At times of rapid growth, it helps to start thinking strategically about your document processes.
Because what some owners may not realize is that as much as 40 percent of all business activities are document driven. And on average, companies spend up to 10 percent of their revenue just managing documents.
Make an impact here and you’ll be driving efficiencies that touch most corners of the business and save time and money.
Document processes and cash flow
The typical process for transmitting invoices to accounts payable makes for a telling example. In small companies, it’s not uncommon for this process to be ad-hoc and inefficient in a number of different ways.
- The invoice information might be printed and then entered manually into an accounting system.
- The approval process might involve different finance people printing sensitive data and leaving it on other people’s desks.
- And by the time the information actually makes it to accounts payable, it’s likely been through a dozen undocumented steps.
All of which is acceptable when the company is small and the number of invoices and finance people are manageable. But when the company starts growing and the complexity of more invoices and more people get thrown into the mix, the process brings changes to finance in non-trivial ways.
For one thing, finance staff may spend an inordinate amount of time on manual, tedious tasks. But more importantly, a slow, deliberate process means the CFO has to wait longer to know how much the company owes. This simple document process has a direct impact on how much visibility the CFO has into cash flow.
The opportunity for IT
In the case of the above example, there are a number of ways IT can drive efficiencies and savings for finance. There’s an immediate opportunity to use your multifunction printers and scanners to automate workflows for scanning, storing and sending invoices. There’s also a simple (though often overlooked) opportunity to secure documents by ensuring printers only release jobs using a PIN code.
Of course, the real opportunity is actually bigger than just savings and efficiency, though obviously, those things matter. It’s also to help finance gain visibility into cash flow.
When you manage your document processes in smarter ways, you aren’t just managing the documents. You’re making it easier for everyone to gain access to the information they need efficiently. This matters especially during periods of rapid growth.
So here’s the opportunity in a nutshell: Start streamlining your document processes and stop managing information in an ad-hoc way. Imagine what you could do by taking aim at the inefficiencies hidden in 40 percent of the business.
Where to start
To begin with, identify the document management compromises you might have made in the past. Read our Slideshare “Four things that work when you’re small – but not when you grow” to find out what to do about them.
Xerox ConnectKey
Start looking at ways to automate your everyday business processes, and give your team time back in the day. Find out more about Xerox multifunction printers enabled by ConnectKey technology.
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