How Digital Transformation Can Benefit These 2 Key Departments

By Tori Cameron on February 14, 2020

Unless you work in the content management space, there’s a fair chance you may be unfamiliar with the concept of “digital transformation”—or at least as it pertains to the management of an organization’s content. You might be tempted to think this means that digital transformation isn’t relevant to you or your organization—but you would be mistaken. Digital transformation isn’t some technical jargon that should be reserved for those in this industry: If you have a job, you can be sure that your organization’s decision to join in or ignore the drive for digital transformation is a major indicator of its future success. In fact, the Association for Intelligent Information Management (AIIM) says that “Organizations that work at 'the speed of paper' are increasingly being rendered non-competitive and irrelevant.”

When people in the content management industry talk about digital transformation, we're talking about business initiatives to digitize and modernize the management of an organization’s content. The most common initiatives involved in digital transformation are getting rid of outdated, inefficient content management software in favor of a modern platform and moving content and daily operations to the cloud. In their definition of digital transformation, AIIM says that:

“Digital transformation is about doing things differently – and doing different things as well. And different not just for the sake of being different, but in support of the key strategic objectives facing every organization in the age of digital disruption. In other words, digital transformation is not about incremental process improvement. Digital transformation is about using information in brand new ways."

In case you’re still not convinced that digital transformation is something your organization should care about, let’s look at the ways digital transformation can benefit these two key departments in any organization:

1. Accounts Payable

Accounts payable plays a vital role in any organization. But not only are AP processes that are done manually or using inefficient legacy software bad for an organization’s bottom line, but they’re also time-consuming, frustrating, and mind-numbing for the AP employees. In this age of digital transformation, there’s no reason that accounts payable operations should be painful—not for the organization or for the employees who do them.

In this scenario, digital transformation often means automating invoice and payment processing. Some automation platforms also integrate seamlessly with the software that AP employees use every day like QuickBooks, Sage, and Xero. AP automation removes mind-numbing manual data entry from the equation, prevents invoices from getting misplaced, and reduces the amount of time spent laboriously importing individual invoices into the system. And according to AIIM, AP automation can not only save an organization $16 or more per invoice but, on average, pay for itself within 6 to 18 months.

2. Human Resources

Human resources departments play no less of a key role than accounts payable in supporting the health of an organization—they’re tasked with managing the documentation for the entire employee lifecycle of everyone in the organization. That’s a lot of paper! According to AIIM, “paper shuffling claims up to 60 percent of office worker’s time and accounts for up to 45 percent of labor costs.” Utilizing a cloud-based content management platform that can automate the management of HR documents removes the frustration of data entry errors, provides HR employees with increased visibility and control of employee records, and reduces risk for the organization by ensuring the security of employee data. This enables HR employees to create more value for their organization since they have more time to focus on strategizing around employee retention and hiring.

Regardless of where your organization is in its digital transformation journey, it’s important to constantly evaluate—and pinpoint the gaps in—your organization’s performance, define your organization’s specific objectives for transformation, and do your research (on both trends in your industry and prospective software investments). Digital transformation is here, and it's not going anywhere. Contact us to talk about how we can help your organization on its digital transformation journey.

About KnowledgeLake:

KnowledgeLake provides content management solutions that help busy organizations intelligently automate their most important document processes. Since 1999, we've created award-winning, Microsoft-centric solutions that have helped thousands of companies around the world focus on their mission rather than their mission-critical documents.

 

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