The invention of paper records was a major milestone in the development of civilization, and certainly an upgrade over clay tablets. But a far more versatile option has come along, and paper may someday go the way of clay.

If your company isn’t already on the path to a more digital way of doing business, here are 5 reasons to make the switch from paper to digital records management as soon as possible.

1. Paper is a Waste of Space

Paper may not seem like it takes up a lot of space, what with a standard sheet of paper only being about 1/10 of a millimeter thick - but it really stacks up fast. According to one study, the average office worker uses about 10,000 sheets of paper every year.^[1] Of course, paper records only make up a fraction of that total, but it still gives you an idea of just how prevalent paper still is in today’s business world.

A standard 4-drawer filing cabinet takes up about 17 square feet of office space when you include the space necessary to open the drawers and access its contents. How much floor space is devoted to paper records at your organization? A digital records management system allows you to free up valuable real estate to be used more effectively - or even not at all, which could greatly reduce your overhead.

Even better, with decentralized cloud computing, you don’t need to worry about large banks of computer mainframes and servers taking up entire rooms at each of your locations.

2. Going Digital Saves You Time and Money

Just as paper may not seem to take up much space, it also may not seem expensive. However, one study found that the cost of managing paper could actually be up to 31 times more expensive than the cost of the paper itself.^[2]

Managing records physically also requires a lot of time. In fact, according to Record Nations, a typical employee spends between 30% and 40% of their time looking for information stored in filing cabinets.^[3] When you go digital, rather than manually digging through drawers of old paper records, workers can quickly and easily conduct a simple computer search to access the documents they need.

3. Digital Records are More Secure

Apart from taking up space and slowing things down (there’s more? These things really are the worst!), paper documents also pose serious security risks. Paper can easily be lost or stolen. On the other hand, strong encryption protocols on electronic records allow you to create strict permission structures, granting access only to those with proper clearance or via your company’s secured network.

Paper records are difficult to track, meaning it’s relatively easy for someone to tamper with them without getting caught. However, digital documents produce a clear chain of custody and allow you to track who has accessed documents and when.

Additionally, paper documents are at a greater risk of being damaged during an unexpected disaster, like a fire or flood. Digitizing your records and keeping them in a cloud-based server can be an important component to securing business continuity in the event of a natural disaster. 

4. Achieve Greater Collaboration

One of the most commonly cited issues within businesses is information silos. In one study, 86% of executives and employees attributed most team problems and failures to bad communication or lack of collaboration.^[4] Another found that 69% of CFOs said that keeping information siloed in departments is the biggest or most common financial mistake that companies make today.^[5]

Digitizing documents is an important step toward tearing down information silos and removing barriers to effective communication and collaboration. Put simply, digitally managed documents are easier to access and share. Records can be accessed by anyone with permission in the system and information becomes more widely available, making it far more useful and valuable.

This is vitally important in industries like healthcare, where quick access to a patient’s medical records - which may have originated in an entirely different part of the country - may be the difference between life and death. But businesses in all industries are likely to see a boost in productivity and innovation after switching to digital information systems.

5. Reducing Paper Usage is Eco-friendly

The demand for paper is a major contributor to deforestation across the planet, and it’s up to environmentally-friendly businesses to look for ways to limit their paper consumption in order to help protect our planet. Switching to a digital records management system is an important part of the larger project of digital transformation - and it is one that companies can fairly easily undertake to transition to a more eco-friendly and sustainable operating model.

Final Thoughts on Paper Digitization

Paper documentation has played a central role in the way we maintain important records and information for thousands of years, so it’s not surprising that many are reluctant to let it go. Of course, we can’t ignore that certain highly-regulated industries, like the financial and legal industries, have specific requirements for how records should be maintained. However, as scanning and data capture technology continues to improve, and with eSignature services providing viable alternatives to traditional “wet signatures,” the trend is clearly shifting towards digital records keeping. While the modern office may never be entirely paperless, companies looking to reduce costs, save space, and improve document security should look for opportunities to transition to a digital records management system.

