Are you leaving crucial business process data on the table? Mining information isn’t just for big data agencies. Every organization from a construction firm to your local city council should be combing documents to gather internal research that fuels innovation, growth and sustainability.
Here are three key areas you’re potentially losing key business process data about your organization.
1. Business process data: Document type
- How many invoices are your employees completing each month?
- Purchase orders?
- Requisition sheets?
If you don’t have a content management tool in place with workflow automation capabilities, chances are you’re not tracking this data. It’s putting your organization at a disadvantage because there’s a wealth of data to garner at the document type level alone.
If you know how many requisition forms your project managers are completing on a job site you can anticipate the flow of requests that will enter your accounts payable department. And if you’re handling all these documents on physical paper, what’s the cost of the ink and paper for the mounds of documents you produce, and store, each year? Know your numbers and you can make informed decisions on how to reduce expenses in your organization.
2. Business process data: Keywords
Optical character recognition (OCR) technology allows an organization to save, sort, audit and access documents by the keywords contained within. It identifies common terms like purchase order, company name and invoice totals while organizing the documents and data according to those values. It allows internal auditing during the AP process and helps eliminate manual data entry.
3. Business process data: Response rates
Knowing how long vendor invoices take to complete your entire workflow allows you to give some analytical thought to the process as a whole.
- Is it taking too long?
- Are you routinely missing key information from a vendor or an employee?
- Are the documents sitting in people’s queues for an extended period of time?
Requordit’s customers have answers to all these questions and more. It’s quite simple with the advent of document management, OCR and workflow automation technology. Interested in learning how to make transform your organization into a data-driven environment?Contact us