In theory, making a case to automate your company shouldn’t require much justification at all. Businesses that automate are faster, leaner, and less susceptible to interruptions. Not only do they benefit by pleasing their customers and employees alike but they also save critical dollars that can be used to future-proof their businesses for years to come. If your main goal is to cut costs and gain a competitive advantage over other businesses in your industry, automation is the answer —and the hard and soft dollar savings ensure that your project generates the ROI you’ve been promised by your vendor.
The first category is the hard dollar savings or increased revenue in the operating budget. Hard dollar savings are usually the result of having tangible and identifiable reductions in expenses. These savings include:
Automation drives down business costs by:
Scanning, classifying, recognizing, validating, verifying and exporting data/images quickly, accurately, cost-effectively
Lowering equipment expenses by reducing the need for printers and fax machines, and added maintenance cost
Better Utilization of Personnel
Another benefit of automation is the elimination of menial tasks. Employee productivity increases because they no longer must make copies of documents or look for lost or misplaced files.
It also reduces the need for employees to manually send documents to supervisors to approve expenses and purchase orders. Using automated workflow routing of documents eliminates management time and expenses to manually move documents from one department to the next. They can complete tasks right from their desktop.
It can also automatically prompt users to take advantage of vendor discounts, and to invoice earlier, faster, and more efficiently. The result is increased cash flow, which allows your company to invest capital in the things that matter most.
The second type of cost justification revolves around soft dollar or intangible savings. Benefits are realized, but they may not easily translate as cost reductions.
Increased market share, higher employee retention, and the ability to bring products to market faster are examples of strategic benefits that tend to get ignored in hard-dollar ROI discussions.
Other soft dollar savings include:
Immediate access to automated documentation encourages better customer service. Companies that go paperless show improvement in overall customer satisfaction with products and services. Employees have fast access to information to meet customer requests in shorter timeframes.
Environmental savings are realized by bringing a company paperless. According to the Environmental Paper Network, “If the United States cut its office paper use by roughly 10 percent or 540,000 tons, greenhouse gases would fall by 1.6 million tons. This is the equivalent of taking 280,000 cars off the road for a year.”
Eliminating the printing of multiple documents alone can dramatically cut carbon and energy costs. Lighting, heating, and cooling costs for print equipment are also significantly reduced.
Ready to find out how automated sales order processing can fit into your business? Contact IntelliChief to learn more, or to request a custom demo of our order to cash automation software, click here.
https://www.intellichief.com/wp-content/uploads/2021/07/IntelliChief-Paperless-Process-Management.png 0 0 Zachary Leete https://www.intellichief.com/wp-content/uploads/2021/07/IntelliChief-Paperless-Process-Management.png Zachary Leete2020-06-30 15:47:372021-03-03 15:22:00The Hard and Soft Dollar Savings of Automation
A recently published report by MarketsandMarkets™ forecasts strong growth for Enterprise Content Management vendors in all regions, indicating a shift from disparate point solutions to robust, scalable offerings.
At this very moment, countless businesses are inquiring about how Enterprise Content Management (ECM) can help bring them into the future. They have heard whispers of faster processing times and fewer errors, streamlined exception handling, and the increased capital that comes with a system designed to generate ROI around the clock. Companies are phasing out point solutions that have provided short-term relief for some of their most pressing issues and, instead, opting to look into the ECM market, which can deliver on promises of scalability, interdepartmental synergy, and cost savings.
Understanding the ECM Market
The ECM market is defined by the businesses it serves. Although ECM technology is robust, flexible, and scalable, the sector grows in response to the needs of its existing and future customers. When businesses fail to manage their enterprise content, it can create significant logistical challenges. For example, individuals working in procure-to-pay are often tasked with working with other employees outside of their direct team. If information is unable to pass from one department to the next, business grinds to a halt.
