It wasn’t long ago when digital technology was hailed as the “wave of the future.” It was billed as having the ability to allow companies of all sizes the freedom to hire workers anywhere, reduce expensive overhead and streamline and economize processes. For cash-strapped startups looking to save expenses wherever possible, a digital workplace became attractive for entrepreneurs as well as employees.
Prior to the COVID-19 pandemic, some small businesses and startups — the smart ones — listened and took action by implementing technology that enabled work-from-anywhere capabilities. Those that did not were forced to scramble in the early days of spring 2020 when lockdowns forced businesses to send employees home. The COVID-19 pandemic clearly accelerated our need for digital technologies.
As we assess where the workplace is today, it is clear the old digital tech standards of cell phone, laptop and Wi-Fi are not enough to successfully manage today’s pace of business. How can workers at home collaborate with those who have returned to the office in this new hybrid work environment? Why is your team bogged down with routine tasks? How can you free up time so employees can focus on customer service and innovation?
The future is suddenly now, and companies of all sizes are re-working business plans to pivot to the new realities of today’s workplace and employee expectations. Increasingly, the basic digital tools are just a starting point and are being augmented with new essential tools like cloud-based document management, electronic forms (e-forms), and automated processes. Even more than portable hardware, these are the new norms of business tech, and all are necessary for a remote workforce to operate efficiently. As we now grapple with a period of high inflation and economic uncertainty, these technologies have become more important than ever.
Cloud-Based Document Management
Companies with cloud-based document management did not suffer the same problems when shifting employees to remote work, because they were not forced to change the ways they accessed and used data in business processes. As a result, they experienced less friction and fewer challenges. In today’s hybrid work environment, this is even more critical.
In some cases, it is not just the management and security of internal documents and processes that relied on cloud-based document management. For some organizations, the very lifeblood of the business depends upon secure information management in the cloud to survive. For example, Cooperative Education Services (CES) is an educational procurement agency in New Mexico that manages mountains of paperwork to procure products and services for their members. Had they not completed a shift to cloud-based document management before the pandemic, conducting business remotely would have been virtually impossible.
This smart investment in digital technology saved the company hundreds of thousands of dollars in expenses that would have been incurred in a hurried rush to implement a document management system mid pandemic. Its cloud-based information management service eliminated a key hurdle and enabled business as usual during an extremely challenging time. Startups that incorporate this technology will fare much better than those still held back by obsolete office technology and processes.
Digital Forms
It is surprising just how many organizations still rely on paper forms. They can cause operational headaches and inefficiencies yet are commonly used in many types of businesses. In a post-pandemic world, an increasing number of customer interactions occur virtually, and paper forms can cost companies their opportunity to be successful.
Businesses that continue to rely on customer interactions for ordering, record-keeping or other transactions are allowing paper forms to get in the way of their success. Moving information collection online with digital forms (electronic or e-forms) saves significant overhead expense and can help generate growth by retaining existing customers or attracting new ones that have come to expect online convenience from businesses.
For example, Real Property Management Vancouver transitioned its document processes to a single cloud-based document management platform with e-forms prior to the pandemic. The online forms allow the company to collect and exchange information with property owners and tenants and even digitally sign important contracts from virtually any location. Making the move to remote operations overnight was relatively seamless and allowed the company to continue growing in 2020-21 as others faltered during the pandemic’s worst economic months.
Automated Accounts Payable (AP) Processes in the Cloud
Many who think of an Accounts Payable team think of a back office filled with professionals who are great working with numbers and making sure the books are balanced. Yet, these professionals can do their jobs anywhere today unless they must manage and keep track of endless paper documentation. Consider that it costs an average of $11.76 to process a single invoice, and 70-80% of invoices in the United States are still paper based, according to the Institute of Finance and Management (IOFM). Those that switch from paper to electronic invoices can save as much as $5.46 per processed invoice by reducing time spent manually searching for documents and routing to the correct person.
Automation using AP in the cloud clearly saves money. Many such systems, not only automate the routing of invoices through approval processes but may also eliminate the need to type data by hand into the accounting application. There’s no operational drawback whatsoever. R.C. Bigelow, the number one specialty tea company in the United States, offers an example. In an examination of R.C. Bigelow’s switch to AP processes in the cloud, independent analyst Nucleus Research calculated the company’s return on investment was a whopping 813%. That level of return for an established company is stunning.
Cloud-based document management supported with digital forms and process automation is not a trend or a fad. It is an essential benefit to businesses, even those in the startup stage. The pandemic, and now a new wave of economic challenges highlights just how important secure information management can be, not only to process efficiency, but also to best position companies for success in the remote and hybrid workplaces of today.
