Why Document Management, Digital Forms, and Automated Accounts Payable Are Here to Stay
Greenwood Village, CO – June 2, 2021 –The shift to remote working requires the use of digital records to be productive and efficient. Yet, converting paper-based files to electronic ones has been challenging for many organizations, especially for those that did not begin the process before the pandemic.
Many organizations put stopgap measures in place when the pandemic first shut down offices. But as the reality of the “new work normal” has settled in, businesses need proven, value-driven technology and collaboration tools to maintain workload and meet customer and client needs long term, says Digitech Systems President and CEO HK Bain.
“There was an immediate recognition that organizations need to implement systems to remain productive with remote work teams,” Bain says. “But doing so has been more challenging for businesses that historically relied on in-office teamwork and exchanges as the primary way of getting things done.”
Many businesses that require face-to-face interactions have suffered during the last year due to the need to close offices and send employees home in response to stay-at-home orders. Entire departments and companies have and are making investments and adapting their policies to address this new reality.
In addition, consumer expectations are changing, leading to a significant preference for online exchanges whenever possible. That’s why the top three pandemic technology shifts include cloud-based document management, digital forms, and automated accounts payable. All three are here to stay.
1. Cloud-Based Document Management
- Companies with cloud-based document management didn’t suffer the same problems when shifting employees to remote working environments, because they did not need to change the ways they accessed and used data in business processes. They experienced less friction and fewer challenges.
- Cooperative Education Services (CES), an educational procurement agency in New Mexico, managed mountains of paperwork to procure services for their members. They completed a shift to cloud-based document management before the pandemic. There would have been no way to continue conducting business remotely if they had not already digitized records and converted to an automated process. “Without ImageSilo, there would be no way for us to work at home. Our business continues. We haven’t had a slow down because schools, cities, and counties still need to procure and pay,” explained Robin Strauser, CES Deputy Executive Director.
2. Digital Forms
- Relying on paper forms can cause operational headaches and inefficiencies, yet they are commonly used in almost all businesses. In a post-pandemic world with many customer interactions occurring virtually, not having dynamic electronic forms (eforms) creates headaches and bottlenecks for everyone involved.
- Real Property Management Vancouver (RPMV) had recently completed moving their document processes to a single cloud-based document management platform with eforms before the pandemic. The online forms allow them to collect and exchange information and digitally sign important documents with their clients from virtually any location. “Business is operating at normal speed. It hasn’t hindered our processes in any way to have people working remotely,” explained Bob Butterfield, Owner.
3. Automated Accounts Payable (AP) Processes in the Cloud
- It costs an average of $11.76 to process a single invoice, and 70-80% of invoices in the United States are still paper-based, according to the Institute of Finance and Management (IOFM). However, companies that switch from paper to digital invoices save $5.46 per invoice.
- Many AP professionals have been scared away from automation because they believed suppliers would have to issue e-invoices in the same standard format to become fully digital. Though invoices may arrive in many different forms and file types, Enterprise Content Management (ECM) can handle them all.
- Prestige Care provides independent living, assisted living, rehabilitation, and home health services with over 6,000 employees located in 86 different facilities throughout the western United States. By moving their AP to the cloud and automating the flow of invoice approvals, they reduced invoice processing time by 57%, saving over $88,000 per year. Being able to retrieve AP documents instantly also improved the efficiency of the entire organization.
- R.C. Bigelow is the #1 specialty tea company in the United States. After automating their AP processes, Nucleus Research, an independent analyst organization specializing in the financial return on technology investments, calculated the return on investment from their move to AP in the cloud at 813%.
- MSI Mold Builders produces manufacturing molds, and their AP department was struggling to keep up with more than 1,200 monthly invoices. Moving to AP in the cloud reduced invoice processing time by 75%, and it saves them more than $676,000 annually.
“Digitizing files in a dynamic cloud environment is essential for today’s well-run businesses. In an evolving world, maintaining secure remote access to corporate documents, forms, and financials helps businesses limit wasted time and offer the best customer service possible,” said Bain. “Cloud-based document management supported with digital forms and process automation is here to stay.”
Learn more about the benefit of digitizing your records at www.digitechsystems.com.