Cloud Technology Improves Business Process Efficiency
What CEO isn’t concerned about business productivity and process efficiency? Nearly all agree that an organization’s success is dependent upon productivity and efficiency. And, while there may be many different strategies used by companies to achieve success, the bottom line always hinges upon the organization’s ability to successfully execute the chosen strategy. To this end, businesses need engaged and highly productive employees executing goals that are aligned with the organization's strategic objectives.
Following this logic, if execution is the key to a successful business—is there a way to harness technology to help increase your business productivity for greater execution on your strategic goals? How do you know your business alignment and people performance are working at optimal levels to maximize business productivity resulting in the best possible results?
Business productivity in the Cloud:
CEOs care about improving business outcomes and achieving business goals. McKinsey & Company reports that improving business processes/efficiency is the number one concern of business leaders in 2014. While CEOs are generally not interested in technology for technology’s sake, most CEOs have found cloud technology highly desirable because the cloud offers significant productivity benefits.
Using Cloud technology to maximize business productivity creates a platform for true business success. A business productivity such as ImageSilo® ensures that organizations have the tools to overcome the challenges of executing on strategy every day and prospering in today's economic times.
When you think about ways that cloud services improve productivity, IT processes are likely the first thing to come to mind. While it’s true that cloud technology can cut the expense of managing company networks and systems, the productivity benefits of the cloud extend far beyond IT to touch virtually every aspect of your business. Two such examples are 1) the productivity benefits derived from combining similar business functions from multiple disparate company locations into a single, centralized team, and 2) the efficiency recognized when routine processes and access to data are simplified.
“Increased business productivity can be traced to the automation of processes allowing for faster implementation of strategy, increased time spent on strategic priorities and greater project completion rates.” Says Michael Coppola, CEO of PaperAlternative.
Simplifying Records Management
It’s easy for a company to become inundated with an overload of paper business records. What CFO wouldn’t want to implement a financial system that would simplify records management and streamline the flow of information into the centralized team? A cloud-based service is ideal for centralizing record keeping. A company with many locations can enable AP departments at all locations to input information into the cloud system from their locations, and then the centralized team accesses that same information to process everything. One company found that the implementation of a centralized cloud system allowed them to capture annual savings of $1.6 million by reducing the cost of processing each invoice by $3.10, and they have reduced department headcount by nine while accommodating a 100% increase in the number of records they receive as they company grows.
Cloud services can also speed standard business processes like human resources or customer service as well. Consider one financial service group that manages more than 2.5 million records for their customers and that receives about 5,000 new documents every week. When they managed all these records on paper and in an elaborate filing system, employees had to search the file room each time an inquiry was made, from bank balances to loan status. To complicate matters, the institution has many branches that were trying to share a single paper-based records source.
They implemented cloud-based Enterprise Content Management (ECM) and have eliminated 60% of those paper files. The cloud service allows multiple branches to instantly access records using keyword search, and improves the ability of TRFG to keep sensitive information under control. This cloud service has improved staff productivity by 80%! They process loan applications more quickly and have improved customer service.
By centrally locating your data in the cloud, and providing a formal online process, managers can more easily communicate business strategy and create measurable goals for their employees that will support overall company objectives. The cloud also allows for greater visibility, if desired, thereby allowing employees to see the whole picture and understand better how individual goals fit into the company's business objectives. This creates energized and engaged employees, thereby raising the business productivity of the company.