Essentially, document management involves eliminating paper from document-centric processes, and often that is sufficient to help a company cut expenses and improve operational effectiveness. To automate the following processes, document management and workflow can be combined, which can result in even lower overhead costs and increased efficiency.
A purchase requisition, sales order, or customer services letter are just a few examples of documents that commonly begin a process, regardless of industry or company department, and they are frequently paper-based.
Access restrictions, labour-intensive processing, costly stationery, printing, shipping, and storage expenses, as well as a lack of visibility and control, are all problems that contribute to departments buckling under the weight of paper.
These problems can be eliminated, as well as the inclusion of compliance and audit requirements and the removal of loss risk, by scanning paper into an electronic format. Authorization levels can be established, validation criteria can be determined, and a document in electronic form is accessible around-the-clock from any location inside the company.
Paper documents that have been scanned can be processed in the same system as those that have been received electronically, ensuring consistency in processing across departments. Documents in electronic format can also be processed using automated workflow. Fast and effective routing, efficient processing, and better adherence to business rules are all advantages of this. Staff is also freed from routine processing activities so they may focus on strategic objectives.
Strong BI (business intelligence) solutions give managers the data they need to track KPIs and spot bottlenecks in the processing flow.
A cost justification exercise will determine whether implementing a solution will deliver a return on investment by identifying the cost of current processing, reviewing alternative processes, and assessing comparative costs and feasibility. A document management and workflow solution increases efficiency with better document turnaround times and faster processing cycles.
But it’s also crucial to consider the costs and risks of sticking with an outdated system, such as the costs associated with delaying important purchases while supplier approval or requisition approval takes too long, or with continuing to burden a customer services department with a disjointed process, no immediate access to pertinent documentation, and no history trail to record document touch points and who did what when.
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The Chartered Institute of Marketing estimates that it costs four to ten times more to recruit a new customer than it does to retain an existing one.
Document management systems were first thought to be the domain of multinational corporations and large conglomerates. However, the market has been expanding, and more mid-tier firms are beginning to recognise the benefits of switching to automated document management solutions.
These mid-tier enterprises have entered the market in part because document management providers have used their experience over the years to lower entrance fees.
Organisations can invest in functionality to fit specific needs and add to their solutions when processing and business requirements evolve with the help of managed ai services that are scalable in size, adaptable, and modular.
