If you are interested in implementing an ECM automation solution in your Accounts Payable department;
Or you have critical business concerns in your AP department that are costing you and your company time and money;
Or you’ve already installed an ECM system in another department and want to extend it to your accounts payable department;
You have found the right article to learn all you need before going forward with the implementation.
First, let’s go to the basis:
What is Enterprise Content Management (ECM)?
Enterprise content management (ECM) is a solution designed to manage an organization’s documents, helping businesses organize their daily processes using tools that capture, store, manage, and deliver the right content at the right time to the right people. It also eliminates reliance on paper documents and organizes unstructured information according to each company’s business needs.
Why Is ECM Important?
ECM is essential for any company, regardless of its size or breadth. After all, it might be challenging to arrange enormous amounts of content stored in different locations. ECM enhances your productivity in a multitude of ways.
Implementing ECM is beneficial for any department in any company for all the reasons we exposure above. However, in this article, we will talk specifically about implementing it into your Accounts Payable department.
Automating Your Accounts Payable
If you are still doing manual data entry in your AP processes, it means that you are probably struggling with extended processing time, which leads to wasted time to find and file documentation manually, increased input errors, high cost of printing and storing print lists to adhere to legal requirements. All this waste of time and money can be replaced by automation solutions that would increase the productivity of your staff who can work on more creative tasks.
The Accounts Payable department is the one that usually gets ECM implementation first, and the reasons for this are:
1Increases visibility
A team with ECM in its department has quick and easy access through advanced search filters to find important documents, regardless of their physical location – which is a big plus in times of home office.
2Reduces costs
Most companies see a significant increase in Early Payment Discounts and a considerable reduction in printing costs and paper file storing that employees needed to manage manually.
3Reduces errors
With Dokumentive’s Accounts Payable Automation solution, called e-Doc360, staff can connect their email inbox to the solution, so as soon as they receive invoices, claims, or any other document by email, the content is automatically captured, verified, and exported to the solution. It eliminates incorrect data entry into the system, which usually would lead to payment errors.
4Increases efficiency
If you are dealing with delayed approvals due to missing documentation, decentralized operational delays, or mistakes in routing documents, then AP automation will be able to bring you much happiness, as you can establish business logic and rules to route documents and exceptions through workflow automation solution and avoid payment delays.
Finding the right solution
After reading the possibilities of the ECM for Accounts Payable Automation, I’m sure you are convinced to implement it into your company. However, it is necessary to ask the right questions to find the best solution for your needs. The three most important questions are:
- What are my department needs?
- What is my objective by implementing an ECM solution in my department
- What functionalities are essential to me?
If you already know those answers, contact us to receive a free customized demo to explore the key points you are looking for in an ECM solution.