Digitizing documents can also support business continuity and create new efficiencies that make it easier for companies to bounce back after a crisis. Find out more about how technology is aiding recovery efforts in How Digital Transformation Can Help Companies Survive COVID-19.

1. https://www.roadrunnerwm.com/blog/office-worker-waste-generation
2. https://www.corpmagazine.com/industry/technology/82-percent-companies-s…
3. https://www.recordnations.com/2016/02/how-much-paper-is-used-in-one-day/
4. https://voccii.com/information-silos-hurting-your-business
5. https://www.impactmybiz.com/blog/blog-eliminating-data-silos-unify-your-business-data/

While the term “Industrial Revolution” may conjure images of European cities in the early 1800s, there have actually been several throughout modern history. The history of digitization is long, winding, and continues to unfold today. The most recent, which is still underway, is the fourth industrial revolution, sometimes referred to as “Industry 4.0,” and is largely tied to the Internet of Things and how powerful new interconnected technologies like cognitive automation, machine learning, and artificial intelligence are rebuilding the way businesses operate.

We’re already seeing many organizations across industries undergo extensive digital transformations to capitalize on the benefits new technologies can offer. According to a 2018 Tech Pro Research survey, 70 percent of companies either have a digital transformation strategy in place or are working on one. However, given the high-tech nature of Industry 4.0, especially compared to previous industrial revolutions, it might seem like manufacturing businesses won’t be as involved. In fact, the manufacturing industry has just as much to gain from these new digital solutions.

Way Manufacturers Can Implement Digital Solutions

Here are a few ways manufacturing businesses can utilize digital solutions and business automation technologies powering the fourth industrial revolution:

Optimization of Supply Chains: The biggest benefit of Industry 4.0 can be summed up in one word: connection. Thanks to the Internet of Things - the integration of an increasing number of “smart” technologies continuously feeding new data to an expansive network - businesses are able to streamline their supply chains and develop more efficient processes. Manufacturers can leverage this interconnectedness to accommodate changing economic conditions and other unexpected events that may otherwise hamper their business. When unforeseen circumstances cause shipments to be delayed, a smart system powered by this trove of data and navigated by AI and machine learning can proactively adapt and modify manufacturing priorities.

Streamlining Internal Processes: The Internet of Things can be leveraged to improve the efficiency of manufacturing businesses’ internal processes as well. Manufacturing may be a more physical business than most other industries, but there are still plenty of tasks and operations that take place in cyberspace. Many of these can be sped up and done more accurately by advanced robotic process automation (RPA) programs. Any repetitive, rules-based tasks are ideal for RPA.

Autonomous Equipment: Rows of large autonomous robotic arms manning assembly lines where they efficiently and quickly assemble various parts and products have become something of a poster-child for business automation in general. Once, these machines were expensive, and extremely specialized - each capable of only performing one task or series of tasks for which they were specifically programmed. Thanks to advances in design and software, similar robots are now capable of learning many tasks, and even solving for more efficient ways of completing problems posed to them. At the same time, they’ve gotten less expensive and more accessible to small and medium-sized businesses.

3D Printing: Additive manufacturing, more commonly known as 3D printing, has come a long way in the last few years. This technique was once only used for small-scale, small-batch items and creating simple prototypes is now maturing into an actual scale production option. And with advanced AI and ML systems, manufacturers can identify and implement improvements not only in their processes, but in the very designs they use as well. Products can be built more durably with less material and greater efficiency, giving manufacturers that embrace Industry 4.0 a significant edge.

How to Prepare Your Business for Industry 4.0

So, clearly, there are plenty of ways manufacturing businesses stand to benefit from the 4th industrial revolution. But how can you ensure that your business does so effectively? Here are 3 important first steps:

1. Identify Use Cases

There may be many ways Industry 4.0 can be leveraged, but that doesn’t mean that all of them apply to your specific business. That’s why the most important first step you can take is to identify realistic use cases for business automation within your company. Keep in mind, you don’t necessarily want something flashy. There’s a good chance the digital solution that will drive the most value for your company will be mostly behind the scenes. Automating internal processes is a great way to realize significant returns and enable downstream integrations as you begin to automate more parts of your business.

