Going Green to Save Green
Going paperless with digital transformation saves more than the environment
“Go Green! Save the environment!” We hear these statements a lot. Yet, as a business, there is a lot more to being environmentally-friendly than just feeling good about doing your part. You have a bottom line to consider. Now, you can do your part for posterity while also saving your company real money and increasing efficiency. Yes, everyone wins!
In most organizations, 80% of invoices arrive in the mail…on paper…still…in 2017. Only the lonely 20% arrive in digital format. Oh yeah, most of those end up being printed, too. Yet, we are supposed to be living in a world of digital transformation. I know what you’re thinking: Not if you ask the accounts payable department!
Next, to add pain to an already manual, paper-based process, 73% of the invoice detail needs to be entered manually, every time. The organizational costs of this type of process include, to name a few:
- Manual data entry errors
- Up to 40% of accounting staff time wasted
- Approximately $43 to process each manual invoice
By using a document management system to automatically capture invoices and related information at the start of the process, you can reduce your costs significantly – just by going digital.
When you add complete workflow automation, you’ll not only further reduce paper, processing time and errors, your processing costs drop to less than $5 per invoice. The ROI time for automating your AP processes for 50% of our customers is about 6 months, or even less.
Start now. You’ll be just in time for “World Paper Free Day” on November 6, 2017. But don’t stop there. Start by asking your vendors, partners, colleagues – anyone you do business with – to send documents like invoices, contracts, sales orders, etc. digitally. It will save them time and money too. If they insist on paper, scan first (then shred), and if they can send you digital files, simply drag and drop or upload them.
Now that you have your documents in the document management system, you can get the system working for you, instead of you working for the documents. That’s how you are going to reduce that 7%-12% of revenue current spent on managing documents. Once you get documents in the system digitally, life gets a lot better, both for your company and, by reducing paper consumption all around, for the environment, too.
You can learn more about going green and saving green with document management in our eBook, here.