Your new document management solution has been a great benefit to your AP department, and it’s likely that they are enjoying the effectiveness and efficiency that it brings to invoice processing. But, lucky for you, the benefits of your document management solution go beyond AP – all the way up to the C-suite.
So, while your AP employees are cruising through approving invoices, routing documents and enjoying the workflow, here’s how the C-suite can take advantage of the new solution:
- Full process visibility: As an executive, you want a full view of what’s going on at your company. A document management solution tracks every step of the financial process so you can see who did what, when and why. Many solutions also come standard with plenty of charts and graphs on a dashboard so you can see problems and when invoices are due. This means you never have to assume (because we all know what that does!) or wonder what’s happening in finance.
- Paperless Procure-to-Pay: A document management solution provides document and data capture, workflows, data integration with your ERP, real-time charts and graphs so you can eliminate blind spots and bottlenecks that a paper-based process creates. Paperless procure-to-pay means that you can know at-a-glance which vendors are underperforming, if there are slow-downs and where they’re occurring and where invoices are in the invoicing process.
- Increased ROI: Do you know how much money is being wasted at your company due to paper usage and storage? There are many hidden costs associated with paper, and they add up fast. A document management solution allows you to save money and increase both soft and hard ROI. When you unveil the costs associated with your current paper process, you may discover some significant savings opportunities from eliminating paper.
- Paperless everywhere: Going paperless in one department is a huge benefit to your company’s cost savings, efficiency, effectiveness and accuracy. But you don’t have to stop there – a document management solution can be implemented into any department of your company that processes paper.
Think of document management as the gift that keeps on giving. While your AP staff will likely thank you for making their jobs considerably more efficient, as an executive you will also enjoy great benefits that will give you more control and visibility over your company’s financial processes.