Article written by Stephanie Onofri
So while we tend to flock the theaters to watch movies that deliver the type of genuine scares we crave when we’ve had our fill of superheroes and those family comedies good enough for kids but laced with enough witty adult embeds for their parents, we neglect to savor the types of horror occurring all around us every day – while we sit at our desks buried in Invoices, digging for documentation while the phones are ringing off the hook.
It doesn’t matter what Industry you work in. We’re all acquainted with this sort of frenzy in Accounts Payable Receivable departments. But nowhere is this occurrence more painstaking than in the Manufacturing business on which so many other Industries rely. Operational efficiency and accuracy of financial data is paramount to ensure the continued success of the entire enterprise.
Sure, you’re thinking “Yeah, we know that. What’s the big deal?”
Well, the big deal is that the monster under the bed is large and flat and it cuts, and it’s called paper. And while many businesses still rely on departmental staff to take time out of their actual line of work to file, shuffle, organize, and chase after paper while it runs its course, others have simply automated their Invoice process and gotten rid of paper altogether (and the paper monster goes *POOF*)
For those who are wondering, Business Process Automation (BPA) is the name given to the operation of scanning, converting, streamlining any/all financial processes in Accounts Payable Receivable. Companies send their back-logged paper documents to a highly secure and compliant conversion center that scans and uploads them to an Enterprise Content Management system (ECM) or the accounting system you already have in place, so you don’t have to.
Among a vast array of benefits, are:
- Automation of approval process – the electronic document is routed through a workflow that ensures it is seen and approved by all parties
- Saves Time and Cost– automating the electronic document process yields exponential cost and time savings, because all the time-consuming work is done by a third party
- Greater ROI– going paperless saves storage costs and allows personnel to focus on growth oriented tasks
- Daily Scanning– the benefit doesn’t end once all back-logged files are converted; many conversion services actually provide daily scanning. Conversion specialists either pick up the documents directly from you location or receive them through a P.O. Box assigned specifically to your company, and perform all data entry, scanning, and conversion within 24 hours.
“Conjuring” a new document management system is the most cost-effective way of ensuring faster and bigger ROI’s as well as saving you a really huge head-ache. Contact DataBank to find out more about how BPA can help you beat the paper monster (and sleep much better at night). You can also download our free case study below – “Discovery Benefits Enjoys Extraordinary Growth with Process Improvements.”
