When your business is more productive, you get better results. The best way to enhance productivity is to figure out what is slowing your company down. If your company is still relying on paper, then there are several paper-based business processes that are holding your company back right now. We have listed six such processes below, along with how you can overcome these challenges.
1. Physical filing and storage
Whenever it is time to store away a paper document, you have to sift through a filing cabinet and make sure that it is appropriately placed. If a document is accidentally placed even an inch away from where it was supposed to be, finding it can take all day. Also, paper documents take up a great deal of space, so finding more storage space for paper documents without overspending or overcrowding your office is always a concern.
Investing in a digital document management system will allow you to effectively store and file your documents without taking up any space in the office.
2. Sharing documents
When sharing documents is a paper-based business process, it takes time. If, for example, you need to send data to a business partner, how quickly they receive it will depend upon how far away they are, and who is in the office to receive it when it arrives. Electronic document sharing gives you the ability to share documents immediately.
3. Your taxes
No matter how big or small your business is, you will have a lot of tax documents. Assembling them can be difficult, especially since you have to keep your tax documents on file for at least six years. Making tax-related activities paper based simply exacerbates this issue. With electronic tax documents, on the other hand, your accounting team can pull up all of the data you need for tax filings, audits, etc. in mere moments.
4. The approval process
Paper makes getting documents approved one of the most rigorous business processes at your company. Any time you need a paper-based document approved, you have to have it physically sent somewhere in hopes that the intended recipient is there to receive it. If they are missing for lunch, vacation or any other reason, then you just have to wait. This can be crippling for parts of your business. Electronic documents allow you to gain instant approval from someone, no matter where they are.
5. Finding new employees
Finding a single new employee is a difficult process. Your HR team has to sift through mounds of resumes; once qualified candidates have been identified you have to look more closely to set them apart; once you have a shortlist of candidates, you have to interview them and take notes. All of this includes large volumes of documents. Not only does this extend the hiring process, but it creates more opportunities for mistakes. For example, as your HR team flips through hundreds of resumes, they will inevitably wear down. This increases the likelihood that even the best HR personnel will overlook a highly qualified candidate.
6. Onboarding new employees
After you have chosen a new employee, the hiring process is not completed. The next step in your hiring business process is to onboard your new employee so that they will be able to do their job as effectively as possible. Many of these onboarding activities will include filling out forms; electronic versions of these documents make the process go much more smoothly.
How efficient is your business?
Reducing your reliance on paper for business processes – and switching to electronic alternatives – will enhance your company's productivity significantly.