Return on Investment (ROI) is at the heart of every significant business decision.

 

 In the simplest of terms it is a measure of what you get for what you give.

 

Research by Ohio State University found that 4 out of 5 buyers seek “value” before price. In other words, most people will give more to get more. “Value” includes Quality, Flexibility of the offering and Availability all as a function of Price. “Quality” means the product delivers what is required (or wanted) and does what is promised. Economists call this the “Law of Marginal Utility.” For the rest of us, it means what blows your hair back won’t necessarily interest the next guy.  When we talk about ROI, we have to keep it in the context of what is important to the buyer.

 

What are businesses requiring today?

 

 First, they want more customers and more sales. That is pretty well true no matter what the economic conditions are. Beyond that, however, is that business today is desperately seeking ways to engineer cost out of the business. Most of the improved earnings reports are the result of cost reductions. And while cost reduction began as a way to respond to the recession, evidence suggests that it is quickly becoming a permanent part of business culture.

 

With a paper-based invoice processing system the company incurs a significant “cost” in handling paper, but it is difficult to quantify the short-run cash savings. Creating a long-run “saving” by installing imaging, for example, doesn’t add value if I still have the floor space, the employees and all my other out-of-pocket expenses. The value may be intrinsic, but few businesses are investing today based upon intangible value. The CFO will say “Show me the money!”

 

FileBound offers a rare opportunity to eliminate work at a value-based price.  A major task in the AP department is entering data from paper invoices into the Accounting System. Typical information entered is a vendor name, purchase order number, invoice number, payment due date and general ledger account code (s) and total due. Because this information is normally put into the accounting system after all processing and approvals, other logging and data entry of the invoice typically takes place before the invoice is ready for entry to the accounting system.

 

With FileBound all of this changes. Invoices are scanned immediately upon arrival. The needed information is electronically picked up off the invoice and captured eliminating data entry and other manual tasks to a fraction of the time normally required. Routing and review of invoices is all handled electronically, eliminating hand routing and handling of the invoices. Finally, the scanned information is automatically imported into the general ledger accounting system and invoices can be paid without further data entry.

 

Best of all, not only is the work more efficient, much of the original work (key entering data) is gone forever. This provides the opportunity to either repurpose staff to cash-producing work (such as AR collections and sales proposal follow-ups) or eliminate head count. Either way, the business gets cash returns for the investment.

 

Added benefits include improved accuracy and reduced mailing expense. Errors in data entry create extra work and cost. With FileBound , that problem is gone forever because the information is picked up electronically from the invoice. Invoices received at field offices are now scanned eliminating mailing or courier expense.

 

High value for a low price with FileBound – an easy ROI!

 

Record Storage Systems can show you a demo of the FileBound document management system.  Call 704/588-2820 to schedule.

 

Written by:  Mitch Taube

Reprinted:   January 30, 2012

Here are 8 ways in which “true” electronic forms can transform your business. This is especially important since according the Gartner, 85% of business processes rely on forms.

1 — Eliminate the Paper from the Beginning.

E-forms are more than just an electronic version of a paper form. They promptly capture, verify, approve and integrate data with the critical business systems used to run organizations.  When information is automatically captured and distributed without a paper form to begin with, business processes are streamlined, efficiency is improved, costs are cut and your organization becomes a little greener.

2 — Release the Information Needed to Run Your Business.

Most of the information needed to run your business is trapped on paper and paper equivalents such as Word® documents, PDF files and pre-printed forms.  By capturing and moving crucial information—previously trapped —into core business systems faster and more affordably, e-forms enable organizations to improve customer service, shorten cycle times and lower operating costs.

3 — Integrate Data with Core Business Systems Automatically.

Once submitted, data entered on an e-form can be saved to one or more business system databases automatically and seamlessly.  With two-way integration, an existing database can pre-fill a form, allowing for confirmation of information and elimination of user error.  Integration is secure and works within an organization’s IT architectural structure and standards. Data captured on e-forms are typically sent to HR, finance, customer support and custom applications. The e-forms themselves reside within an electronic content management system for secure storage, retrieval, distribution and management.

4 — Improve Data Accuracy.

Auto drop down lists and completion guides with field-specific instructions ensure data is captured accurately and completely. E-forms can auto-populate fields based on prior data entered and validate field-level data and form-level completeness before submission. Without the need for someone to manually enter data from a paper form into another system, data entry errors are eliminated and no data is lost in transcription.

5 — Kick off Automated Workflow.

Once submitted, e-forms can implement an automated workflow based on an organization’s business rules. Employee applications can be distributed to the appropriate individual in HR for review, sales orders can be sent to a manager for approval and then on to distribution for delivery, credit applications can be sent to the appropriate manager in the finance department for immediate review and approval. Automated workflow is seamless, quick and ensures accountability.

6 — Digitally Signed E-Forms are Legally Binding.

Digital signature technology allows users to sign an e-form without the need for distributed digital certificates or third party certificate authorities. Existing login ID/Passwords can be used for signing e-forms and built-in encryption tools allow for secure transmission of data.

7 — Easy to Design & Set Up.

E-forms are easy to design, create and publish with no programming skills required. Features such as drag and drop, pre-built field validation controls and group controls ensure sophisticated layouts with trouble-free design and implementation.  Existing paper forms and PDFs can be easily copied or customized so screens can have a familiar user interface to speed adoption.

8 — Realize a Quick ROI.

E-forms can deliver an ROI in as little as a few months, depending upon the number of forms processed monthly. Form completion costs, processing costs and correction costs are radically reduced. Paper related expenses, such as supplies, storage and transportation, are eliminated altogether.

Record Storage Systems provides E-Form implementation with FileBound Document Management Software.  Call 704/588-2820 today for simple instructions on ‘how to’ implement e-forms.