5 Ways a Digital Transformation Will Save You MoneyFriday, November 22, 2019
You’ve got inefficiencies. This is not news to you. Two decades into the 21st century, that pile of bankers boxes taking up space in the “file room” is a pretty dusty way to manage business information, in every sense of the word. You understand this.
And no one has to explain to you the competitive disadvantages that come from having to use valuable employee time for low-level repetitive tasks. Meanwhile, all that extra manual work doesn’t leave you with a lot of extra time. When are you supposed to squeeze in something that everyone is calling “digital transformation”? It doesn’t exactly have the ring of a weekend project, does it?
You’re not alone. Many companies wait for some other transition, like an office move or a renovation, to undertake the task of digitizing their processes. No one wants the tottering pile of old paper to follow them to their new offices.
Digital Procrastination Has a Price Tag Too
We get it. In fact, we get those calls all the time. The “while we’re at it” approach to digitizing your records can be very convenient. When you’ve got boxes of paper to move anyway, it’s a good time to think about scanning them to a digital platform.
But convenience, as we all know, generally comes at a price. The sooner you take advantage of the speed, efficiency and accuracy that digital processes have to offer, the sooner you start saving time – and money.
Here are 5 examples of ways that digitizing your practices could start paying you back today. Have you considered them all?
1. Time is Money (Duh)
We know you know this: manual processes take too long and that’s time you pay for. But consider a real world example. The San Juan, CA school district was spending thousands of hours making small changes to 29,000 student records. Each record required 5-10 minutes to be updated. That’s time that had to paid for, along with the time spent correcting the inevitable human mistakes… Digital capture solutions now have not only automated the process and reduced errors, but also save an incredible amount of time. Once a record is created, it can be integrated into workflows, a content management system, or archived, making each document easy to locate, update or re-purpose as needed.
2. Money takes Time (which is Money)
Is there a department in your organization more steeped in paperwork than accounting? Here is a space where time and money are one and the same. Invoicing, approval processes, reconciliations and payment authorizations often make for a clunky, time-consuming (if not tedious and boring) workflow. Automating invoicing can reduce the chance for human error, save time, improve visibility, and digitally archive your paper trail, freeing up employee time to add value to your organization in ways that only a human can do. Time saved with digital accounts payable can be converted directly to money when you use the time savings to take advantage of early payment discounts.
3. Making Space for What’s Important, Like Happier Employees
How much space do your paper records take? Rooms full of dusty boxes from the 1960s, or a labyrinth of shelves stuffed with files is space that could be put to better use. A wine bar? A yoga studio? A bigger lunchroom? Use your imagination and give yourself a little recruiting edge. Let software do what it does best – automating error prone, manual and tedious tasks and getting rid of the paper – and get your employees back to more rewarding work, like planning strategy or meeting with prospects. Give your administrators back time spent chasing paper trails to brainstorm new ways to improve everything from processes to company morale. Empowered employees are happy employees. Everyone wins. That’s ROI and then some.
4. Being Sure that Your Records are Safe and Accessible
One of the more indirect benefits of going digital is the ability to keep your records safe from damage or loss. From fires and floods to insects or even just age, physical records leave your business information vulnerable in ways that you probably don’t want to think about. What would it mean if you didn’t have to? There may be no second chance to get a manual record back after it’s been physically lost or damaged. Records are the lifeblood of your business; a secure digital archive makes sure your records are there when you need them and will still be there if disaster strikes. Worried about the safety of your digital data? We have solutions that will let you sleep soundly.
5. Workflows that Work
Your company is made up of multiple departments, and the human resources group alone deals with multiple intricate workflows. Whether it’s onboarding, offboarding, benefits enrollment, or performance reviews, the potential for creating mountains of paper is there. An automated workflow can reduce up to 90% of manual labor time and streamline the process from start to finish. Each step of the process is accessible, easily archived and aligned to your system.
Add Up the Advantages
Digitizing your business can help combat clerical busy work, streamline paper-bound processes, increase visibility and access, and process invoices on time with fewer staff hours and less space. With billions of dollars being spent annually on digital business platforms, your competitors understand the importance of going digital. You do too. Get out your calculator and then give us a call or click on the link below to get started. We can make it easy to take advantage of digital efficiency, with reliable service and customer support, cost-effective solutions and deep expertise around the options.