[Webinar Slides] The Low-Hanging Fruit of Document Automation - Finding Places to Get Started
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Follow along with these webinar slides as we take an in-depth look at one vital business unit, found in every organization, and how it can benefit from getting the right information into the right hands at the right time – on any device. We’ll look at financial document automation. Want to follow along with the webinar replay? Download it here for free: http://info.aiim.org/financial-document-automation
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[Webinar Slides] The Low-Hanging Fruit of Document Automation - Finding Places to Get Started
- 3. Underwri(en by: The Evolu(on of Documents § Documents in the Age of InformaLon § Content is EXPLODING § Search vs. Findability § Rethink document strategy or be leU behind
- 5. Underwri(en by: We Are Evolving Too § You…are a Knowledge Worker § Documents Need to be Surfaced Intelligently § The Right Hands – The Right Time – Any Device § What Can’t Survive: Manual Entry – Paper Processes – Line of Sight Awareness
- 6. Underwri(en by: All of These Moving Parts! § OrganizaLons in 2017—a wish that these moving parts were only moving § Important documents come from many sources § Data Silos—what to do when digital documents can’t be interpreted across systems without manual reentry § IntegraLon is rapidly becoming a source for compeLLve differenLaLon
- 7. Underwri(en by: Poll Ques(on #1 What are the top 2 challenges your organizaLon is facing around document automaLon? § CreaLon of new documents, in all forms and formats § Delivery – ge^ng the documents into the hands of your customers § CollaboraLon § Storage & Access § Visibility – seeing delivery and receipt noLficaLons, etc. § IT Dependency § Other [please specify]
- 9. Underwri(en by: Time to Change Course 57% of respondents will leverage education and training to break through organizational gridlock. Followed by communicating motivations for change (54%) and sharing the vision (50%). 5 References: 52017 AIIM Industry Watch Report Ltled “Business Process AutomaLon in 2017: Designing an Intelligent Workplace” What change management steps is your organiza(on taking to move automa(on projects forward? 0% 10% 20% 30% 40% 50% 60% EducaLon and training CommunicaLng the reason for change Sharing the vision and benefits EliminaLng older ways of working ConducLng workshops Early user engagement Project milestones related to user adopLon IncenLve programs Other
- 10. Underwri(en by: The Fruits of Our Labor – Why Do We Automate? § Obtain greater visibility and control of your criLcal documents § Get closer to customers and partners § Monitor and improve document delivery in real-(me § Uncover data trends to help drive decisions and ac(ons § Maintain an audit trail of every acLon within and beyond the firewall § Anywhere, Any(me document access to support professionals to work how they live
- 11. Underwri(en by: The Challenge of Going Alone Which department is driving your organiza(on’s automa(on projects? 0% 10% 20% 30% 40% 50% 60% 70% IT and IT Services Corporate/ExecuLves Records/InformaLon Management Finance Sales Center of Excellence Human Resources Customer Service MarkeLng Customer Support Research and Development Legal Manufacturing DistribuLon Services Other 64% of respondents’ automation projects are lead by IT and IT Services. 57% from above, by C-level executives. RM/IM managers drive projects in 25% of polled organizations.5 References: 52017 AIIM Industry Watch Report Ltled “Business Process AutomaLon in 2017: Designing an Intelligent Workplace”
- 12. Underwri(en by: Documents That Move With Managed Services § Out-of-The-box: format, personalize, deliver document output § Track and Trace – 360 Degree Awareness – Beyond the Corporate Walls § Mul(ple Deployment Architectures Powered by the Cloud– third-party, hybrid, on- premises
- 13. Underwri(en by: Managed Services: A Poten(al Solu(on? 0% 20% 40% 60% 80% 100% Managed print services (MPS) Mailroom (physical) Scanning of inbound mail (digital Scanning of inbound mail on our Scanning to image, pre-process Document processes/data-capture Archive scanning post-process In-office scanners and managed Outbound merge and/or print Back-scanning of historical paper Box storage of paper records Shredding/paper disposal Use less Use same Use more Don’t use. 37% of respondents report utilizing third- party hosted document processes beyond scanning. 40% are on course to do more of the same in the future.2 References: 22016 AIIM Industry Watch Report Ltled “Paper Free 2016: Are We There Yet?” What use do you make of outsourced document services and what are your plans?
