s explore three trends in secure file sharing and how they are enabling organizations to create effective and collaborative content management policies.
Arguably one of the most business-critical departments, Accounts Payable (AP) staff work daily on document-intensive tasks including invoice processing, three-way matching, payroll management and administrating payment records. Working with paper-based files can cause AP employees to capture data inefficiently and inaccurately. 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.
On average, with every new year in business, organizational content increases by 200% (Forrester Research). Although the popularity of digital documents continues to grow, paper is still dominant in business. With documentation moving between departments and file cabinets, not having control or a strong document management strategy in place could lead to processing challenges and a heavy increase in costs.
A proven solution for paper-intensive work environments, Enterprise Content Management (ECM) software allows businesses to become more efficient through the seamless ability to capture, index, process, and archive business documents. After transforming paper documents into digital files, ECM automates document-centric tasks, like data capture and approval routing, to increase productivity while eliminating a company’s reliance on paper. But that’s not all. Let’s identify common business challenges where the ROI benefits of document management software come to light.
According to the Association for Information and Image Management (AIIM), on average, businesses spend $20 to file a single document. It then costs an additional $220 to search for and replace each document that is not filed properly. The price of these simple administrative tasks is just the tip of the iceberg when it comes to office inefficiencies. From slow processing, to difficulty retrieving files, incomplete data and duplicate work, it is common paper-based problems like these that can severely impact company operations.
Topics: Paperless Office, Compliance, Document Management Software, Document Workflow, Integration, Collaboration, Mobile Document Management, Cloud, Enterprise Content Management, Business Continuity
For over 70% of organizations, scanning is the leading method of document capture. However, AIIM Research finds that only 13% of those organizations leverage Optical Character Recognition (OCR) to automate the extraction of data from scanned documents. Unfortunately for the other 87%, they are missing out on one of the greatest benefits of capture automation. OCR is an essential capture solution that provides the accuracy and efficiency organizations need to gain valuable insight into business intelligence.
Did you know that the County of San Diego is saving over $225,000 a year by digitally transforming document-intensive tasks into automated workflow processes? Did you know that by investing in document capture automation technology, your organization can accomplish the same? In fact, with capture automation software, government agencies can improve all aspects of paper-based processing from document capture to data extraction, automated indexing and document routing. This streamlines the management of all incoming documents such as police reports, tax information, court records, property data, voting records and postal information.
According to AIIM research, 43% of respondents say removal of paper from processes should be a constant objective. So why not start where paper processes meet digital efficiency - at the scanner. Whether you’re scanning from a multifunctional printer or a production scanner, having a universal point of entry for documents makes solving common business pain points much easier. Once that’s established, it’s time to start reaping the real benefits with the power of Document Capture Automation. With the click of a button, you can quickly capture, extract and route your critical business information, providing your organization with immediate efficiency that leads to long-term benefits.