Executives always want to know what their companies stand to gain by adopting new technology or making any sort of financial outlay. While this interest is aimed at one-time expenses, these individuals should be more concerned with what the product can accomplish once it's in use. Electronic workflow resources, for instance, are capable of winning their keep many times over, as they reduce the cost of so many other functions within the corporate structure.
Broadridge Financial Solutions' report, Big Data: A Problem for Brokerages found that a majority of companies are still using manual input for their key information. That means, instead of making the best application of time and money by investing in invoice automation and other similar systems, these companies are wasting vast amounts of resources putting information into electronic documents by hand. Nearly three-fourths of responding businesses still print and fill out spreadsheets, and more than three-fourths told Broadridge Financial they knew they were wasting money with these manual processes.
Thomas Quercia, vice president of Broadridge, said that companies need to focus on paperless document management and other automatic processes that reduce workflow costs across the board. Though they may be expensive to procure initially, they quickly pay for themselves by removing physical files from the equation and automatically updating critical records.
Updating to the most modern electronic workflow options also helps companies keep track of all their files. That way, if a data breach or other disaster in which continuity and other facets of corporate livelihood could be threatened occurs, businesses can quickly and easily check on their integrity. Kaspersky Labs released its Key Trends survey, which showed this has become a top priority for major companies in 2012, as more become aware and take steps to stop cyber crime.
These solutions can easily be coupled with file tracking and software surveillance programs, features that the Kaspersky study found were desirable to growing number of corporations. After the number of high-profile loss cases in 2012, businesses are looking for tools like electronic workflow that allow them to complete tasks more quickly, efficiently and safely. Executives still concerned about initial procurement costs should consider the other aspects of these programs.