Technology use is becoming more prevalent, but the Harvard Business Review has found two graphs from MIT and the New York Times that say it all — growth involving these innovations is happening faster than ever.
Inventions like the telephone took about 64 years to become a part of 40 percent of American households, while smartphones accomplished that same level of use within a 10-year period. Businesses that want to remain competitive in a more electronic market may need to implement electronic document management solutions sooner than later.
The supply chain industry, specifically, has the chance to grow beyond the American market. Consumers are looking to purchase goods from a variety of sources, which can make inventory management difficult. The ARC Advisory Group explained that not taking steps toward more automation and active monitoring can greatly improve the bottom line.
"Under pressure to improve safety and reduce environmental impact, industrial organizations [should] continue to invest in reliability software and services, which can provide measurable improvements in maintenance effectiveness, resulting in improved product quality, reduced maintenance costs, and reduced downtime," the Group's researchers writes on Supply Chain Brain.
Because manufacturers may have multiple factories building goods at once, a client-service cloud platform can help these businesses be more organized than they were previously. Departments can update inventory and assets in real-time. The adoption cost may be higher than other technologies up-front, but these servers do not take up room on computers or other devices and they increase productivity — two substantial benefits that save far more than the cost of these systems.
Companies that are looking to maximize digital space and overall efficiency can reach out to OptiDoc, an electronic document management solutions provider.
As businesses are working on finding ways to improve their bottom line, some executives are considering implementing a company-wide electronic document management system. This program can increase work efficiency and has the capacity to host a large amount of documents.
Construction companies, like many other organizations, utilize many files like permits, contracts and financial statements on a daily basis. However, these firms face lawsuits for reasons like delay of progress or malpractice. Because many of these senior staff members do not have an organized document management system in place, a myriad of these companies settle out of court, which largely impacts their revenue.
If more construction firms utilized an electronic document management program to classify the paperwork in specific areas, then they could represent themselves better.
"Those working on the project must have a clear understanding of the repository's structure," Pepper Hamilton LLP lawyers explained. "Otherwise, when a dispute arises, a company may be forced to search the entire repository if the custodians are not storing the project data in the appropriate sub-file."
Administrative staff members can establish a well-organized database if they apply the paperwork into specific folders. For example, one section could be dedicated to communication between clients while another could be full of permits for upcoming or past projects.
Actively keeping track of all this documentation will be beneficial to the construction business. Not only does the sector have evidence a need for specific exchanges, but they also must comply to their state's document retention policy. Businesses that do not safely store or destroy private records could be subjected to fines or jail time.
Filling out invoices is a part of businesses' daily routines, whether they are ordering a new batch of supplies or mailing contracts to a new client. However, these small expenses accumulate over time and deplete a company's IT budget. Instead, departments can save 60 to 80 percent from their allocated resources just by using invoice imaging software.
Earlier this year, a study from Billentis, an electronic billing business explained that chief financial and information officers can see a return on this investment. But this does not have to be a long-term improvement—respondents saw a change in six months, according to Supply Chain Digital.
"Today's finance departments face a complex and challenging business environment that requires tremendous business savvy, making innovation an essential driver of the department's excellence," Billentis owner Bruno Koch told the source. "Erratic markets, the globalization of trading, new regulation and compliance issues, increasing complexity of business processes and steady change/transformation have forced the function of finance to redefine its role in the organizations."
In the world of logistics, organized invoices are important to ensure inventory is accurate. On top of that, paying for separate expenses like postage, photo copies and printing can become a thing of the past with e-invoicing technologies. Instead of paying employees to complete tasks by hand, paperless office solutions can help companies keep expenses low and hold onto their profits.
To take it a step further, departments can organize their invoices on cloud-based servers. This way, every e-invoice is recorded into their database in case a vendor mentions there was a discrepancy in a recent order. Software like these have updated search fields that will help employees find the information they need.