We are at a stage in the digital revolution when we have still not achieved a total paperless society but our reliance on paper is decreasing. There are a number of reasons why businessmen are moving towards digital documentation. Some of them may be, the ability to access information from anywhere or working together on documents, or backup and security of documents, etc.
Although becoming entirely digital might still be seen as a risk. Therefore, digitizing certain processes and document workflows can reduce costs and save time and increase productivity. Many times finding workflow to digitize is a struggle too. A good place to start in such cases is to start with the most repetitive tasks or the ones that are most error-prone. Many platforms are also out there that will help you digitize your business workflows in an easy manner. TranZact is one of those platforms that is designed for SMEs to digitize & streamline their business processes.
If adopting digital documentation of your business is on your agenda for 2021, here are some of the key benefits for doing so:
1) Improved customer experience
Customers expect good service and experiences. While customers can be forgiving, document workflows can slow down a customer interaction or even spoil it!
Consider all of the times where you have received poor customer service where a document has played a significant role. For example, the contract is in the post but it never turns up for you to sign or you lose your paper receipt so you have no proof of purchase. etc.
By digital documentation of these workflows, you can benefit from faster communications and processes with customers. Therefore it will make the customer journey better and easier for everyone!
2) Increased employee productivity
In SMEs, the ability to share and work on information is important. Without important information, employees fall behind on tasks and their productivity goes down.
Sharing information through hard copies is slow. Also working together on a document becomes extremely difficult. Paper also has no version control or audit tracking.
By digitizing document workflows, such data can be shared throughout the business, instantly and regardless of location. As a result, productivity will increase.
3) Reduction in overheads and increased revenue
Paper processes can be expensive and time-consuming, especially where printing is not necessary. By identifying common, heavy paper processes within the business, it’s possible to identify which processes can be digitized.
By removing the heavy paper processes from the business, you can save on print costs and increase the time that employees spend on higher-value tasks.
A good digital solution provider can guide you through this process to ensure you make the most out of it and get the highest return on investment.
4) Improved compliance and Data security
Data security can often be a roadblock for digitization based on compliance. There’s always a fear that data being stored digitally can somehow be hacked or accessed. But as a matter of fact, storing data digitally can help a company remain compliant with data protection laws so long as it’s set up properly.
By using a solution where data security is paramount you can ensure that your data isn’t misused. Digital solutions like TranZact have integrated multiple layers of security measures to keep all your sensitive data completely safe, secure, and end-to-end encrypted.
Storing a large amount of paperwork can be a problem. This problem will also keep increasing as paperwork to store would keep increasing as your business grows.
Many employees can also be working from separate sites and locations especially during the pandemic. Thus problems can arise around having to transport paperwork. A digital document management system will ensure that space can be put to better use.
Business premises visited by clients can become more aesthetically pleasing, with fewer bundles of paper and documents lying around. You will also be reducing the carbon footprint on the society.
Workflow automation technology allows automation of high-value, high-volume activities such as data capture, data validation, look-ups, and data distribution. This helps in the quality analysis of data for the growth of the business.
Apart from all these benefits, going paperless will ensure business continuity in case some disaster happens. There are a lot of challenges surrounding the digitization of document workflows. Some of them lie within the culture of the business, others are based on time and cost. However, if you can identify with the above five benefits as something your business requires then your business will benefit highly from digitization.