Most organisations have similar types of needs with respect to processing orders, performing financial functions, managing human resources and controlling assets. Most of these workflows require the creation, processing and filing of paper documents. The simple fact is that these processes all drain your bottom line, sometimes quite significantly.
In our own business, we found that simply inputting invoices into our A/P system was costing us several hours of labour, every day. Even more, time was spent just ensuring that all of the invoices were distributed to, and approved by, the various individuals responsible for the related expense. A study by the Aberdeen group discovered that it can take as long as 41 days for an invoice to be fully processed by a business. Late charges and fees for overdue invoices, off-site storage fees and wasted square footage for on-site storage of documents, employee time spent on repetitive and non-value add tasks can all add up to quite a significant hit to a businesses bottom line.
By creating digital workflows and automating daily tasks, you can dramatically improve productivity, enhance the experience for your employees and reduce costs. Processing, distributing, and accessing data and information more efficiently can provide significant returns and significantly impact the user experience for both your employees and customers. In our own office, the mere act of implementing a single workflow for our Accounts Payable resulted in freeing up nearly half a day of time between our receptionist and A/P Administrator to work on more value-adding projects, virtually eliminated the need for paper document storage (we went from creating scores of bankers boxes each year to three), significantly reduced the time it took to get an invoice approved for payment putting an end to overdue payment fees, and essentially did away with the time it takes to find an invoice if someone needs access to it months or years later.
If this blog post has piqued your interest in how your business can improve its bottom line by automating repetitive or paper-intensive workflows and processes and you want to read more check out our full case study on how we automated our own A/P process. Would you rather jump straight into a free consultation and review of your business workflows? Reach out today!