Document Management Solutions – A Fast-Track Out Of The Recession

Recent research conducted by Credit Control Magazine, has revealed that the vast majority of management figures in businesses across the United Kingdom believe document management solutions should be seen as central to efforts at recovery from the current economic downturn. This article explores Credit Control’s findings in more detail and examines how a Document Management system, for example those used for automating procure-to-pay and order-to-cash processes, can provide organisations with improved cash-flow as well as the cost and efficiency savings that will prove essential to lifting them out of the downturn.

Document Management: An Unaffordable Luxury or an Essential Spend?

It’s understandable that during testing economic conditions, companies look for every way to cut-out non-essential costs and save on spending. But it seems the view that document management solutions are somehow a luxury spend or an added ‘extra’ for businesses, is dramatically found wanting. Credit Control argues a compelling case that ‘businesses should not be putting their [document management] software purchases on hold’ and they should in fact be investing in those key systems that enable more efficient running and ‘continued growth and development’. Without the right software systems in place, it is argued, businesses will be leaking money and not running as effectively as they could be. Electronic document management, along with automating, paper-based processes, will ensure leaner, more streamlined operations, and much reduced costs.

The Credit Control Survey:

Key to Credit Control’s contention is a survey they conducted of 160 senior finance and IT professionals (finance directors, financial controllers and IT Managers) across a range of public sector and private sector organisations. The research revealed that 88% of respondents believed it is important to have the right software systems in place if businesses are to prosper in the current economic climate. And of these, 60% stated that having the right software systems is ‘vital’. Of the remaining 12%, 10% of respondents believed it is ‘fairly important’ to have the right software systems in place, while only 2% of those surveyed, did not know whether they thought software systems were important to helping businesses prosper or not.

Document Management Solutions: The First Place to Save:

The Credit Control research would seem to confirm that management figures within most organisations recognise the importance of software solutions, including document management systems, for success in any economic climate. And as 37% of those surveyed were in fact interested in implementing electronic document management solutions at the time they were questioned, it would seem that most regard document management as an especially effective means of reaching cost-saving and efficiency goals.

How can Document Management Systems Help?

Procure-to-Pay (P2P):

Procure-to-Pay (P2P) is a surprisingly expensive process which can cost as much as £50 per transaction. Receiving purchase invoices into an organization, logging that information into the accounting system, photocopying the invoices for the relevant files, sending invoices around the business for authorisation and then returning these invoices to accounts payable for payment and sending out remittance slips can be extremely time-consuming, is often quite expensive and is of course vulnerable to human error. Using an integrated electronic document management system automates this process so that when a purchase invoice arrives into an organization, it can be scanned and automatically tagged to the appropriate record in the finance system. Optical Character Recognition (OCR) technology is able to read and verify the data on the invoice before being uploaded to the core finance system, eliminating the need for manual data entry and the associated errors. And in addition, using document workflow software and pre-defined authorisation routes, the imaged invoices can be automatically emailed to the relevant decision-makers for them to approve, reject or query. Approvers are also in a position to view any associated documents on-screen, such as purchase orders or proofs of delivery, to aid invoice authorisation. Once the invoices have been authorised, the finance department can pay the suppliers and a remittance advice can be automatically generated and emailed to the supplier advising them of payment.

Order-to-Cash:

Getting cash into an organization as quickly as possible and maintaining healthy cash-flow is absolutely essential to the successful running of any business and especially during a time of economic uncertainty, where it’s becoming increasingly difficult for all but the fittest organisations to prosper. Investing in document management to streamline the credit control function, Credit Control Magazine has argued compellingly, should be viewed as a necessity and not a luxury.

Reducing the time credit controllers spend pushing paper, by introducing document management systems, can help bring cash into a business more quickly and cost-effectively. One particular area in which such solutions can really help is Proofs of Delivery or POD’s, as they’re often known.

By scanning-in POD’s using an electronic document management system and attaching the imaged POD to the appropriate transaction in the finance system, users can create a permanent record that cannot be lost or destroyed. With this form of POD always close at hand, it can be delivered to the customer with the corresponding sales invoice, so there’s even less excuse for non-payment. And being able to send the POD electronically like this, rather than post it, obviously considerably speeds up the process too.

Document Management Outside the Finance Function:

During an economic downturn, the need for adjustments within a business’ staffing, means it’s vitally important for key figures within an organisation to have quick and easy access to human resource (HR) and payroll documents, so that they can accurately assess performance and make any necessary executive decisions. Document management systems can provide these key management personnel with HR information quickly and easily, without the need for any HR involvement, enabling their time to be freed-up for more value-adding tasks.

And outside of HR and payroll information, document management solutions can help do away with much of the paper requirement within an office environment. With the ability to store far more information digitally, companies can make dramatic savings on stationary, printing, photocopying and postage and also free up more office space for other purposes.

Credit Control conclude that while it’s understandable that many businesses are looking to make as many savings as possible during these straightened economic times, they certainly shouldn’t eschew ‘necessary investments’, such as document management. Respected company managers the world-over have acknowledged that document management solutions, far from being a luxury, good-time, spend, are in fact a crucial efficiency tool and a very important long-term investment in any organisation’s future.

