"It was 20 years ago today, Sergeant Pepper taught the band to play..." Twenty years sounds like a long time ago, but the back-end processes inside many organizations look the same then as they do now. The amount of paper still used in your business processes is a good indicator of how far behind you are in preparing your organization to address the challenge of digital transformation.
Are your business processes suited for the future of information management or stuck in the past? Let's take a look. First, read through these following stats with your business processes in mind.
In 25% of organizations, the volume of physical paper is increasing instead of decreasing.
Even when organizations deploy scanning technologies to reduce their use of paper, 16% of the original paper documents still get photocopied before scanning, and 65% of these documents are not destroyed or recycled after scanning. In other words, the paper still survives and keeps piling up.
Even business processes that many think were automated a long time ago still use significant amounts of paper. For organizations committed to financial automation, 44% of their invoices initially arrive in electronic form, yet 59% of those digital invoices will still end up as a paper copy.
How did those stats make you feel? Like you're ahead of the game or, did you think, at least we're not the only ones?
Reinventing your core processes is clearly critical to building your digital transformation strategy. And clearly, many of us continue to work with dated processes and be held back by paper-driven processes. The good news is, it doesn't have to be that way.