Maybe you were ahead of the game and had already invested in the digital technology and tools like a document management system that would help your business operate effortlessly from anywhere, or maybe your business is like the majority of organizations that had to learn quickly how to operate a remote workforce. A survey conducted by Upwork of “1,500 hiring managers found that due to COVID-19, 61.9% of the companies were planning more remote work now and in the following years to come.” The work from home setup may have only been a temporary setup, but for hundreds of companies, working from home is here to stay.
The buying, selling, and managing of properties is a paper-intensive process. You are in charge of keeping many different documents organized and secure. You or your team members are always on the go and many of you probably work remotely. So what does that mean for the various forms and documents, like property tax statements and insurance claims, that are being mailed to your physical business location? You or someone on your team has to drive to your office or PO box, collect the mail, and then sort it. This leads to wasted time and possible issues of lost documents or documents not getting to the right people.
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Electronic document management is a system or process used to manage, track and store electronic documents. But why is it important? According to the Associate for Intelligent Information Management (AIIM), “organizations expect the volume of information coming into their organizations to grow from X to 4.5X over the next two years” (AIIM 2020). With the majority of that information coming in the form of paper documents, it’s important to have a system to help your business securely find, manage, and distribute those documents.
Every day businesses create and manage large amounts of documents, from human resource documentation to contracts, invoices and more. Not only do we create and manage these documents, we also have to spend time searching for the documents we need, and a lot of time at that. Even if you are already paperless, we still spend time looking for documents on our drives, inboxes, and work chats.
There are many small but mighty steps you can take to become a paperless office, from scanning your backfile of documents to utilizing paperless cloud services for future processes. Not only do paper-heavy business processes waste time, they increase unnecessary costs and reduce productivity. Did you know that every 4-drawer file cabinet holds between 10,000-12,000 documents, occupies around 9 square feet of floor space, and costs $1,500 yearly to maintain? On top of that, according to an AIIM market study, going paperless can improve staff productivity by nearly 30%.
An example of a workflow can be anything from automating an accounts payable invoice review process, to the hiring and onboarding of an employee, to the process of reviewing and signing a contract. When people refer to a workflow, they often mean an implemented software or service that manages that business process for them. A workflow helps to eliminate the manual and repetitive tasks within a process, usually a document-heavy one.
Every business, regardless of size, can benefit by the use of automation. It simplifies areas of a business by automatically accomplishing tasks that an employee would otherwise have to do manually. This is especially true for back office processes for small businesses. The Small and Medium Business Trends Report from Salesforce from 2017 surveyed nearly 500 small business owners and leaders and reported that “small businesses automating their processes in some way are 1.6-times more likely to be growing than those that don’t. Likewise, growing small businesses are twice as likely to adopt artificial intelligence (AI) as stagnant businesses.”
From the hiring process, to onboarding new employees, and even managing current employees, there’s a lot of paperwork and manual processes that can slow things down and make it difficult to keep your Human Resources department on track. Your success as a company is dependent upon your ability to hire the best possible talent, retain and motivate these resources and protect yourself from litigation and compliance issues. The best way to meet all of these needs is by using Recordsforce Cloud.
A shared services center (SSC) is where back office functions, such as Accounts Payable (AP), are centralized. It allows a company to combine resources from multiple operating entities or even separate business units into one single layer center. For example, instead of having an AP department in every state or even country you operate in, you can have one regional or global AP shared services center.
Hiring can be a difficult and complex process, especially when you need to hire a large amount of people in a short period of time. From scheduling interviews to sending rejection emails, it can be time consuming to track each candidate and where they might be in the process, especially in a time where the majority of the workforce is now remote.