Digital Revolution
No matter which industry you work in, technology is changing the way we do business, interact with customers, purchase products, pay vendors and manage the information coming into your organization. The space is dominated by mobile devices, cloud computing, smart analytics, automation, artificial intelligence (AI) and the Internet of Things. Organizations are taking advantage of technology to digitize and automate processes, increase efficiency, enhance visibility and increase competitiveness. Society has gone digital. The shift toward digital transformation has disrupted how businesses adopt new and emerging technologies to meet the changing needs of today’s consumers and employees, while also demonstrating the value of the services they offer and remaining competitive in their respective industries. This is all part of the trend of digital transformation. Digital transformation encompasses a change that takes place in businesses due to the emergence of new digital technologies that impact the conversion of manual processes to automated ones that improve overall business processes to drive organizational efficiency. Today’s digital transformation provides an opportunity for businesses to look at how they are using technology and re-evaluate how they can use it differently to enhance their business practices and create new, innovative business models that not only increase productivity but also profitability.
The Benefits of Digital Transformation.
Improved Business Agility:
For those who take advantage of the digital shift, there is a multitude of benefits. Companies that are committed to old business models are more frequently being pushed out of business by younger, more agile and more tech-savvy companies. This is because digital transformation enhances data collection for better business intelligence. This allows businesses to make more strategic business decisions to increase cash management, evaluate customer data and develop greater insight into the business.
Increased Return on Investment:
Additionally, companies that utilize new technology often see a higher return on investment than companies that invest in their old, legacy systems that are no longer conducive to the changing technological landscape and the evolving needs of today’s consumers. While the upfront cost of new technology may seem high, the cost benefits often outweigh the initial price tag. It is an investment into the organization's future.
Reduced Operational Costs:
A company that is continuing to advance also can take the initiative to keep costs lower for consumers. Strategically implemented technology allows companies to reduce operational costs and manage business processes and procedures more efficiently. It also adds convenience to the consumer’s journey, whether that be through e-commerce, digital banking or enterprise content management (ECM).
Enhanced Data Management:
The adoption of new digital technologies allows companies to do more with the information that wasn’t being utilized with Page 2 legacy systems. Automated systems, such as document management solutions help companies take advantage of the data streaming into their organization to make better and more data-driven business decisions.
Greater Productivity:
Your employees and their managers will thank you for jumping on the digital transformation bandwagon. With more teams than ever before working remotely or engaging in a hybrid work situation, processes must be efficient and help employees maintain productivity wherever they are. Transforming your organization into one that is proficient digitally assures that you have the tools in place to allow your employees to work from anywhere, and to work productively so that processes continue to run smoothly and seamlessly, whether it is through automation or other digital collaboration platforms. This reduces holdups due to manual processes and limits the amount of time that employees need to spend on menial tasks. It also removes barriers to a larger employee talent pool.
Where does document management/paperless automation fit in?
The way your company handles, and processes documents and information are crucial to organizational efficiency, agility, and cash management. Whether your document management processes, and procedures have changed dramatically or only slightly from the manual ways of the past, digital transformation offers an opportunity for companies to look at the ways that they analyze, index, and manage this information differently. Version control on documentation is always a plus.
Eliminates Paper and Manual Processes:
An automated solution eliminates the need for cumbersome, disorganized paper and, in situations where paper can’t be avoided (i.e., when documents are mailed, when paper documents have been archived or when paper is faxed to your office) a document management/paperless automation solution allows companies to digitize these documents and automatically extract the pertinent information. This process is fast, accurate, eco-friendly and frees up employee time to focus on more important tasks and projects.
Utilizes AI and ML:
Document management/paperless automation solutions also often implement artificial intelligence and machine learning (ML), or the ability of a piece of technology to learn your company’s unique business processes and procedures and act on them as a human would. This eliminates the need for human intervention in certain aspects of your business, such as document routing, lead assignment, data extraction and information archival.
Integrates with Microsoft Dynamics ERPs:
When a document management/paperless automation solution is integrated with an ERP solution, such as Microsoft Dynamics, the two work together seamlessly to streamline previously paper-based procedures and eliminate the manual aspects of these procedures. Instead, it pulls out the relevant data and stores documentation where it needs to be for easy recall over the cloud.
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As technology continues to advance and learn, performance can be improved and efficiency advanced, increasing the impact it has on businesses, vendors, partners, stakeholders, and consumers alike. Digital transformation from legacy systems to new-fangled digital ones can dramatically improve the way companies do business. By taking advantage of these advances in digitization, work-life balance is changing for the better.