- 17. Underwri(en by: Lack of Visibility is a Problem 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Duplica(on of content crea(on efforts Poor content sharing Poor insight into business opera(ons Misaligned content/poor metadata assignment Slowed transac(onal processing (mes Delayed response (mes (External like customer, supplier, etc.) Misdirected inbound content Other 39% of respondents are challenged with poor insight into their business operations.3 References: 32016 AIIM Industry Watch Report Ltled “Using AnalyLcs 2016 – automaLng processes and extracLng knowledge” What business challenges are you facing in your day-to-day opera(ons?
- 18. Underwri(en by: Seeing is Believing – Increase Your Visibility Where has your organiza(on seen the biggest value to be gained from process improvement and automa(on? 0% 10% 20% 30% 40% 50% 60% Process business criLcal acLviLes faster Reduce the number of errors and excepLons Increase visibility into operaLonal efficiencies and Improve customer service and retenLon Reduce duplicaLons Reduce business risks Reduce staff and office overhead numbers Reduce overall IT costs Other 56% of respondents have seen greatest derived value in the speed of critical business activity processing. Reduced errors and exceptions (47%). Increased visibility (45%).5 References: 52017 AIIM Industry Watch Report Ltled “Business Process AutomaLon in 2017: Designing an Intelligent Workplace”
- 20. Underwri(en by: Where Do We Begin? Which common business processes do you feel are the most likely candidates for improvement in your organiza(on? AP and AR are top candidates for process improvement for 81% of respondents—up 12% from last year.5 References: 52017 AIIM Industry Watch Report Ltled “Business Process AutomaLon in 2017: Designing an Intelligent Workplace” 0% 20% 40% 60% 80% 100% Records and document Internal processes like reviews Customer correspondence, help Sales proposals and contracts Case Management Supplier contracts and Research and development Manufacturing and warehousing Internal HR processes Finance (Accounts payables and FaciliLes management and LogisLcs (Deliveries, manifests, Agree Disagree Not Sure
- 21. Underwri(en by: Top Challenges in the Finance Department 1. Long and complicated dispute resoluLon 2. Reducing Days Sales Outstanding (DSO) 3. Improving visibility into financial processes 4. Increasing producLvity and efficiency
- 22. Underwri(en by: Transform Finance with Automa(on 0% 20% 40% 60% 80% 100% Records and document management Internal processes like reviews and Customer correspondence, helpdesk Sales proposals and contracts Case Management Supplier contracts and procurement Research and development Manufacturing and warehousing Internal HR processes (Applicants, Finance (Accounts payables and Facili(es management and maintenance Logis(cs (Deliveries, manifests, etc.) Trailblazer - Above Average Ci(zen - Average Outlander - Below Average In your opinion overall, how much progress is your organiza(on making in rela(on to automa(ng the following business processes? 28% of respondents report making above average progress in automa(ng Finance (AP and AR).5 References: 52017 AIIM Industry Watch Report Ltled “Business Process AutomaLon in 2017: Designing an Intelligent Workplace”
- 23. Underwri(en by: 5 Benefits of AR/AP Automa(on 1. Visibility and control to make informed business decisions with payment insight 2. Compliancy to local and global regulaLons 3. Enhanced reporLng and real-Lme analyLcs 4. Faster, less costly dispute resoluLon 5. Reduced DSO and processing costs
- 24. Underwri(en by: The Digital Age Demands BeMer Automa(on 0% 5% 10% 15% 20% 25% 30% 35% 40% Most of the documents we scan are unchanged from printer to scanner We are now receiving more invoices in electronic format (inc. fax) than on paper Our records system is sLll primarily paper based Most of the electronic invoices we receive sLll get printed at some point Most of the paper documents we retain are there for the signature only We have an environmental policy to reduce use of paper We mandate suppliers to send electronic invoices only We are applying intelligent content analyLcs to historically scanned data 38% of respondents say that they now receive more digital invoices than those in paper form.2 References: 12016 AIIM Industry Watch Report Ltled “Paper Free 2016: Are We There Yet?” In general, which of the following apply in your business unit?
