Workflow automation, such as the introduction of dynamic PDF stamps and advanced PDF forms, along with other measures that help reduce or eliminate paper-based documents or that automate manual processes, can positively impact the typical company’s key metrics and bottom line more significantly that most realize.
Justified or Not?
We are always being lectured on the importance of achieving improvements in workplace efficiency and productivity. By now, there’s no doubt that some measures can be undertaken in any office-place setting that can work to significantly decrease costs, and in turn directly impact the bottom line in a positive manner. This is especially true when it comes to focusing on workflow automation and other improvements in our routine day-to-day processes.
But let’s face it, employees aren’t always happy embracing change and can be slow to adapt for myriad reasons. And tinkering with something that isn’t necessarily broken can be scary…and in fact actually break a system.
How many of us have at some point been involved in major projects or initiatives meant to improve productivity or reduce workplace costs, only to see them scrapped or fail miserably in relatively short order? Whatever the reason, such instances can be tremendously demoralizing and disruptive for a workforce and the parent organization.
The big question always ends up being whether the cost and hassle of making changes to the way we operate is justified and worth the gains that can be achieved.
Redundant, Unsatisfying and Costly
A recent Forbes article (Aug 2017), “How Automation Could Save Your Business $4 Million Annually,” addresses that very issue. The piece focuses on a study examining the future of work and business, “WorkMarket’s 2020 In(Sight) Report,” detailing the impact inefficient workforces have on both the revenue and bottom line for businesses, as well as the worker satisfaction of their employees.
Not surprisingly, employees consider much of the workflow processes they are called on to routinely perform, such as manually stamping and filing documents or transferring data from manual documents into a system, to be redundant, time consuming, and best suited for automation. And, according to the report, business leaders feel much the same.
Automation Offers Huge Savings Potential
Overall, the report details the fact that 53-percent of employee respondents believe that automation of redundant and mundane manual processes would save them up two (2) hours per week and 240 hours per year, or the equivalent of 6 weeks annually per employee. Meanwhile, 78-percent of business leaders feel much the same, responding that automation would free them of 3 hours per day, 360 hours per year, or the equivalent of 9-weeks per year.
Both groups believe that the implementation of automation into the workflow processes of their respective organizations would free them to perform more important work that could significantly impact productivity and the bottom line of their employers.
The Forbes article goes on to demonstrate how an initiative to automate a single (hypothetical) division of a Fortune 500 company, comprised of 500 employees and 3 business leaders, would theoretically save the business $4.7 million annually.
Granted, we’re talking about a division within a Fortune 500 company and not the typical small to medium-sized business in the U.S., so $4 million in automation-generated savings is going to seem outsized. Allowing that it’s unrealistic to say that the savings would scale exactly, it’s still fair to assume a 10-person company might see savings approaching $80k, while a 50 to 100-employee business might save $400k to $800k each year, respectively.
Dynamic PDF Stamps
When it comes to redundant, time-consuming manual processes that have the most negative impact on productivity, stamping documents, shuffling paperwork, data entry and filing or retrieving paper-based docs are the main culprits, be it in the enterprise or a small business.
Of those specific work processes, introducing dynamic PDF stamps in place of manual stamping is perhaps the easiest, most cost-effective initiative a company can undertake – doing so can be a great “first step” when it comes to workflow automation.
Contact us today to learn more about how our customizable Dynamic PDF Stamp solutions can help you automate your processes, drive down costs and positively impact your bottom line.