{"id":4074,"date":"2019-09-19T10:51:03","date_gmt":"2019-09-19T08:51:03","guid":{"rendered":"https:\/\/www.projects.prycision.com\/capisol\/?p=4074"},"modified":"2020-11-05T12:03:33","modified_gmt":"2020-11-05T12:03:33","slug":"switching-to-cloud-native-document-automation-saves-costs-and-improves-cash-flow","status":"publish","type":"post","link":"https:\/\/www.projects.prycision.com\/capisol\/switching-to-cloud-native-document-automation-saves-costs-and-improves-cash-flow\/","title":{"rendered":"Switching to cloud-native document automation saves costs and improves cash flow"},"content":{"rendered":"

Approximately 25-30% of accountants\u2019 time is taken up searching for documents. However, the old adage that \u2018time is money\u2019 is more relevant today than ever before. One area where most companies can quickly lower operational and financial cost, risk and optimise efficiency is by switching to an integrated, cloud-native, document management platform which automates data storage, distribution and document management.<\/span><\/p>\n

Many companies are spending unnecessary time searching for invoicing information and documents, correcting errors, or ensuring document compliance when all of these processes can be safely automated. Finance and administration departments have become so used to outdated, manual-based methods \u2013 which are also very time-consuming – that companies do not realise the true cost of such inefficient systems.<\/span><\/p>\n

International Data Corporation (IDC) statistics indicate that employees waste 36% of their day searching for, and not finding documents, and additional hours are wasted re-creating \u2018lost\u2019 documents. On average, every misfiled document costs $125 (approximately R1800) and a lost document costs $700 (approximately R10\u00a0200). With effective document management, this pain disappears.<\/span><\/p>\n

According to a study conducted by Gartner, <\/span>80% of intellectual property is communicated or stored in email. Without a regularly updated and consistent central database, this leads to \u2018corporate amnesia\u2019 where information is lost when employees leave, or if it is stored on desktops instead of a single company information platform. This highlights the fact that companies lagging behind the adoption curve in terms of automated document management are losing out. It also speaks to the urgent need for companies to have a single platform to bring all their disparate information and systems together in one automated, cloud-native platform.<\/span><\/p>\n

According to a press release issued by Gartner in April 2019, \u2018organisations that embrace the potential roles and unique differentiators of \u2026 SaaS in the spectrum of cloud platform capabilities stand to extract the greatest value from their cloud investments.\u2019 <\/span><\/p>\n

Inadequate Financial Systems<\/i><\/b><\/span><\/p>\n

While most ERP systems still play a valuable role, certain functions were designed around a print-based manual operating model: the system defaults to printing documents rather than creating digital copies, which slows down the entire process as the printed documents need to be manually scanned back into the system. This in turn increases the risk for error as the scanned documents must be captured manually. By supplementing an existing ERP with a \u2019software-as-a-service\u2019, cloud-native financial document management solution the process is automated, companies reduce the risk of human error and speed up their accounts receivable process, which means fewer delays\u00a0 <\/span>when it comes to getting paid.<\/span><\/p>\n

So, if you are questioning whether it is worth enhancing your document and financial management system, consider the following:<\/span><\/p>\n