There are two different categories of enterprise, including:
Initially, solutions vendors are expected to cater to large enterprises to help them manage large quantities of data from multiple departments or channels and measure data to drive decision making. That said, it is actually the SMEs that are expected to really push the ECM market to the next tranche. For SMEs, the benefits of ECM include unrestricted access to data, significant cost savings, streamlined compliance, and operational elasticity.
The Why Behind ECM Market Growth
According to a new market research report published by MarketsandMarkets™, the ECM market is slated to grow from $40.1 billion in 2020 to an estimated $66.9 billion in 2025. The Compound Annual Growth Rate (CAGR) for the forecast period is 10.8 percent.
The report, titled “Enterprise Content Management Market by Component, Deployment Mode, Organization Size, Business Function (HR Operations, Procurement and Supply Chain Management), Vertical (BFSI, Transportation and Logistics), and Region – Global Forecast to 2025,” goes on to identify a series of drivers for the projected growth in the sector, namely:
Inability to keep up with high-volume transactional content
Growing expectations for companies to facilitate streamlined content processing for all information entering or leaving the company
The increasing need for improvements in tasks involving organization, categorization, content structure, workflow routing, accessibility, and more
The Automation Market Is Thriving in North America
North America is considered the leader in ECM development and market growth. Over the next several years, this trend is expected to continue as new investments fund new projects to push the envelope. Reliable, long-time ECM providers like IntelliChief will begin to experience pressure from newer competitors in the space, such as Microsoft, IBM, and Oracle. However, IntelliChief has the unique distinction of being an ECM solution through and through, ensuring best-in-class service and support that can’t be matched by larger corporations just starting to get their foothold.
Are you interested in learning more about the ECM and Automation implementation process? Contact IntelliChief today to learn more about our award-winning, time-tested solutions that have helped hundreds of customers work smarter, not harder.
https://www.intellichief.com/wp-content/uploads/2012/07/cropped-250x250-IC-Logo.png 512 512 Zachary Leete https://www.intellichief.com/wp-content/uploads/2021/07/IntelliChief-Paperless-Process-Management.png Zachary Leete2020-06-17 11:38:432021-09-28 16:40:05Projected Enterprise Content Management CAGR Suggests the End of Point Solutions Is Near
Automating your business processes gives you the opportunity to gain a distinct competitive advantage, but all your hard work can be undone by an inferior implementation or a lackluster integration.
“Since the software implementation ended, we’ve literally never used it,” sighs an Accounts Payable Supervisor for a chain of Midwest manufacturing plants.
He sits back in his chair as his eyes slowly rise towards the ceiling.
“We purchased our current solution six months ago because it checked all of our boxes. Unfortunately, we have not had enough help implementing it to actually use it properly. That’s why we called your team.”
Another man, dressed neatly, sits across from him taking notes on a legal pad. “It’s just sitting on the shelf?”
“Well, not literally,” the AP Supervisor laughs. “But it might as well be.”
“Well first, let me start by saying that I’m sorry your business had a poor experience with your last vendor. However, I’m happy to say that we can help! We aren’t going to leave your side until your system is fully functional and you’ve observed an appreciable ROI. How does that sound?”
“Sounds like we’ve got a deal.”
When our Solution Engineers hear horror stories like this from our customers, which, unfortunately, is more often than we care to admit, they are flabbergasted. Whether you’re looking for a simple fix to address a single issue with your Enterprise Resource Planning (ERP) system or a robust solution to transform your business, it is the vendor’s responsibility to ensure that your purchase is not only integrated securely in your existing work environment but also generating the ROI your company needs to justify its purchase.
When it comes to automation, you cannot afford to waste money on an unusable solution. Comprehensive, industry-leading features are important, but not if they’re locked away behind a wall of complicated code. Therefore, it is paramount that businesses keep implementation and customer service top of mind when shopping for an automation solution.
Caution: Companies Purchase the Wrong Solution All the Time
Let’s face it, shopping for enterprise software isn’t easy. When you start your search, you’re going to be confronted with hundreds, possibly even thousands of software options, but only a handful of those will have the features you’re looking for. Among those, maybe two or three will be compatible with your ERP system or line of business application – if you’re lucky.