2. Get Internal Agreement

One of the biggest challenges of adopting any new technology is always getting buy-in from internal stakeholders. Even the most carefully chosen opportunities for business automation won’t succeed if you don’t first get buy-in from leadership and the workers whose day-to-day workflows will be impacted by the change.

It can be helpful to conduct employee surveys and assessments to get a sense of overall sentiment towards business automation before moving forward with a selected upgrade. It’s also worth sharing information internally, whether through emails, presentations, or in-person meetings, regarding how new digital solutions will impact processes. Hands-on training is a critical part of the implementation process to encourage adoption and clearly demonstrate the new technology’s value to relevant stakeholders.

3. Consolidate Databases

The essential fuel for the fourth industrial revolution is data. Cognitive automation, AI, and machine learning all require quality data inputs to reach their greatest potential. That’s why one of the most effective ways to prepare your business for a swift and easy adoption of the latest smart technology is centralizing and organizing your data.

Consolidating all datasets may not be practical for all businesses. In those cases, federated search solutions that allow users (and automated systems) to access multiple disparate data sources all from one search can achieve a similar result.

As business automation and the fourth industrial revolution continue to advance, the operational benefits they offer will continue to grow in tandem. Businesses that neglect to update their systems and adapt to the new technologies will soon find themselves at a serious disadvantage. It’s important to learn about these new technologies, identify how your business might stand to benefit, and lay some groundwork for a smooth implementation to ensure your business is able to adapt, survive, and thrive in Industry 4.0. To get started on digital transformation, contact Exela today! 

There’s no question that the world looks very different today than it did just one year ago. Even as the Covid-19 vaccines begin to be rolled out and the pandemic subsides, public health, safety, and sanitation will remain near the top of many people’s minds for years to come. In order to adapt to the shifting landscape of customer and employee expectations, businesses have adopted new solutions focused on flexibility and adaptability.

One such solution is digital smart lockers like Exela’s Intelligent Lockers. With unique access options and software integration, Intelligent Lockers are ideally suited not only to promote pandemic-related safety guidelines like social distancing and contactless delivery, but also to streamline processes, deliver greater convenience, and provide insight and accountability tracking across a wide range of use cases. Intelligent Lockers can also enable a more streamlined and complete corporate mailroom operation, making the transfer from the mailroom to end recipient more convenient, cost-effective, secure, and timely.

Here are a few of the fields that could benefit the most from Intelligent Lockers.

RETAIL BUSINESSES

Retail businesses have a number of exciting opportunities to implement smart locker technology into their consumer-facing processes. One of the quickest and most impactful, especially amidst the Covid-19 pandemic, is buy online, pick up in store (BOPIS) implementations.

With a bank of Intelligent Lockers installed at their retail location, businesses can easily fulfill contactless BOPIS orders. Shoppers can select their items and check out online. Onsite team members can then collect the necessary items and deposit them in an Intelligent Locker.

Once their items are ready for pickup, the customer gets an alert, and can access their items either with an access code sent in the email or using their smartphone app to unlock their specific locker. Locker banks can be placed inside at the front of the store, near customer service for easy access, or even outdoors, allowing customers to pick up their orders after hours.

Shipping has also become an even more critical element of the retail landscape thanks to Covid-19. At the same time, the pandemic has significantly complicated last-mile delivery - the last step of the package’s journey to the hands of the end user.

A network of Intelligent Lockers where shippers and retailers could drop off batches of deliveries for customers to retrieve could significantly simplify carrier routes and reduce the number of trucks on the road. This could also reduce failed deliveries, which are a major contributor to high logistics costs.

CORPORATE OFFICES

Even businesses that don’t necessarily deal directly with shoppers are finding innovative ways to implement Intelligent Lockers. They can also be used to facilitate convenient and secure day storage for onsite employees. Another popular use is streamlining the delivery of physical mail and packages to employees. Not only are smart lockers accessible 24/7 – making pickup much more convenient for employees – they also facilitate an entirely contactless handoff, ideal for organizations concerned with sanitization and worker safety.

