Paper documents and spreadsheets, they are everywhere in your organization! Paper: Piled on your desk, stacked in drawers, filed in cabinets, scanned, mailed, paper-clipped, and Post-It noted. Spreadsheets: Stored on multiple computers, sitting in emails, on the cloud and do I have the latest one with me? Who knows!
All of these mounds of paper/spreadsheet can prevent business processes from operating efficiently. Errors are caused by manual data entry, documents are misplaced, invoices are sent late, and the list goes on…
These paper problems are a source of major headaches and loss of revenue. According to PricewaterhouseCoopers, finding a lost document will cost a company $122 on average. It is also estimated that 7.5% of all company documents are lost completely. Let’s assume your company works with 10,000 documents – an extremely light figure. That would mean, about 750 of those documents are doomed to be lost, ultimately costing your company around $91,500. Plus, if you had to recreate any lost documents, the time and supplies involved would make that number jump well over the $100,000 mark.
Taking your papers and spreadsheets to an automated paperless process can provide significant benefits and a competitive edge to your organization.
Here are some of the benefits of paperless automation:
Increased Productivity: Every organization is looking to maximize productivity. Taking a paper/spreadsheet process and automating it can maximize productivity by allowing an organization to manage more documents efficiently, eliminating errors and reducing staffing needs.
- Example: A leading mid-size insurance provider had a paper and spreadsheet based renewal process requiring multitude of tasks tracked via combination of Post-it, spreadsheets and tasks list. By fully automating the renewal process through a custom software solution, the renewal process time was significantly reduced. As a result, the organization processed higher volumes of renewals without increasing staff headcount.
Improved Service: As organizations grow, processes that were implemented initially require re-evaluation and improvement to accommodate the organization’s growth, efficiency and service.
- Example: A large manufacturer had a paper and spreadsheet based quoting process for custom manufacturing jobs. The process was time consuming and laborious allowing the manufacturer to only focus on big orders while consistently missing out on small order quotations. By designing an automated quoting system through custom software development, small order quotes were generated within 24 hours resulting in additional $5-7 million in yearly revenue.
Reduced Costs: All organizations focus on increased revenues and reduced costs initiatives. Automating manual processes provides consistent opportunities for reduced cost, improved efficiency, and increased productivity.
- Example: A large hospital system mailed 100’s of pages of Physician’s compensation reports monthly to their 400+ physicians. This process required printing, postage and support staff answering physician’s calls regarding accuracy, clarification and explanation of compensation. Through custom software development, all reports were converted into an online portal with detailed compensation explanation. As a result all expenses relating to paper, printing, postage and support staff were eliminated.
No matter what industry you belong to, there are opportunities around you everyday to improve your paper and spreadsheet processes. When is the last time you evaluated your current paper/spreadsheet processes?
Considering a paperless automation initiative for your organization? Check out our client success stories on working with Xorbix Technologies.