Establishing a Better Financial Position
July 8, 2015
Establish a Better Financial Position, Improve Employee Satisfaction, and More!
Todd Douglas, Director of Business Development
Every business has its downfalls. For many, a major one seems to be unstructured and unorganized content. We see bottlenecks when trying to process, access, or store information. Most companies determine that they need a strategic solution after having identified this business challenge of handling too much paper. There is a great way to do that: Enterprise Content Management (ECM), a technology that allows you to take control of the critical information in your organization that is often held in documents, emails, invoices, contracts and many other mediums. Once you implement an ECM solution into your department, you and your team will enjoy numerous benefits.
Here are some departments that often greatly profit from ECM solutions:
In the Finance Department, with a paper-based system, we often see the process taking 30+ days from the time the accounting team generates a paper invoice and mails it to the customer to when the money finally arrives in a bank account. In a purely digital situation, however, you could go through the entire process within 24 hours, resulting in a much better financial position.
For the Legal Department, these digital workflows help to shrink the cycle time and automate much of the approval process. It allows the legal team to automatically identify and address exceptions instead of reviewing everything. In addition, the audit trails featured in many ECM systems are a great advantage to legal departments. For example, audit trails allow you to track who has accessed a given document and record the time, the user, and any changes they made to the document. These records are readily available for review.
The Human Resources Department also benefits from using ECM. When your organization is hiring new employees, your onboarding process is their first taste of how your company operates. Rather than mailing packets of employment documents back and forth, a digital process speeds up the onboarding and improves employee satisfaction. This helps get new employees up to speed more quickly, resulting in faster employee value.
Incorporating ECM into your business processes will not only cut down those piles of unorganized paperwork growing on your desk, but also improve the overall efficiency of your business. ECM has much to offer to you and your business; from establishing a better financial position, shrinking the approval process timeline in your legal department, or even improving your employee satisfaction. Check out our blog next week as we explain a few specific challenges that a good ECM solution can solve!