- 25. Underwri(en by: Payment and Process Triggers § Clear indicators to acLvate and guide proacLve responses § Flagging of potenLal problems § Create value prioriLes and conLngency alerts § Real-Lme, data-driven approach to maximizing cash posiLons
- 26. Underwri(en by: Mobile and Cloud Ready § Unparalleled access, agnosLc to locaLon, Lme, or device § Digital naLve services and efficiency § Speeds Lme to resoluLon and cuts down on processing Lme § Agility to posiLon payment opportuniLes and flexible opLons
- 27. Underwri(en by: Anywhere – Any(me – Document Access Forty percent of respondents say the biggest impact of mobile and cloud is increased speed and access to data.4 References: 42016 AIIM Industry Watch Report Ltled “Process Improvement and AutomaLon 2016 - A look at BPM” 0% 10% 20% 30% 40% 50% 60% 70% Staff are more able to work remotely Improved collaboraLon Increased speed and availability of data Establishing paper-free processes Improved back-office efficiencies Be(er support for archive and compliance Unclogs process flows and review cycles How are mobile and cloud impac(ng your processes?
- 28. Underwri(en by: Poll Ques(on #3 § What are the barriers to moving your processes to the cloud? (select all that apply) § Lack of control § Security risks § Resources § Cost § None. We are pursuing cloud iniLaLves.
- 29. Underwri(en by: Beyond Finance – Take Control of All Content § Have an AutomaLon Focus § Pursue Quick Wins and RealisLc Goals—It’s a Process § Defined Leadership and Stakeholder ParLcipaLon is Vital Go beyond tradi4onal document automa4on deliverables to include all types of transac4onal or financial informa4on…Then go further s4ll…
- 30. Underwri(en by: Case Study: James M. Pleasants Shortens Invoice Days and Significantly Increases Monthly Cash Flow Challenges § Rapid company growth § Increasing number of invoices to be generated, sent, processed and received § No definiLve way to confirm receipt of invoices § Rising DSO (Days Sales Outstanding) and slow cash flow Solu(on § James M. Pleasants implemented Bo(omline’s soluLon which centralizes and opLmizes the creaLon, distribuLon, and tracking of mission criLcal financial documents while alleviaLng the ongoing costs and burdens associated with other soluLons. Results § Clear visibility into the status and monetary value of all invoices § Increased response to contact turnover § Reduced dependency on IT § Accelerated cash flow “We didn’t expect our ARs to go down as quickly as they did, and that was a delighKul surprise. In fact, since implemen4ng your solu4on, we have seen a significant drop and are being paid about 5 days earlier on average, which directly correlates to several hundred thousand dollars a month.” Joe Claxton, IT Manager, James M. Pleasants
- 31. Underwri(en by: Case Study – Accoun(ng Specialist Gains Visibility of Unac(oned Invoices to Proac(vely Target Challenges § Unable to track down invoices sent to customers § No definiLve way to confirm receipt of invoices Solu(on § ImplementaLon of Bo(omline’s soluLon which centralizes the creaLon, distribuLon and tracking of invoices giving real-Lme visibility of when invoices are received, opened, downloaded and printed. Results § Clear visibility into status and monetary value of all invoices § Central plaworm to access all invoices at anyLme/anywhere § Resolve disputes quicker