Sourced from our Systems Partner, By Chelsea Bawab © 2018 PSIGEN Software Inc. – All rights reserved.
As daunting as it might be to go through the workday having to manually locate and file physical documents, it can be just as unnerving to think about what it will take to implement a digital solution. So, what is it about document management that spooks many organizations?
Let’s address some common fears about document management and how to overcome the apprehension with smart decision-making:
“Will it be costly?” This is a reasonable concern for any business decision your company makes. You have to weigh the cost of the products and not just up-front costs, but those that inevitably occur over the long-run against the benefits they will provide. Fortunately, PSIGEN is offered at an extremely competitive price point for top-of-the-line document capture software with advanced automation capabilities. And when you consider the savings your business will experience because of the improved processes; the benefits will far outweigh the cost.
- Here’s a quick example: The average cost to process an invoice manually is $22.75. If you manually process 1,000 invoices per month, or 12,000 per year, assuming your processing is the same as the average, invoice processing costs your business $273,000 annually. If you switch to automated invoice processing, the average cost to process the invoice is about $3.40, so the cost of processing the same number of invoices for one year is $40,800. That’s an annual savings of $232,200. And that’s just invoice processing. Imagine the savings your business could experience by implementing a solution in other departments of your organization as well.
“Will my employees have trouble learning the new technology?” It’s always a challenge to bring new technology in the workplace and training your employees to use a new system may seem daunting at first. The important thing to remember is that the new system will serve to make their jobs much easier in the long run. It might take a bit of time to get used to, but the end result will be worth it to everyone involved. And unlike some programs, PSIGEN’s tools are user-friendly, making training a much simpler task than you might think.
“Will our information be secure and compliant?” Contrary to what you might think about the safety of digitally-stored information, storing your documents in a digital repository is much more secure than keeping physical documents on file. Digital documents aren’t susceptible to natural disasters like fires or floods, and it’s much easier to ensure that only the right people have access to these documents than it would be if they were simply kept in file cabinets. PSIGEN’s document capture software has been used by numerous organizations that require secure processing and compliance with regulations such as HIPAA and FINRA. You can check out our case studies for real-life examples about security and compliance with PSIGEN.
“Won’t scanning all of our paper documents take a really long time?” This was a serious concern just a few years ago, but automation has taken us a long way in a short amount of time. With advanced document capture and data extraction automation tools from PSIGEN, you can truly get your organization up and running with a document capture workflow in just a few hours. The Accelerated Classification Engine (ACE) makes it possible to classify never-before-seen documents and perform automatic data extraction in a matter of seconds. With performance like that, you don’t have to worry about long set-up and process times.