Documents are part of every organisation in one or the other form and handling/processing them becomes a cumbersome task when they are in bulk and when there are huge number of documents to be processed manually.
Usually an organisation, encounters the following major problems while dealing with their documents:
- Manual Errors
It is a common proverb which says “To err is to human”. Manual errors are a part of documents whether be it missing of document entries, misplacing documents, typing errors or errors with digits in financial documents leading to losses. These result in rework to find and rectify the error caused and usually gets unnoticed due to the workload and realized only when the error can’t be corrected. It is the most common problem encountered by staff members which is tiring, time consuming and is also responsible for about 62 percentage of cost being incurred by organisations for labour.
2. Managing Inefficiencies
Efficiency in simpler terms is a ratio between the output and input. To improve efficiencies organisations usually tend to decrease their input as much as possible to reap the maximum output. But in case of documents the scenario is worse, due to the amount of documents generated daily, it is not only time consuming but also laborious to manage the efficiency.
Other than this the type of information to be used from structured or unstructured sources makes the process more complicated and adds delay and further decreases the efficiency.
3. Maintaining Audit Trail
Auditing is a process which helps in matching the to and fro movement of information in any kind of document. It is not as simpler as it seems in the previous sentence as it includes the individual matching the information on all the documents from where it has been used from. For example, incase of Invoices- the manual invoice is to be matched with the Purchase Order (PO) and the Goods Receivable Note (GRN) to reconcile the entries and release the payments. But as the example states, more the number of items in the invoice as well as more the invoices generated/ received by any organisation daily/weekly/monthly the job becomes more complicated, prone to errors and inaccuracies and hard to deliver within stipulated time.
4. Manual Data Entry
Data Entry is a kind of job wherein an individual manually sits and enters the information on the documents in paper format in the ERP or other financial documents of the organisation so as to ease the processing. But since it is being entered manually field by field, item by item, etc. by the individual the chances of typing errors, fields being missed and entries in wrong fields are common. These account for about tons of information being approved by top authorities and consumes too much time as well to digitize the information on the paper prone to errors and decreased accuracy.
5. Meeting Deadlines
The documents usually in the form of invoices, contracts, bills, etc. are to be processed within a given time limit to be realized in the systems as well as for payments to be carried out. Due to the increased workloads, busy schedules and delays in approval, it leads to lost opportunities and tarnishing the relationship between the stakeholders of the organization. Another challenge is the uneven workload and too much of load during the last few days of month end or quarter end or filing process.
Are you fed up with these M’s? Then it is time for your organisation or business to consider automating the document digitization process to eliminate the errors, save time and improve your overall efficiency and accuracy.
For more information, contact us for a demo at firstname.lastname@example.org