Implementing Enterprise Content Management technology to expand the scope of financial and business intelligence just makes sense.
In a recent survey conducted by CFO Research, finance professionals revealed that “their most effective weapon against
Most companies have learned by now that the use of technology can help create efficiencies in many areas of business. But it can be an enormous task prioritizing and budgeting for the right product, at precisely the right time to gain the most benefit for your specific needs – and having that success feed your bottom line.
In order to expand business intelligence, insight and efficiency, the place to start is document management, or Enterprise Content Management (ECM).
Consider a technology that will help with your organization’s uniquely identified data and productivity requirements
Even the strongest companies often underutilize their collective knowledge simply because it resides in too many departments and the sheer complexity of compiling it seems impossible to manage.
Yet integrating new data with business intelligence systems that you are currently invested in – or are planning to acquire over the next year or so – will allow you to realize the full potential of both.
It can be daunting to even consider harvesting and integrating your current data sources. With the correct planning and budgeting however, the payoff can be substantial.
Businesses can leverage all of their data and improve access to an otherwise siloed and untapped spring of information by importing unstructured data like spreadsheets, Word documents, web content, email, billing and other documents from multiple applications and file systems to a central location which can be accessed from anywhere across the globe.
Not only do employees then have secure access to all the files they need, C-level executives have the added benefit of oversight and managing accountability.
With more and more businesses allowing for flex time, mobile workforce and collaboration between geographically diverse offices, providing access to the same information – wherever employees are, is critical to maintain and even improve productivity.
With less time spent on manually managing documents, employees are freed up to focus on generating business and revenue, while managers have increased access to enterprise-wide reporting and analysis to gain a clearer financial and operational picture.
Painstakingly evaluating potential savings – whether cost or time – is a critical step in vetting potential solutions
In a recent study, DocStar calculated capital and operating costs for 20 standard file cabinets at an average of $58,270 a year. In addition to storing all of this paper, there are the additional expenses of mailing, faxing, copying and simply accessing this data – across various departments and individuals – every day.
If your company processes even just 500 invoices a month, it can cost as much as $67,140. By automating your AP process, you can potentially reduce that by 30-50%.
What could you gain in productivity? If your 10-person team gets just a small 5% productivity boost, you could save as much as $15,000 a year.
The direct benefits in time and cost savings are tremendous.
In Part 2 of this post, we’ll look at how automating Accounts Payable processing (and other business processes) through ECM with your ERP solution produces scalable, tangible efficiencies that will make you wonder how you ever worked any other way.