Here are some articles that particularly inspired me during November.
Here are some articles that particularly inspired me during November.
And the envelope please…
Here are the 10 most popular Digital Landfill posts for November.
Interestingly, 2 of the 10 are more than 5 years old, proving that content does indeed have a long tail. Take a guess before clicking which X2 are the long tail – no cheating – and then see if you’re right!
Now that you’ve looked at which two are more than 5 years old, what does that tell you about the continuing risk-centered challenges associated with unmanaged content. Much as I think the business driver for content management HAS to change to the value side of the equation if we’re ever going to get more widespread adoption, there is still a VERY LONG tail of risk and compliance concerns that haven’t gone away – in fact, I think they’re getting worse.
It’s the best of times for those in the content biz -- content has never been more important in creating and delivering value to customers. And it is also the worst of times – ECM is increasingly viewed as a dated and artificially narrow term, creating an untethered feel to the content “industry” right now.
This is the third of three posts. The first two in the series:
According to the American Productivity and Quality Center, an amazing 74% of organizations are currently engaged in a finance process improvement initiative. Why are they doing this? And how does this tie to broader Digital Transformation initiatives?
The APQC survey notes that 50% of these initiatives are being driven by “the realization of the need for better business analytics.” This business driver is even higher -- and far more strategic -- than the traditional driver for financial process automation, cost reduction.
Ding, ding, ding, we have a winner in the Digital Transformation sweepstakes.
Demands are rising for finance executives to playing a more fundamental role in the transformation of the business and to provide the analytics and data needed to document and drive that change. Per Mary Driscoll in the APQC blog,
“Business managers are changing their tune when it comes to what they want from finance. They now insist that finance re-imagine itself and deliver a step-change in the quality and relevance of insights it generates. What used to be called decision support is now branded—with large doses of aspiration—as predictive business analytics. Finance is expected to keep pace with the enterprise’s data-driven race toward competitive advantage. That means mastering the analytical methods, tools and terminology of the day.”
“There are significant structural disincentives to change. The deadline-driven nature of the accounting close makes implementing changes risky. If a change goes well, typically the rewards are small, but if a change goes badly and impedes or delays the close, the consequences for the accountant championing the change can be severe. When you consider that up to 70 percent of process improvement projects fall short of expectations and/or go significantly over budget, it makes total sense for accounting departments to be risk averse.
In the past, many process improvement initiatives have focused on the “big bang” such as the implementation of a new ERP system or other significant automation. Even if this kind of big bang improvement is successful at first, underlying conditions will change, requiring that processes will need to continue changing or they will become outdated.
And there is one more thing to consider. Since the implementation of Sarbanes-Oxley, companies have added layers of controls. Often, these controls are implemented in a way that becomes inflexible and resistant to change. We understand that compliance is crucial, but it can’t be the sole focus. Companies need to implement compliance and agility; controls and continuous improvement. Finding the balance is not easy, but it is crucial if companies are to thrive as conditions change.”
Information Capture is a proven first step in digitizing information and improving financial processes. According to AIIM’s Paperfree Progress: Measuring Outcomes, 72% agree – “Business at the speed of paper will be unacceptable in a few years’ time.” But mere “Digitization” (getting stuff digital) is not enough, even though the ROI of this simple step is impressive (59% of users achieved payback in 12 months or less (a single budget cycle), including 28% seeing positive returns after just 6 months).
In addition to “Digitization,” organizations need to pursue “Digitalization” -- getting the business to execute and adapt with the benefit of information in digital form, using the availability of information as an engine for customer experience, business transformation and adaptation. Leveraging the capture and mailroom technologies and capabilities you already have, and applying this experience to get the fat out of financial processes is a great place to start. Capture doesn’t just occur in the mailroom anymore: It includes distributed capture, real time/mobile capture and capture as a service, all critical to the task of automating financial processes.
No C-level executive ever woke up in the morning, slapped themselves on the head, and said, “Wow. The sexy Digital Transformation thing I want to do today is transform my financial processes.” But they need to get serious about these processes. Yes, automating them can cut costs -- savings that can be used to fuel other initiatives.
But more importantly, automating financial processes sets in motion two critical Digital Transformation value propositions -- 1) back-end processes are often the difference between cutomer experiences that feel good initially, but then wind up being frustrated and disjointed; and 2) financial processes are a key source of the analytics and business intelligence needed to transform customer experiences.
Free White Paper - 4 Facts Savvy CFOs Know About Business Process Transformation
That nice comfortable world we knew as “document capture” is changing and it’s ABOUT TIME. Capture is becoming something much more strategic. Here are three key changes I see.
We use Case Management to improve the way we serve our partners and customers by grouping all of their related information together, front-and-center, in an easy to access “case.” At the heart of serving customers is the daunting task of trying to put all of the information included in a case to work by making a decision or an informed action. But, in a world that seems to triple its information output every year, this task is becoming harder and harder to manage. So, how can you possibly know all there is to know to run your business?
Information capture is one of the most important elements in an organization as it brings the information into the information ecosystem, places it under proper control, and makes it accessible and available for action.
In pursuit of the paperless enterprise it is often easy to lose our way. Projects stall, months pass and ROI is nowhere on the horizon, and all the while paper continues to rifle through our processes like stubborn weeds. Paper overwhelms the enterprise, and the difficult task to remove it all can cause a crisis of motivation.
Organizations must provide a flexible and secure environment supporting the agile needs of their remote workforce, partners, and clients. Organizations must look beyond corporate walls and extend their business processes and access to business information in an effective, and secure manner regardless of device type.