It’s not uncommon for a company to purchase the wrong solution. In fact, it happens more often than you might think. Sometimes, it results in a situation similar to the scenario described above. In other cases, a solution might yield positive results but fail to live up to its true potential or the potential of a different solution. There’s an opportunity cost when you implement the wrong software integration, one that can undercut your bottom line for years.
The software implementation phase is your chance to test your system, ask questions, train your employees, and ensure that you have everything you need to successfully automate your company. Here are three reasons why you can’t afford to make a mistake:
Reason #1: Seamless Integrations Require Intimate Familiarity With Your Core Business Processes
Most businesses are seeking a seamless integration with their existing ERP system. In other words, a solution that has been carefully architected by an expert who understands the vulnerabilities of the system, how to work around them, and how to get the highest level of functionality from the integration – but that’s only the beginning. Let’s set aside the technicalities of a seamless software integration and focus on what matters most – your business. You need to be able to answer a lot of questions before you can be certain that your proposed solution is the right fit, chief among them:
Can the solution emulate my core business processes perfectly?
At IntelliChief, our Solution Engineers are trained to answer this question, and because IntelliChief has the rare distinction of universal compatibility with all ERP systems and line of business applications, our team’s implementation experience is unparalleled. Here is a brief summary of some of the steps that must be taken for a perfect implementation:
Detailed analysis of top vendors, processing time, and opportunities for business process optimization
Robust testing and validation of AP automation with top vendors
Automated OCR testing using real transactional content
Integrated training using live samples in the actual working environment
Daily engagements to answer questions and address challenges
30-60-90 milestones to validate independent metrics against testing metrics
Reading #2: Only an Expert Can Provide Evidence of ROI Before Launch
Models and statistics do a fantastic job of conveying what should happen following your software implementation; however, many businesses find that their results differ drastically from their expectations. It requires a unique talent and a gift for working within the fabric of a client’s company to guarantee ROI that meets their goals.
There is only one way to truly know whether your software integration can meet your requirements, and that is by testing it live with your authentic business data. This will give you an unrestricted look at how your solution operates within your existing ERP environment. You will know precisely what to expect on Day 1, ensuring that there are no unexpected surprises as you begin to work faster, smarter, and more accurately than ever before.
Reading #3: Planning for Future Projects Begins During the First Phase of Implementation
Another reason why the software implementation phase is a strong determiner of future success is that it gives you the opportunity to establish a long-term plan. This is one of the major benefits of a software partnership as opposed to a faceless software vendor. There are only a handful of vendors who offer this level of service, IntelliChief residing chiefly among them.
With IntelliChief, you can automate one department (i.e., Accounts Payable), reap the benefits, and then use your new-found capital to continue automating other departments. For example, automating Accounts Receivable is essentially the inverse of automating Accounts Payable, which means you can essentially double your savings. It’s worth noting that a software partnership with an Enterprise Content Management (ECM) vendor like IntelliChief will give you the ability to scale your solution according to the needs of your growing company.
Are you interested in learning more about the ECM and Automation implementation process? Contact IntelliChief today to learn more about our award-winning team of implementation experts.
https://www.intellichief.com/wp-content/uploads/2020/06/Software-Implementation.jpg 1080 1920 Zachary Leete https://www.intellichief.com/wp-content/uploads/2021/07/IntelliChief-Paperless-Process-Management.png Zachary Leete2020-06-16 15:33:262021-03-22 15:43:443 Reasons Why the Software Implementation Phase Will Determine the Long-Term Success of Your Automation Project
Due to the unexpected COVID-19 pandemic, executives gearing up to automate their companies are facing a difficult choice – whether to cancel their project or proceed full steam ahead. Quick decisions can have long-term consequences for your business; these are the risks.
Business interruptions tend to pop up at the least opportune times. In early 2020, Americans were on track to reap the benefits of the strongest economy in the history of our country. Then, the COVID-19 pandemic suddenly swept in, erasing years of economic progress since our country began to rebuild following the Great Recession.