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Seven Things to Avoid when Choosing an Online Document Management System

Choosing a new Software as a Service (SaaS) system can sometimes feel like a daunting task; there are so many products and such a wide range of different features available to choose from right now. To help you avoid making a bad choice and wasting money on the wrong one, here are a few tips to help you decide what you actually need from your new Document Management service.

1. You don’t want an insecure system.

Make sure you opt for a system from a reputable, well-established company which will ensure all your files and folders are regularly backed up and encrypted. Fire protection and climate control are vital and should be included with the server environment. A reputable service will also guarantee multiple internet connections from a range of internet providers, and back up all your data continuously throughout the day. If the company is not ISO20000 certified then they are not up to the security requirements that you will want for your company.

2. Avoid expensive contracts.

Look for a flexible service which will enable you to rent just the number of users you require, and for as much time as you need them. You should be able to downgrade as well as upgrade your system very easily, and change to another one if you so wish. Beware of SaaS providers who tie you into fixed length contract upfront.

3. A system that won’t grow with your business is not a system at all.

Choose a product that allows you to start small and add users and space whenever you want, as your company develops and your requirements multiply. The best SaaS products allow you the flexibility to start with a single user but are perfectly capable of handling many thousands. Avoid systems that do not give you this capability.

4. Make sure you don’t pay too much for an online system.

Some SaaS systems are expensive, but there is a world of choice out there and all that competition has created some keenly-priced services. The best will offer a comprehensive range of tools and features at an affordable price, somewhere in the region of £7 – £10 per user per month.

5. Make sure you don’t pay too little.

There are a number of free services out there. A lot of them are worth the money you pay for them i.e. nothing. They aren’t always available, they are always changing the service and, because they are aimed at the mass-market, they probably don’t do what you want. These may be OK for youngsters swapping music but they are not a proper business tool.

6. Avoid systems that are over-complicated.

Embarking on an expensive and time-consuming program of re-training for yourself and your staff before you can even get started is counter-productive. A good SaaS service should be easy to set up and easy to use, and require only minimal training and guidance to make you familiar with the tools you use most frequently.

7. If you can’t try it, don’t buy it.

Most reputable SaaS providers will give you the option of a free trial for a month or so. Make sure you check out how easy it would be to change your mind, pull out of the purchase and download your data to an alternative SaaS system. Consider what happens to your project plans and data at the end of your free trial: you should be able to continue working on all the files and folders you have set up during this time, without any further setup effort. You don’t want to risk losing any of your hard work and information or worse, wasting your valuable time. Don’t be rushed into paying for your new SaaS service until you have tried it out and are confident it is the right one for you and your business.

Follow these tips to avoid the main traps when looking for a SaaS system, and ensure you don’t make an expensive mistake.

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Marketing Automation Software

The most important part of a firm’s policy is their marketing. This aspect is very vast and includes the many jobs to be done, some of which are very repetitive. Marketing also entails huge amounts of data analysis for the purpose of targeting the population and targeted demographic. A lot of very important decisions need to be made in order to determine which marketing paradigm to use. Marketing automation software applications help marketers to reduce the time and effort associated with the process by automating repetitive tasks. Marketing automation software also allows the user to specify certain criteria to the application. The information entered by the user is sorted by the application and also follows the marketing campaign. The following of the campaign benefits the user the most because the statistical analysis is automated.

Demand is generated by the marketing automation system is a process called demand generation which allows a lot of statistical analysis to be done while, at the same time, marketing any workflow deals using the internal mechanics of a marketing department including marketing and budgeting.
More prevalent is the use of marketing automation software applications used for demand generation. This is most likely due to the fact that online lead generation in always growing in the marketing industry. The software lets the user to decide the marketing paradigm and methodology and also allows the progress of it to be tracked.
Marketing automation software simplifies lead generation which has many advantages over other methods used to get in touch with prospective buyers. The rendezvous dilemma, which is when the buyer and seller are unable to establish contact for a transaction to take place, is solved by lead generation. Leads can be tracked in a thorough manner with the use of certain marketing automation software applications within a marketing campaign. This allows the marketer to make decisions about further improving the campaign’s effect on the end result.

Specifically, one of the advantages the cost-per-lead advertising model has over cost-per-click advertising is that the cost of keywords has risen dramatically and the probability of a click being useful to the advertiser or vendor is very low and the risk of fraud with cost-per-click is high. With the cost-per-lead model, a marketer simply pays for every lead they obtain such as contact information. The marketer can than decide how many information fields he wants based on the fact that the more fields you want, the more it will cost.

The internet is a very effective tool when it comes to effective concentration rendezvous strategies. It allows the user to easily identify the targeted demographic group which results in leads being easily generated through paid search campaigns such as banners. This is where marketing automations software really comes into the picture with many applications offering to enhance the management of paid search campaigns using statistical tools. The use of marketing automation software in a marketing campaign aids in saving time and reducing the effort involved and the potential for human error.

