Article written by Stephanie Onofri
Some do it for the environment, and some do it to follow the trend, but smart companies do it for the reduced costs and the potential for vertical and horizontal growth due to weeks-worth of time saved every year from automating simple document intensive processes.
What is this phenomenon you ask? It’s called going paperless, and it’s allowing Human Resources Departments to take a breath of fresh air.
With the high demand for compliance to regulatory standards that are becoming more and more complicated by the day, and the growing amount of data and documentation deriving from contractual agreements, or merely simple quotidian HR document management processes, an automated system for content management is not just a “good idea” â¦It’s a necessary part of keeping up with the rising competition.
A recent Forbes article notes that “in most businesses payroll is 40% or more of total revenue, meaning that total US payroll expense is many billions of dollars.” That percentage includes expenses like salary, wage, income and payroll tax, office, operating, deferred income, and more. Enterprise Content Management (ECM) cuts time and supply costs off the payroll process by drastically reducing paper and all paper-related expenses. With the dawn of “Big Data,” no department can afford to fall behind the trend.
Not only will ECM reduce expenses, but the right records management system tailored to your department’s and industry’s specific needs, will:
- Increase revenue
- Increase and improve productivity
- Allow several entities to access a single document at once
- Automate everyday HR processes
- Audit data for errors and discrepancies
The most common reason for company departments refusing to make the switch is that “it will cost too much money.” In reality it’s the opposite. Making the change to paperless is the most cost-effective, profit-yielding solution you can possibly implement in your business department.
Is your department up to par with that of other industry leaders?
Check out our OnBase software solutions to learn how DataBank can make a difference! You can also download our webinar recording below – Putting the Human Back in Human Resources.