As a result, the economy tanked, millions of jobs were lost, and the future of our country’s business leaders was brought into question. Meanwhile, stock market speculation shifted into bear territory with a series of record Dow Jones point losses on March 16 (-2,997), March 12 (-2,352.60), and March 9 (-2,013.76). For reference, the previous record loss was -838.55 point on September 29, 2008.
Many businesses were forced to make difficult decisions to remain viable, such as whether to pause (or cancel) plans to automate their company. While it’s true that process improvement automation projects can be costly upfront, they can also give businesses the tools they need to remain viable regardless of the type of business interruption keeping them from operating at full capacity.
There’s an opportunity cost for every canceled project, and in the case of process improvement and automation, that opportunity cost can be crippling. Before you cancel your automation software implementation, consider the following risk:
1. The Financial Cost of Cancellation
One of the biggest selling points of process improvement automation is the tremendous ROI to be gained from faster processing with fewer errors. Automation can increase productivity by as much as 90% while ensuring that every opportunity for an early payment discount is secured. Furthermore, in the context of an Enterprise Content Management (ECM) solution, it can also eliminate duplicate payments when integrated into an intelligent workflow.
In other words, you do not want to squander your future ROI by cutting ties with a vendor you have already signed an agreement with, especially if you are already several stages into your implementation. Performing exhaustive due diligence is critical to making the right purchase. If you want to make things easy on your company, find a vendor that offers a reliable integration with your core ERP system.
2. Overburdened Employees
Automation can help reduce employee stress by eliminating time-consuming and redundant tasks, giving them more time to focus on big picture projects that have a long-lasting effect on the company. For example, the keying of data into your ERP system is inefficient when performed manually. It is a highly error-prone process that requires several internal confidence checks on the part of the processor. If any of the information is input incorrectly, it could lead to a delayed payment or order – either of which will have a negative effect on your bottom line. When employees are forced to do jobs that are impractical or overly repetitive, it affects morale daily. When these same employees are criticized by management for their work ethic, it raises the question: Is the employee’s performance lacking? Or is the process the problem?
Oftentimes, we find that the process is the true cause of a company’s woes, not the employees. With automation working alongside your employees, you can reach unprecedented levels of productivity while ensuring that your most important assets, your employees, are given the support they need to serve your company for years to come.
3. Loss of Market Share
There is no other competitive advantage quite like process improvement automation. The before-and-after data following an automation software implementation can be staggering. Not only does your company get faster but it also gets smarter and more cost-friendly. Unsurprisingly, one of the most common reasons why companies decide to start looking into process improvement and automation is because they have caught wind of their competitors doing the same.
Now, here is the inescapable truth. And please be warned, it can be a tough pill to swallow. In the future, every company will rely on automation in some capacity. It is not a matter of if but when your competitors will begin to use automation to improve their processes. It is highly likely that some of them have already started. Automation can help you maintain your market share and fend off your competitors by placing a wide functional gap between your capabilities and theirs. The longer you can take advantage of this functional gap, the brighter the future outlook for your company will be.
Have you already signed a contract with your selected vendor? If so, you could find that canceling your project is a bigger challenge than you initially expected. While not all companies will penalize you for pausing your project, there are many who will. Read your contract carefully before signing; otherwise, you could find yourself on the phone with your lawyer. To avoid a situation like this, seek out a vendor who treats you like a partner and not a customer. At IntelliChief, we are invested in the mutual success of our partner businesses. By helping you meet your goals, we can continue streamlining your business processes and helping you reach your next milestone. In fact, IntelliChief has several capabilities to help your business improve legal compliance, such as Retention Manager, which can automatically schedule purge policies and provide quick audit support.