Of course, mail isn’t the only thing that needs to be handed off between employees. For example, some businesses reserve an entire bank of Intelligent Lockers specifically for their IT department. This provides a secure contactless option for employees to check out IT equipment or drop off and pick up laptops in need of repairs or upgrades. As a bonus, Exela’s Intelligent Lockers can be fitted with power banks so that stored technology can charge during transfers.

Another less obvious effect of the Covid-19 pandemic may be a higher degree of flexibility regarding remote working. With less certainty over who will be in the office and when, Intelligent Lockers provide a convenient option for employees to hand off important documents or exchange other items without leaving them unsecured on their desks overnight. With automated tracking of who accessed each locker and when, you can be sure items reach the intended recipient.

COLLEGES & UNIVERSITIES

There’s been a lot of concern and controversy over the reopening of schools throughout the pandemic, which means colleges and universities should take extreme care to implement extra safety measures before fully reopening campuses. Intelligent Lockers are a great option to not only address some safety and sanitation concerns by facilitating contactless delivery, but also provide a new level of convenience for students.

Students aren’t known for keeping the most regular hours. Packages are often held in the mailroom, and can only be picked up during certain times of the day. Students often find it difficult to fit package pickup into their busy schedules. You can see this in action in our Intelligent Lockers case study.

A great benefit of smart lockers is that they are accessible 24 hours a day, 7 days a week, and can be unlocked using a smartphone, campus badge fitted with RFID, or the built-in console. This allows universities to extend pickup hours without adding new staff to work low-traffic hours. Lockers also provide commuting students, faculty, and staff with a convenient and secure day storage location where they can drop their things off. All of these benefits make a smart locker solution a top choice for colleges and universities.

Intelligent Lockers are a versatile solution to help businesses and consumers alike solve new challenges and interact with more convenience. Check out how Intelligent Lockers are already making Last Mile delivery more efficient.

Learn more about Exela’s Intelligent Lockers.

There’s no question that a well-functioning government bureaucracy is in everyone’s best interests. More streamlined and efficient systems would make getting government services a quicker and less frustrating process, while also delivering taxpayers more bang for their buck.

One promising way of improving public sector processes is by borrowing a page from the private sector and implementing advanced business process optimization services. Check out the latest edition of PluggedIN: Digitization Nation for a look at some of the ways automation and digitization technologies can improve the public sector, including:

• The United States - A Brief History and Case Study in Bureaucracy
• Records Management: The Low Hanging Fruit
• Improving Efficiency Through Automation and Integration
• User Experience in the Public Sector
• Public-Private Partnerships are the Key to Public Sector Efficiency

PluggedIN is Exela's thought leadership publication, providing fresh insights from the cutting edge every quarter. Subscribe to get plugged in.

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Businesses are constantly looking for ways to improve operations, automate manual processes, and increase efficiency across all departments and functions. However, when it comes to financial processes, eliminating all chances of errors while maintaining a streamlined and agile workflow is especially critical.

Proper management of finances can have a big impact on the bottom line. And given that Accounts Payable (AP) processes deal with a wide variety of challenges, from managing budget restrictions, ensuring policy compliance, and updating accounting systems, all while under strict timelines, there are plenty of opportunities to improve through automation.

The fact is, despite the availability of automated solutions, many AP departments still handle purchase order matching, supplier invoice processing, approvals, coding, routing payments, and other steps in the AP process manually. The longer these tasks take, the longer the cycle time, resulting in unhappy suppliers and lost time and money that could have been better invested elsewhere in the company. 

These tedious and repetitive tasks can be simplified and streamlined with automated accounts payable systems. Solutions like Exela’s Procure-to-Pay (P2P) are designed to automate AP processes, helping businesses overcome manual issues and increase effective communication as well as benefit employee productivity. See how a Health Organization utilized P2P to increase efficiencies.

