How CEOs Improve Core Business through Technology and Innovation
Running a business is more complex today than it’s ever been. Issues like regulation, the rapid development of technology, market disruptions, and finding the right talent at the right time have been concerns for some time.
Add to that economic concerns, regional and national differences, and the changes that the Internet continues to bring to the way business is conducted, and CEOs have their hands full. If businesses are to succeed, CEOs need to make use of the enormous amounts of data that are available, while at the same time securing their business data and other assets.
Today’s customers and prospective employees demand more, both in terms of how an organization conducts business and how it impacts the world. Knowing this brings CEOs back to a focus on their core business and how they can do it better. They need to make a clear connection between what their organizations can do better than any other and how they’re going to get it done.
Technology and Innovation
Technology can be simple or complex. Innovation can be meaningful or foolhardy.
CEOs who provide a scalable, secure foundation for handling day-to-day business functions while, at the same time, delivering the services and experiences that set them apart take a big step toward corporate success. When data drives the business, it pays to provide the infrastructure for that data.
Fortunately, Cloud technology has matured to the point where it is readily available, easily adapted and infinitely scalable. Coupled with digital automation, many routine office procedures can be handled with minimal human interaction. Minimizing human involvement in the workflow increases efficiency and lowers errors.
As these technologies are more widely adapted, organizations that are slow to move forward into this new business model, will find success elusive, or, at best, much more difficult to achieve. By relegating repetitive back (and front) office tasks to technology and automation, even small businesses can compete on a global scale.
Digital Automation and Customer Satisfaction
The speed of information on the Internet has enabled business changes to occur virtually in “real time.” Customers and clients are connected on a real-time basis to corporate websites, social media branding, online ordering and digital registrations.
Despite this truth, paper-based systems continue to be “hold-outs” in an otherwise digital world, and businesses continue to spend a lot of time and money moving paper around. It doesn't have to be this way. In nearly all areas of business -- especially, routine back (and front) office tasks -- it’s not only possible to get rid of paper entirely, but highly desirable and recommended. One of the best new technologies available is Forms Processing. (The same technology can also be used for exctracting data from invoices.)
Digital documents are simpler, easier to store and send, more searchable and more versatile than paper. So why do so many organizations continue to be “buried in paper?” Here are some of the reasons:
- The government requires us to keep records –True, but, in most cases, government agencies agree that digital documents (and signatures) are just as good as paper. Check with your government agencies for specifics.
- Paper documents are required by law – Signed “paperwork” may be required for specific legal transactions, but with lawyers increasingly going paperless, look for this requirement to die out.
- It’s convenient to have permanent paper files – While the early days of digital documents lead to files that couldn’t be read on newer systems, that is mostly a phenomenon of early systems. Much progress has been made in digital storage methods. Formats like PDF and JPEG will outlast many of the businesses that use them, while paper files can be destroyed by natural disaster.
- We like the way we’ve always done it – Change is hard. Paper feels “real.” It’s tangible. It’s comfortable. Sometimes information in the Cloud doesn't seem so real. But we now have a whole generation of Millennials who have grown up with computers. As the baby-boomers turn the keys of the business over to the next generation, paperless is the only way to go.
- Digital automation costs too much – In general, over time, going from paper-based systems to digital automation costs less than continuing to operate with paper. While paper may seem like a low-cost way to do business, and technology seems expensive, it’s the ROI that tells the story.
Digital automation of daily office tasks offers many advantages for you, your employees and your customers. What paper challenge can we help you solve today?