Due to the mass amounts of information produced, organizations continue to invest in an EDMS, or Electronic Document Management System. Even in today’s digital era, a significant amount of corporate information is still distributed via paper and email attachments. On average typical office employee may use more than 8,000 sheets of paper per year and spends well more than 2 hours a day sending and reading emails, and exchanging files. These examples clearly represent the direct costs associated with doing business. However, this example fails to highlight the indirect and often hidden costs associated with manual and paper-based processes.
Accounts payable (AP) invoice management is a standard business process that is often handled via paper and email. The tasks involved in a standard AP invoice process include: receiving an invoice, opening letters, use of document scanning software, internal mail distribution, follow-up communications, manual account entries, approvals, further distributions, book keeping, physical filing of documents, and—finally payment. Finally, the outcome is a long trail of manual steps that are so much time-consuming that can take weeks to complete.
Many businesses are still struggling with data entry errors, lost documents, misfiling, time misspent for document retrieval, and additional physical storage needs and the reason for this is simply that standard AP invoice processes involve a number of unnecessary manual tasks. Manual document management systems are also restricted to onsite working schedules and location limitations, causing further delays in registering the AP invoice in your ERP system. This inadequacy directly restricts your company’s ability to take advantage of opportunities to strengthen cash liquidity, such as prompt payment promotions and discounts.
Additionally, physical documents and unstructured communications, such as emails, are difficult to track, manage, and retrieve. These type of document mediums result in reduced invoice visibility and prevent overall monitoring of the invoice management process. Policy breaches and fraud may be easily caused by manual procedures with ineffective monitoring that could also make it difficult to implement an environment of governance and compliance. Many businesses are considering EDMS, document scanning software, or document management systems to solve these pains.
itelligence helps our customers realise efficiencies and automate their AP processes by focusing on:
- Elimination of manual, error-prone activities
- Removal of all paper and physical storage costs
- Providing document visibility and retrieval mechanisms
In this three-part blog series, we take a deep dive into it.smartSCAN, our “out of the box” solution for EDMS and document management software needs. We also introduce it.approval, our solution for managing, controlling, approving and posting of business documents within SAP.
Want to Learn More About EDMS Solutions?
Check out our webinar: How to manage your documents via it.smartScan & it.approval
Register for 7th September: https://itelligencegroup.com/uk/eventlisting/manage-documents-via-smartscan-approval/
Register for 19th October: https://itelligencegroup.com/uk/eventlisting/manage-documents-via-smartscan-approval-2/