Unless you are a document imaging service provider, your core business is not managing documents. For most Companies and Organizations, document management is a necessary evil, something you do to help move your core businesses forward. It might involve processing invoices to pay vendors, onboarding employees or making resources available online for constituents or partners.
In all these cases, devoting time and resources to document management tasks takes away from efforts that could be spent driving forward the organization’s core business. For a non-profit, for example, every minute of manpower spent processing payments detracts from time that could be spent soliciting donations. In another organization, a customer service rep spending time in a filing room looking for documents is not on the phone assisting customers.
Much focus is often put on what can be called the defensive side of document management —its use in records management applications in preparation for e-discovery and/or to guard against audits. But document imaging technologies also have an offensive side. Their implementation can help you grow the business, which typically brings with it an ROI.
Growth Produces ROI
In the AIIM study Paper Wars 2014, 60 percent of respondents reported achieving an ROI on their purchase of document scanners, capture systems & associated software in fewer than 18 months. The top drivers behind this were “faster turnaround time to customers,” “more efficient/higher-quality data capture for downstream processes,” and ”immediate access to latest customer correspondence.”
Let’s look at a few just a few specific ways document imaging can help you grow your business:
- Improved customer service: Document imaging has been used to reduce retrieval time for customers’ reference documents from hours to seconds. It’s been used to reduce approval times for loans from days to minutes. Anytime you can solve a problem or service for a customer in a single session (versus having to call them back), you not only improve customer satisfaction, but also increase your chances of closing a sale and/or garnering repeat business.
- Faster turnaround times: This is related to improved customer service but has additional benefits as well. Let’s say a contractor needs to onboard individuals to fulfill a staffing requirement. Being able to pass documentation through an imaging-enabled automated HR process can shorten that process to a couple hours versus a matter of days, and can enable that contractor to start generating revenue from a job sooner.
- Freeing up resources: If you are an A/P professional and are spending a good deal of time entering data from incoming invoices and then manually checking on their status when vendors call, you aren’t spending that time doing things such as negotiating better deals with vendors and/or studying cash flows —which could help improve cash management and grow business.
These are just a few examples of how document imaging technologies can help drive growth. The bottom line is that by improving efficiencies in their document-centric processes, organizations and companies are better able to focus on their core businesses, which should help drive them forward.
Vertical Growth Areas
The following are some vertical examples of how document imaging technology can help drive growth:
- Insurance - Improve onboarding and claims management, which should lead to better customer satisfaction.
- Financial services - Improve customer onboarding; also improve transaction management to free up brokers to focus on their core jobs.
- Healthcare - Make patient records management more efficient, which enables healthcare providers to spend more time on patient care and increases the volume of patients they can see.
- Government - Improve tax processing, which can make revenue generation more efficient and effective as well by freeing up employees’ time to focus on tax collection instead of processing.
You get the idea. Document Imaging Solutions, is not just information governance and efficiency improvements—it includes productivity gains, prevention of future costs in areas such as legal matters and hiring of additional employees, contribute to growth initiatives through improvements in customer service and better deployments of resources. This can make it a true double-edged weapon for you and your Business.
What document imaging solutions have helped you grow your business?