Scanning to Process, a New Year’s Resolution?

by editor on December 7, 2011

Author: Alfredo De Vanna, CTO and Co-founder

I’d be surprised if you didn’t agree that the only certainty today regarding our economy is uncertainty. We’re all faced with the reality that we don’t know where the economy is headed.

As business leaders this means the decisions we make need to be careful and with low to no margins for error. We all need to find and preserve cash, cut costs and improve productivity.

These are challenging times! Investing in major transformation projects, ones that can be disruptive or perceived as such, are most likely on the back burner. Who’s going to recommend something radical and put themselves at risk?

But, isn’t now the time to think differently in order to get better? Is the status quo acceptable given this time of uncertainty? Shouldn’t we strive forward and focus on improvement and making next year better?

I recently read a White Paper from AIIM and Kofax that led me to ask these questions of my business and our customers. In “Capturing Data to Multiple Business Processes – what’s holding you back?” we learned that the companies that are scanning and capturing information are saving money, improving customer responsiveness and productivity. But, a few things jumped out at me.

First, scanning to archive remains the most popular application of scanning technology. Simply put this means at some point a document is scanned and the image is electronically stored so it can be retrieved faster than a paper version. The troubling statistic is that 60% of respondents manually index these documents. This means that someone manually inputs key information from each document in order to classify and find the document. They likely manually input the data into other line of business applications like CRM, accounting and ERP systems. Indexing and inputting should now be automated with manual intervention being used for exceptions only.

Second, many organizations aren’t adopting scanning to process strategies. What does this mean though you may ask? It’s simple really. A document (electronic or paper based), such as an invoice or a lab requisition form, is an integral part of a business process. The invoice is part of the accounts payable process. The lab form is part of the service delivery process. In both cases a scan to process strategy makes it possible to capture the data from the document and automatically input it into a line of business application and store the document electronically for future access and compliance, etc. Many businesses can make their processes more efficient and information handling more reliable simply by adopting scan to process strategies.

Third, the two major barriers preventing companies from adopting scanning to process strategies are, lack of IT resources and a lack of awareness amongst line of business owners on the value of implementing the strategy. IT resources are always constrained, so this is not a surprise, nor is the lack of awareness to be honest. However, those organizations implementing scan to process projects are seeing IT resource constraints being reduced and increased productivity in the affected departments.

Now could be the time to transform parts of your business. (Side note: We suggest taking baby steps in this post.)Scan to process projects that focus on cutting costs, improving productivity and easing pressures on staff may be a good New Years resolution for 2012.

Related Posts

Getting Substantial ROI on a Capture and Automation Project
ECM in Action: Accounts Payable Electronic Processing
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Invoice Management and Manual AP Processes Continue to Plague CFOs

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About the Author 

Alfredo De Vanna, is CTO and Co-founder of Yakidoo. He has over 10 years of international experience deploying over 80 critical information technology and enterprise content management systems. He is fluent in English and Spanish.

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Author: Victor Bensusan, CEO and Co-founder

Yakidoo is a member of SAP BusinessObjects Intellectual Exchange Network (IXN). This program gives us access to fresh new research and content prior to it being publicly released through SAPs CFO and Finance Leadership Center.

We will be offering our readers access to this content along with our perspective and thoughts on what it means to our customer and prospective customers.

New Research: Accelerating the Speed of Intelligence for Fast and Flexible Forecasting, Engaging the business for better results (CFO Research Services/SAP, Nov 2011)

This soon to be released report is based on interviews with six forward thinking finance professionals who are overhauling their entire planning, budgeting and forecasting systems.

You are free to request a copy of this report below but here are some hilites. You may download it here (no registration required for a limited time).

  • Uncertainty continues to be the new normal  which means companies must have their fingers on the financial pulse of the business in real-time and be running as lean as possible
  • Rolling forecasts are replacing historical tracking of financial performance
  • Finance must transition from being a processor of information to a strategic advisor to the business
  • Finance and operations need to collaborate at the grass roots level and in some cases financial analysts are being “embedded” in core operational departments
  • There is a need to accelerate intelligence and present executives only with the information that matters. They are referred to as “battleground KPIs”.

The Yakidoo Perspective

Yakidoo works with operations and finance professionals daily and these findings reflect what we are seeing with our customers. The uncertainty of the economy means that they are not only looking for ways to cut costs through process automation but they also need to make better strategic use of information.

With up to 80% of data still unstructured (paper invoices, emails, PDFs etc) however, the first step is to get the data “off the page” and into core ERP/accounting and enterprise performance management systems. In some organizations this is done through manual input using antiquated processes. This, in our view, is a key business intelligence bottle neck that prevents organizations from achieving the accelerated intelligence state.

But, the good news is that scanning and capture technologies make it possible to lift the data off the page and put it to good use. You can now scan hundreds of invoices in minutes, key information nuggets like early payment discount deadlines and payment terms automatically go in to your ERP/accounting systems. From there you can leverage business intelligence dashboards, from vendors like SAP BusinessObjects, and better forecast your cashflow.

Stay up to Date

To stay up to date on new blog posts and Yakidoo’s solution offerings just subscribe via email or RSS feed.

Related Posts

Drilling for Oil in Your Data
Invoice Management and Manual AP Processes Continue to Plague CFOs
Getting Substantial ROI on a Capture and Automation Project
Accounts Payable Automation and the C-Suite

Blog Series

ECM (Electronic Content Management) 101
Scanning Series
Cloud Computing 101

About the Author

Victor Bensusan is CEO and Co-founder of Yakidoo. He has 20 years experience in Finance and Information Technology primarily in the area of process automation, information management and business performance improvement.

 

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