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Advantages of Business Process Outsourcing

Many companies have already realized the many benefits of business process outsourcing (BPO). With the current global economic crisis, these benefits have become even more apparent. Time, energy and resources need to be conserved at home in the First World. It would be much cheaper to outsource many tasks to countries in the Third World, like India, China and the Philippines. This will increase productivity and efficiency while cutting down on costs. Companies that outsource business services then become more flexible and nimble.

Outsourced services include manufacturing, software development, web development, finance, accounting, human resources and customer service, among others.

With business process outsourcing, a company does not have to invest in costly assets or set up expensive work structures that will have fixed costs. It will not have to purchase expensive equipment that may have to be amortized for many years and may even become outdated and outgrown with rapid technological advances.

Outsourced business processes are paid for per service. This means a company can immediately adjust to changes that may require more or less work and pay for only exactly what is needed. This flexibility greatly enhances resource management and frees up much capital.

A company that uses business process outsourcing is also able to focus more on its own core competencies. Once a company has identified its most valuable activities for its core business, other secondary activities and processes can be outsourced. The company can then concentrate its key people’s energies and talents on what they do best.

Business process outsourcing, thus, enables a company to expand without sacrificing its agility and speed in responding to changes and opportunities. The usual bottlenecks that arise in bureaucratic operations are eliminated. Expansion is also made possible when more capital is freed up.

One drawback to business process outsourcing may be dependence. A company may become too dependent to its BPO service provider. This will not pose much of a problem, though, because there are numerous service providers to choose from in case the current one fails to meet expectations. Most BPO vendors have similar capabilities in terms of the services they offer. Most also have similar rates.

Companies should, however, beware of unscrupulous BPO vendors who fail to meet service level agreements. Oftentimes, problems arise when there are unclear issues left in the contract or when there are unforeseen changes in requirements within the contract period. Much care must, therefore, be taken in choosing the right BPO service provider.

Web Dot Com Website Development Philippines, Inc. offers various business process outsourcing services for companies around the globe who are outsourcing web development and other back office and front office business services. It has clients from the United States, the United Kingdom, Australia, Germany, the United Arab Emirates, Hong Kong, Korea, the British Virgin Islands and the Philippines.

Web Dot Com is a web hosting provider that offers domain name registration and low cost advanced web site development packages from its Manila office. Its services span advanced interactive database driven web site development, advanced portal development, heavy web based programming, web application development, content management systems, good website design, graphic design and multimedia components including flash animation development, e-commerce site solutions including a shopping cart using osCommerce, web site maintenance and support, search engine optimization, search engine marketing and social media marketing. Its programmers and web site developers are experts at php, mysql, JavaScript and other internet tools and languages.

Web Dot Com Website Development Philippines, Inc. is your One Stop Shop Internet and Contact Center Solutions Vendor for the Global Market. Make it your business process outsourcing partner.

Web Dot Com Website Development Philippines, Inc.
Address:
2nd Floor, BT&T Center
#20 E. Rodriguez Jr. Ave., Libis (C-5),
Quezon City, 1110 Philippines
E-mail: info@webdc.com.ph
Telephone numbers: (632) 634-4625; (632) 635-6104

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Why Opt for Document Management System Software?

Old technology and outdated document management systems can hamper your business process efficiency. Filing cabinets and basement shelves filled with thousands of files of unstructured data have been the traditional storage method for decades, but these have become outdated and pose a hindrance to productivity. Small, medium, and large business corporations regularly face problems involving slow communication with clients, unsecured private information, stagnant document flow,  fallible information tracking and monitoring as well as slow recording of data.

The latest technology is changing the way businesses function. You can achieve complete control and flexibility of previously unstructured and inaccessible data by uploading information instantly. This can be achieved through digitizing the data with optical character recognition software and providing easy access to stored information with sophisticated documentation management system software.

Scanning of documents, digitization and electronic data storage have become a necessity for streamlining business processes. Using document management system software for digital data storage allows for quick and easy processing and retrieval of large volumes of information that could be accessed as complete digital files through the use of scanners and document management system software.

Unstructured data is the term given to hard copy documents like receipts, records, and financial statements. It is called unstructured because the information exists on paper, and not as digital information in a database. Its biggest drawback is that it is hard to share, collaborate and often even find! Without a sound document management system software to organize data, it will be very difficult for a business to grow in today’s competitive world. Real time documentation collaboration has become the need of the hour!

Modern scanning and document management solutions offers functions, which are simple to use, easy to understand, and do not need time-consuming training. Storing data captured by scanners, processed by capture and recognition software, and housed in an electronic document management system is quick and does not damage the documents. You could easily preserve and retrieve the records. Easy-to-use search functionality allows for quick and effective access to files stored with the help of an efficient document management system software.

Document management system software is quite easy to comprehend, use, and can be easily integrated with with any existing information storage infrastructure. One of the well known and reliable companies offer efficient document management solutions for legal document drafting via corporate legal software is Brightleaf. Visit the site brightleaf.com for more details.

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