By Chelsea Bawab, PSIGEN – As we enter into 2018, it is more important than ever to consider transforming your business’s document processes. Our world has become increasingly digital, and the move toward digitalization across industries will certainly continue in the new year.
In order to remain competitive in the marketplace, meet customers’ needs effectively, and run your business efficiently, having a strategy for digital transformation is essential.
- Increase revenue. Did you know that manually processing invoices costs businesses about 7 times more than it would cost to automatically process them? The average manually processed invoice costs an organization $22.75, while an automatically processed invoice costs just $3.40. When you are talking about hundreds or thousands of invoices a year, that cost difference ends up making a huge impact. Beyond accounts payable, automating document processes can also help companies cut costs on document storage, printing, labor and more. Faster processes and fewer errors also help to boost revenue.
- Optimize productivity. According to a 2012 IDC study of IT professionals, employees lose a significant amount of productivity to challenges working with documents. In fact, organizations lose an average of 21.3% of productivity to chasing down information.