Whether you are thinking about taking on an automation project or your current project has been placed on indefinite hiatus, our team is standing by to discuss any questions you might have regarding business process automation and successful implementations. Contact IntelliChief today!
https://www.intellichief.com/wp-content/uploads/2020/06/process-improvement-automation-1.jpg 1080 1920 Zachary Leete https://www.intellichief.com/wp-content/uploads/2021/07/IntelliChief-Paperless-Process-Management.png Zachary Leete2020-06-15 17:07:062021-05-18 10:00:10What Are the Consequences of Canceling an Automation Project?
IntelliChief’s secure, automated digital repository provides a reliable solution for the enterprise backed by 10+ years of implementation, experience, and feedback.
Advanced Market Analytics (AMA) recently published a comprehensive research report detailing the global backup software market. At more than 200 pages, it is a daunting read that explores the nuances of the burgeoning market; however, it fails to mention that backup software has already been available under a different name for many years. Software that duplicates content and securely saves it, ensuring that documents are retained for as long as they are needed by businesses, is an important component of any document management system or, if more features are required, an Enterprise Content Management (ECM) solution – like IntelliChief.
Backup software gives users the ability to backup enterprise content into folders that can be accessed by authorized individuals and teams. Backup software, which is typically tied to a digital repository, can be utilized to save or restore an original file without compromising the quality of the document or the accessibility of the information contained therein. It eliminates instances of misfiled or lost documents, damaged documents, and automatically equips you with the tools for disaster recovery.
Where in the World Is Backup Software Needed?
The security and peace of mind supported by implementing backup software to support your Enterprise Resource Planning (ERP) system is a surefire way to ensure that information entering your company is maintained for as long as it is needed to increase your bottom line. This is a need shared by business owners across the globe, which is why this functionality is popular in many regions, including:
By going a layer deeper and examining country-specific data, software vendors can obtain a more comprehensive understanding of their customers, and vice-versa, businesses can identify which vendors are equipped with the tools to help them ensure that vast quantities of information are preserved in high-quality, digital copies that can’t be tampered with or destroyed without executive approval.
With an Array of ECM Tools, IntelliChief Outperforms Backup Software Companies That Are Just Entering the Arena
The concept of “backup software” is nothing new. Backing up information has been a long-standing practice for most businesses but doing so can be time-consuming. It is time for a change. Backups should continue on a rolling basis automatically without human intervention. As soon as an invoice or other form of transactional document enters your organization, it must be copied and stored safely. Better yet, it should be linked with other related documents to form a digital paper trail – a popular IntelliChief feature that establishes it as the go-to solution for backup software for the enterprise.
With 10+ years of experience providing digital repository, business process automation, and document management services, IntelliChief is the only solution with the distinction of being an ECM platform that is universally compatible with all ERP platforms and applications. IntelliChief neatly integrates with your ERP system, unlocking additional features, such as automating rolling backups for all documents which are saved in a digital repository that can only be accessed by users with the proper permissions.
For the Enterprise, Digital Backups Are Only the Beginning
Companies cannot afford to lose information, especially information tied to high-volume transactional content. With backup software that saves duplicates of your enterprise content in a digital repository, you can ensure that your organization acts a vacuum that prevents any information from slipping between the cracks – and that’s only the beginning.
Once documents have been backed up to a digital repository, they can be routed throughout an organization via departmental or interdepartmental workflows. By introducing Optical Character Recognition (OCR), an ECM tool that captures information from paper and digital documents and saves it to your system, you can even support straight-through processing that allows you to process documents without any human intervention. With IntelliChief, your documents aren’t just saved securely, they’re enhanced and optimized to better support your company.
Ready to learn more about how IntelliChief’s digital repository can help your business maintain continuity and increase efficiency? Contact IntelliChief today to learn more about our industry-leading backup software and ECM platform.
https://www.intellichief.com/wp-content/uploads/2020/06/Backup-Software-1.jpg 1080 1920 Zachary Leete https://www.intellichief.com/wp-content/uploads/2021/07/IntelliChief-Paperless-Process-Management.png Zachary Leete2020-06-08 16:37:042021-05-18 15:09:21Is Backup Software the Next Big Thing? Or Does the Technology Already Exist?