Enterprise Content Management has evolved significantly over recent years. Systems that began with the straightforward mission to scan paper documents and make digital copies instead have progressed to become an integral part of many fundamental business processes. It’s not just about eliminating paper anymore; it’s about increasing efficiency, easing workflow, ensuring accuracy and building value.
But the benefits of adopting any evolving technology must outweigh the costs. The good news is that studies conducted by Nucleus Research point to some compelling numbers. Nucleus found that for every dollar a company spends on ECM, it gets back $7.50 – up 23 percent from just 2 years ago. The analysis covered organizations from a broad range of industries and included small, medium, and large enterprises.
Three Key Tactics for Return
How can you begin to capture the advantages and ROI of the new breed of ECM solutions? Here are three places to start.
As other areas of business and commerce have become more and more paperless, the accounts payable process in most organizations remains mired in paper copies and manual workflow. A combination of hardware, software and business systems reduce and eliminate the mundane and manual tasks that plague the AP process. By relieving the burden, automation helps your staff function in more productive and value-added activities and thereby turns AP into a competitive differentiator for your organization.
Get the Insight You Need
If you’ve ever wondered how much is outstanding in AP, you’re not alone. On top of a lack of insight, paying the wrong amount, paying an invoice twice or not paying it at all because it was lost or sitting on someone’s desk can damage your company’s reputation. Whether you’re negotiating contracts with suppliers or determining staffing requirements for the year ahead, automation helps give you access to the right data in order to make the right decisions.
Reduce Compliance Headaches
Old-school paper-based processes are simply no longer sufficient to meet the needs of increasingly strict compliance demands. ECM helps ensure appropriate document access and a complete audit trail with Google-like search capabilities that make it easy to comply with demands for compliance, privacy and information discovery.
Invest in the Future
With so many ECM solutions available, how do you know which one is right for you? Look for solutions that automate paper-based and manual tasks, provide the perspective and insight to make better decisions, and provide the workflow and confidence you need to meet the most demanding audit requirements. How do you get there? Look for providers and partners that provide the right mix of experience, vision, and advanced capabilities that leverage the full value of ECM.
Want to learn more? Download our eBook, Why CFOs Implement ECM for AP Automation!