Fun fact: Before modern radar was invented, the military used to employ poor, unfortunate men who were responsible for monitoring acoustic radar. While inarguably more effective than no radar, acoustic radar often had the side effect of making at least one unlucky soul look absolutely ridiculous. For reasons that have yet to be explained, some of these men consented to having their photo taken while performing these duties, many of which look similar to the one on the left. As foreign and silly as these radar efforts may seem, in a hundred years, many of our current common business processes will probably fall under the same light. Our job is to make sure you’re not 2114’s version of this picture.
Accounts payable departments are a huge culprit of practicing inefficient, paper-intensive processes, but technology known as Enterprise Content Management (ECM) provides a cost-effective way to stay organized and highly productive in a crazy, fast-paced world. ECM contains a wide variety of efficiency-boosting functions, such as secure document storage in a single repository, strategic indexing of files for easy retrieval, process automation, and integration with business applications.
When invoices arrive, they are automatically captured into the system and routed to the appropriate recipients so they are ready to be reviewed and approved immediately. If a document requires your attention, you are presented with any supporting documents or other related information automatically for quick decision making. To eliminate the lost time spent searching for missing or misfiled information, documents are keyword searchable and easy to find and manage. ECM also provides audit trails and transparency into your processes to support compliance and take the stress off of audits.
ECM can integrate seamlessly with solutions like ERP accounting software, so you can work out of programs you’re already familiar with and leverage investments you’ve already made. With these integrations, there’s no need to switch between applications to access many tools you regularly need – it’s all together in one window, making for even more streamlined processes.
Increasingly, organizations are under particularly high pressure to perform better under tight budget constrictions, and ECM can help you take big strides towards that. Invoice automation not only saves you time and drives down your anxiety levels; it also increases your AP department’s productivity, saves you money on any costs associated with paper (probably more than you think), and reduces space needed for storage. Don’t get caught with processes that belong in the past; move forward into efficiency with ECM.
DataBank has a long line of success when it comes to helping organizations eliminate paper processes and streamline workflows with enterprise content management. For more information, watch our webinar recording below – “Next Steps Toward a Paperless AP Department.”