In an age of big data inundation, being able to quickly and accurately process incoming information is mandatory in order to keep up with corporate demands.
Digital money problems
These solutions also help with many financial aspects of business operations. Since monetary tools are starting to focus more on electronic commerce anyway, with more shoppers turning to online and mobile purchases, it makes sense that document management would go this way, too. Digital management best serves this kind of incoming information.
Formtek explained that many organizations are aware of the benefits of document management workflow already, yet not all have moved to fully implement these kinds of solutions. Automated billing and retrieval systems can make finding necessary files much faster, as they can provide earmarks for rapid recounting of needed documents. They also have faster tracking and sending speeds, as they are entirely digitized and rely on non-human interaction to recall specific information from archives or wherever files may be stored.
The accuracy and timeliness of these searches makes them more affordable during an eDiscovery inquiry, as Formtek pointed out, but they also facilitate daily reviews of older information for analytics and other insight reasons. With more accurate methods of monitoring and recalling data, companies can rest assured that electronic workflow will greatly reduce the risk of potential costly compliance errors in the future.
Some things are better together
By marrying Microsoft Dynamics and Document Management, users can work within a unified system to perform seamless search, retrieval and even transaction creation increasing efficiency throughout departments, giving them a competitive advantage over organizations that have not embraced the technology.
World Triathlon Corporation (Ironman) has worldwide operations; it used to cost them $30-$40 to process a single invoice. "Somebody in Germany would receive an invoice in the mail or email, print it out, write the general ledger codes on the invoice, have somebody sign it saying it was approved, scan it and send it in an email to the Tampa office where they would print it out again,” explains Mark Fox, project manager. “It was up to a six-week process.” After implementing PaperSave, documents are captured into a workflow process where the Tampa office has immediate insight to the expenditures. Invoices are routed and coded with the proper GL accounts and the transactions created without duplicate data-entry.
By leveraging integrated technology, Ironman's invoice processing costs dropped 750% to $2-$3 per invoice! The technology has also helped them with expansion into additional international markets. Read full case study [
The world we live in is going paperless. We bank online, receive eStatements for credit cards, board airplanes with paperless tickets, shop online, etc.
Attending Microsoft Convergence?