Incorporating customizable Dynamic PDF Stamps into your normal workflow can be the catalyst to creating meaningful change in your workplace – the kind that transforms your productivity, business performance and bottom line.
Bigger Issue than Imagined
Yes, we harp on the issue of workflow process and automation quite a bit, but with good reason – this is a big-picture issue that is far more significant than most imagine. We’re not simply suggesting swapping out dynamic PDF stamps for the rubber stamps you currently use in your workflow processes to save a little money. Fact is doing so will act as the first step in a transformative process that is necessary…and inevitable – one you are going to find yourself forced to accomplish much sooner than most would anticipate.
Dynamic PDF Stamps – Reduce Time and Costs
We shared with you previously the fact that the overwhelming majority of U.S. companies continue to rely on antiquated workflow systems. Most continue to use outdated tools (e.g.- rubber stamps), utilize paper versus paperless documentation, and rely on time-consuming and efficiency-sapping manual processes throughout their entire workflow system.
We provided an example of this in our April post. According to Charlotte N.C.-based business-process advisory firm, PayStream Advisors, the overwhelming majority of U.S. small-to-medium-sized businesses utilize paper invoices in their AP and AR processing.
As noted in the post, those companies that have done little in the way of workplace planning tend to pay a steep price when it comes to processing invoices – each invoice averages $15 and takes 45 days in processing time, from receipt to payment approval.
Comparatively, those companies that have been willing to analyze, redesign and automate most, or all, of their AP workflow processes have benefited substantially in time and cost savings; nearly 1/3rd of the invoices taken in by those in this group are in electronic form. They are encouraging (or forcing) the companies they deal with to change to paperless invoices. And they have been able to reduce processing time to an average of 5 days, at a cost of just $2.36.
The time and costs incurred through the use of paper invoicing (requiring manual stamping), in and of itself, justifies the need for change, but there is an even bigger driver that will force automation in workflow processing.
The Automation Train is Leaving the Station
In its 2016 “Digitization at Work” report, Xerox noted the fact that in their survey of 600 IT decision-makers in large North American and Western European organizations, there was consensus that only 9-percent of key business processes will rely on paper by 2018.
The cost of maintaining paper-based processes was a key reason offered by the group (42-percent), matched by concerns of security at 42-percent. And 41-percent agreed that organizations would benefit from decreased costs through the migration of processes to digital from paper-based.
Failure to Act
Such a move to digitization in the workflow process would constitute a major shift from the current reliance on paper-based processes in a very short period of time, given that 55 percent of the respondents admitted their organization’s workflow processes were still largely, or entirely, paper-based.
Moreover, nearly 30-percent reported that they continued to use paper for the bulk of their client communications versus the use of email, social channels or other electronic means.
Ironically, 87-percent reported they currently had the skill set to make the move to digitization.
And yet they hadn’t done so already…and foresaw major challenges ahead within their own organizations in doing so.
There are a couple salient considerations that come through in the Xerox report.
First, the move to digitization is happening now and will continue – there’s no stopping this movement. And it will cause disruption for all companies going forward.
Why? Each company out there is dealing with the same issues, so all will be impacted – drastically so.
Forced by Partners and Competitors
Putting the cost considerations aside for your company, no matter where you stand currently – fully paper-based, somewhat paper-based or mix of paper/digital-based processes – the fact that those around you will be, or currently are, making the move to digital will force you to do so in order to do business with them.
Invoicing is an example where you’ll likely see this movement play out overtly in the short term. Companies will eliminate paper invoicing – they will notify vendors and customers that they will no longer work with paper invoices (sent or received), which will force you to switch if you want to continue doing business with them.
And then there is the issue of competing. A failure to reduce workflow costs by digitizing your processes will leave you tremendously disadvantaged when competing against companies offering the same solutions who have a lower cost basis due to their move to automation.
Begs the Question
Second, the other major takeaway involves a very important question. WHY? As in, if they (the major enterprises represented in the study) believe the long-anticipated transition to digitization and workflow process automation is at hand, then why have so many failed to begin the process?
While there are plenty of contributing factors, the biggest driver is no doubt human nature. Homo sapiens are procrastinators. The old maxim, “Necessity is the mother of invention,” is proof positive of the fact that when needed, our creative ability to adapt and overcome becomes heightened. But until such time, we tend to gravitate toward the status quo.
Yes, change can be messy, disruptive, expensive…and downright unpleasant. And as such, we tend to avoid it like the plague, even when it’s in our best interest to bring about change in our routines. Taking the first step is, as the saying goes, the hardest part on the path to change.
Collectively, large and small businesses alike have dropped the ball when it comes to business process planning and automation. But change is certainly coming and all will be forced to comply.
Taking the First Step – Now
As with every other company out there, workflow change in the form of automation is in your best interest. The real question is whether you want to do so on your terms, or those of outside entities. Soon that decision may be usurped and you’ll find yourself forced to make changes by business partners, as well as competitors.
Faced with such prospects, we suggest starting with an easy, incremental change. Identify every area of your company where manual stamps are utilized in the workflow process. Then make the switch to a solution that will provide tremendous savings in time and cost – dynamic PDF stamps. With that critical first step completed, you’ll find further change easier to accomplish moving forward.
Dynamic PDF Stamps – the first step in transforming your workflow processes through automation!
Contact us today to learn more about how our customizable Dynamic PDF Stamp solutions can help you automate your processes and drive down costs.