How does electronic workflow affect your company’s finances?
Stalling processes, lost documents or protracted contract finalizations – all of these factors contribute to the constant deferral of profits and receipts to the company’s account and are a threat to business continuity and security. What impact does the way documents are processed have on your company’s finances? Huge! Let us tell you more about the real gains and losses.
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Reduce operating costs
Traditional document circulation requires a series of time-consuming activities that not only take up valuable employee hours, but also generate additional costs. Processing contracts in the traditional way means long hours spent preparing files, emailing them, downloading, saving, attaching, merging changes, coordinating and a number of other minor activities that must be performed in order for the contract to reach the contractor.
Once the document is created, it’s time to print, scan and staple the produced sheets of paper. It’s also worth remembering that document printing is not only the cost of a sheet of paper and ink, but also the amount to be paid for servicing, maintenance and replacement parts.
Another cost generated by traditional document circulation is the signing of paper contracts. It’s the time it takes for an employee to reach all board members. It’s the money it takes to pay a courier to reach the other end of town with the contract, where the vice president is currently having a meeting. It’s also the cost of the time of those authorized to sign, who are required to initial often dozens of pages of the contract being executed.
The cost of an electronic workflow is much lower. You are paying for software that will greatly reduce the time spent on reprocessing a contract. Costs are fixed and easy to predict, unlike those resulting from traditional workflows.
Learn about a system that will help you reduce your documents workflow costs
Finalize deals faster
The entire process described above should lead to the finalization of the transaction and the signing of the contract with the counterparty. In this case, quick and efficient action is key. Dragging out paperwork in your form can make your potential customer fizzle out or use a competitor’s offer.
A well-configured Hatiroo® electronic workflow system with electronic signature will allow you to prepare and sign a contract internally much faster. A few minutes is enough for the contract to be ready to be sent to the contractor, who will be able to sign it electronically from any device with Internet access. Would you be able to achieve such a result by preparing the contract from scratch, printing and searching for all the people who should put their signatures on a paper document?
Many hours of work recovered
It’s hard to count how many hours your company’s employees waste on the little activities that lead to the finalization of a contract. Uploading, attaching, downloading, merging, printing – after all, you have to pay for performing all these activities. Automating them will give your employees extra hours that they can devote to more rewarding and more meaningful duties.
Does implementing an electronic workflow pay off?
Automation of company processes will quickly bring noticeable profits. When implementing new solutions, it is worth choosing those that are simple, intuitive and do not require hours of training for employees.