Here is why you need AP automation:

Save Time and Money

It’s an inconvenient and often frustrating truth that everything costs money - including spending money. Traditional, physical AP models call for everything from invoice categorization and data extraction to PO matching and approval processes to be done manually by accounting professionals - leading to an average price tag of up to $10 per invoice and an average processing time of up to 12-17 days among the lowest-performing organizations, according to a recent study by Everest Group.

Automating your AP processes with solutions like Exela’s P2P makes every step of that process faster, smoother, and more cost-effective, leading to an average cost savings of 40%.

Take Advantage of Early Pay Discounts

On top of the already high costs of a slow manual process, if bottlenecks cause your workflow to get too backed up, your organization can’t react fast enough to take advantage of early pay discounts. While these discounts may only amount to a small percentage of the total payment - typically 1 or 2 percent - on large and recurring payments, that can really add up quickly. And since taking advantage of them is just a matter of timing and proper management, to miss an early pay discount is tantamount to leaving money on the table.

Even worse, missed or late payments may result in an interruption in your supply chain or suspension of electrical or other services. Not only does this hurt your bottom line, it also impacts your organization's reputation with vendors and suppliers.

By automating tedious manual tasks, solutions like Exela’s P2P platform give your expert employees more time to focus on higher-value projects, like optimizing payment schedules, identifying and negotiating vendor discounts, and proactively building better supplier relationships, all of which will pay dividends in the long run.

Improve Accuracy in Payments

Manually entering invoice information always leaves room for costly human errors. Even the most diligent workers slip up on occasion, and one wrong digit or a misplaced decimal point can result in massive over- or under-payment, duplication of payments, or mismatched POs and invoices. What’s worse, not only are errors more likely to occur with manual AP processes, but they’re also more expensive and time-consuming to fix. 

AP automation systems like Exela’s P2P solution solve the problem of non-EDI invoices by quickly capturing, matching, and transferring all invoice data into defined workflows, creating a standardized and easy-to-follow process. This means transparent and streamlined payments, consistency in your AP process, and greater transparency for your finance team and accountants.

Adapt to Remote Working Arrangements

In the wake of widespread lockdowns put in place to combat the COVID-19 pandemic, many businesses have transitioned to a more flexible workplace, with more employees working from home than ever before.

While initially implemented as a temporary safety measure, as employers see little negative impact on productivity and workers enjoy the flexibility and absence of a commute, working from home is likely to remain a popular option even after the pandemic ends. In order to keep up with this rapid trend shift, many organizations have opted to digitize processes that were once handled in person, investing in solutions that will help their employees work from anywhere.

By digitizing and automating manual AP processes, solutions like Exela’s P2P empower your mobile and remote workforce to maintain efficiency by reducing reliance on physical mail and paper documents, while requiring no change in workflow for your suppliers. Digital invoices are directly ingested, and paper invoices are processed through state-of-the-art scanners powered by Intelligent Character Recognition (ICR) software, which transforms them into fully digital assets, allowing you and your team to handle incoming invoices and purchase orders entirely electronically, from anywhere in the world.

Improve Auditing, Compliance, and Security

Physical paper documents can be difficult to track, and even more difficult to find if they go missing. Automated AP solutions come with tools that improve visibility by automatically tracking invoices as they go through the system. Every change and event for any given invoices are tracked and stored in a centralized database, creating clear audit trails that are easy to access and analyze. With all the necessary information in one searchable database, complying with internal or external audits is much less time-consuming.

By implementing a standardized process for the intake of invoices and allowing real-time access to reporting data, AP automation systems also help identify and prevent errors before they become costly. This not only protects your business from payment errors, but from fraud as well.

Exela’s P2P solution can immediately flag invoices from unrecognized suppliers or access recent transaction data to identify major discrepancies between prices from one invoice to another. With a standardized approval process in place in addition to the measures above, AP automation makes it easier to ensure that everything is above board. 

Manual AP processing can be riddled with errors and inefficiencies that slow down your cycle times and cost your business money. Find more out how Exela’s Procure-to-Pay platform can help your bottom line.