As we enter into 2018, it is more important than ever to consider transforming your business’s document processes. Our world has become increasingly digital, and the move toward digitalization across industries will certainly continue in the new year.
In order to remain competitive in the marketplace, meet customers’ needs effectively, and run your business efficiently, having a strategy for digital transformation is essential.
Here are 7 reasons to transform your document processes in the new year:
- Increase revenue. Did you know that manually processing invoices costs businesses about 7 times more than it would cost to automatically process them? The average manually processed invoice costs an organization $22.75, while an automatically processed invoice costs just $3.40. When you are talking about hundreds or thousands of invoices a year, that cost difference ends up making a huge impact. Beyond accounts payable, automating document processes can also help companies cut costs on document storage, printing, labor and more. Faster processes and fewer errors also help to boost revenue.
- Optimize productivity. According to a 2012 IDC study of IT professionals, employees lose a significant amount of productivity to challenges working with documents. In fact, organizations lose an average of 21.3% of productivity to chasing down information.
- Revolutionize your customer service. Research conducted by AIIM reveals that improvements to an organization’s document processes results in an average increase in response times by a factor of 4.6. Ensure your customers’ information is up to date, and respond to customer needs quickly and effectively with streamlined document processes.
- Effectively govern your information. The term “information governance” gets tossed around quite a bit in the document management industry. Gartner defines IG as “the specification of decision rights and an accountability framework to encourage desirable behavior in the valuation, creation, storage, use, archival and deletion of information.” What this all adds up to is the ability of an organization to harness its information to achieve its goals. Information governance is key to running an organization efficiently, and document management will help your organization get there.
- Increase document accessibility. With more and more employees working remotely—currently 3.7 million in the U.S. do so at least half the time—remote access to documents is crucial for business processes. Providing employees with remote access to information can increase an organization’s efficiency by 25%, according to AIIM.
- Improve information security. Last year, we learned of several major data breaches, including one of the largest and most serious security breaches in recent history: the Equifax breach. It has become more important than ever to properly secure your business’s information, from company data to customer information.
- Ensure regulatory compliance. Many industries, from financial institutions to medical practices, are required to adhere to regulations. A sound digital strategy will include document management tools to ensure compliance with these regulations.
Is it time to take the next step? Will your business embrace digital transformation this year? The experts at PSIGEN can help determine what steps to take to transform your document processes and improve your organization. Get in touch today to learn more.