February 27, 2021

DIGITAL CFO ASIA

Transformative Insights for Finance

Should You Fix Processes That Aren’t Broken?

3 min read

Should You Fix Processes That Aren’t Broken? Why Business as Usual Won’t Cut It Anymore

By: Esker Document Automation

Date: 8 July 2020


We’ve all heard the old adage, “Why fix what isn’t broken?” It’s a valid question. I mean, why change things when “business as usual” seems to be working just fine? Well, to put it in Ben Franklin’s words, “When you’re finished changing, you’re finished.”

As the world we live in continues to evolve and become more digital, the way we do business must follow suit. And while your current manual processes might be cutting it right now, it won’t be long before competition and emerging technologies render your processes obsolete. So, to put it frankly, yes. You absolutely should digitally transform your unbroken, manual operations, and here’s why.

1. Even if you’re not changing, your competition is.

Aside from the strategic benefits of digital transformation that will be mentioned shortly, there’s the simple fact that we’re living in the “Digital Age”, and your competition has already begun changing. They’re becoming more agile, efficient, and are taking both customer and employee experience to new levels. If you can’t keep up with competitors at a base level, your business just might become a thing of the past. Let manual processes stay in the past, not you.

2. You could be saving large amounts of time and money.

The process bottlenecks that result from paper-based methods are not in short supply. From the time it takes to locate files in cabinets, file documents, track down lost or misfiled documents, stuff and mail out envelopes, and all the other tedious, time-consuming steps that are required in manual environments. These procedural slowdowns translate directly to money wasted on staff’s hours spent doing said activities, as well as the material costs of paper, ink, toner, stamps and all other expenses associated with the handling and storing of paper documents.

While your current processes may be working for you at the moment, take a minute and consider the excessive time and money your business is throwing away with outdated methods and technology.

3. Your customers and suppliers are demanding it.

With digitisation comes accessibility and, most importantly, data — both key factors in enhancing customer experience and supplier relationships. Unless you’re an enormous, multi-national corporation, you have to give your customers/prospects a reason to pick you and suppliers a reason to do business with you. When your competition is offering superior and easily accessible online support, self-service tools, and using valuable data to better meet the needs of customers and vendors, why would customers NOT choose the competitor? Customers’ needs are constantly evolving, and they’re demanding more personalised experiences — personalisation that’s only possible through the use of data. Give others a reason to choose you and use automation to create better more seamless experiences.

4. Your employees are demanding change too.

Given recent events, the need for digital transformation has become exponentially clear, especially for employees still working in manual environments. With cloud-based solutions, processes are digitised from start to finish and make it possible to continue operations. But if your employees are working in a manual environment, the only way to continue operating is to be present, even if it’s putting staff at risk. 

Employees, particularly the Millennial generation, are demanding more meaningful work — When processes are digital, workflows are automated and repetitive manual tasks like data entry are eliminated, given back that once-wasted time, employees can now use it to focus on more business-critical, customer-facing activities that actually add value to businesses.

Conclusion
Change can certainly be intimidating, especially when it comes to transforming fundamental back-office processes. But change is also inevitable, and organisations that resist digital transformation rather than embrace it will have a particularly strenuous uphill battle. Take time now to tune up your outdated processes and set your business up for future success in a world driven by innovation.


This article is written by Taylor Bucher, copywriter at Esker. You can view the original article here.