As more and more companies with outdated processes make the switch to workflow automation, we often wonder why so many still stick to their expensive operations. Yes, fear of change will always be an obstacle but it’s no excuse to stop your company from innovating. The truth of the matter is: traditional business operations are costing you much more than you think.
$780 for Paper
It’s all too easy to fall into the paper-wasting trap. How often do you find yourself printing out copies of files and documents, only to find yourself throwing them in the shredder the following day? PTO requests, forms for sales contracts, audits that need to be signed off—this is a costly and all too common issue. With one ream of printer paper costing around $15, you can see how unnecessary, over-printing plows through all the paper (pun intended). Depending on the size of your company, you could be going through a ream or two of paper per week costing around $780- $1,560 annually. With workflow software, you cut out the middleman, the over-worked printer, and can use that extra money to fund things like research and development projects (or the office Christmas party).
$50,000 for Process Inefficiencies
Moving beyond the physical element—you could be hemorrhaging money on something not as tangible: the act of manually processing and working through requests. What if you could allocate the time you waste on tasks like data entry to working on strategic initiatives instead?. If you used a workflow automation software you could be saving tons of time and mula. Bob in Finance can finally take a deep breath! His days of following the CAPEX approvals paper trail are finally over. Now you can have him focus on the real tasks at hand while saving more than $50,000 combined annually.
$1,200 for Late Fees
If you’re guilty of getting payments in late, you’re flushing money straight down the drain. Some weeks you may have no idea what could be coming down the pipeline or what a client might throw at you, which can be disorienting at times. Having a workflow software help with managing deadlines in your approval process, you’ll always have a transparent workflow that identifies potential bottlenecks and delays. So, you’ll never have to worry about missing a payment. Values vary between vendors, but you could lose about $1,200- $6,000 annually just in late fees!
Billions of Dollars on Sales Losses
Did you know sales reps spend 45 percent of their time doing administrative, customer service, and order processing tasks? When those processes are ineffective or inefficient it can lead to badly nurtured leads, low retention rates, and sub-par customer relationships. According to Forbes, business as a whole lost $62 billion dollars on bad customer service alone. Enter, workflow automation. Whether it’s contracts, quotes or partner agreements, workflow and forms automation software gets it all to clients quickly and efficiently. When established and prospective clients feel like they’re being taken care of and catered to, they are more likely to continue business with you. All in all, workflow software increases client retention without a second thought, which means more profits and revenue growth.
Bad Process, Not Priceless
Too many companies throw away valuable time and money because it’s difficult to quantify their inefficiencies. Taking stock of business operations and how you use manpower is extremely significant when trying to ramp up and grow your enterprise. Implementing workflow software into your company’s processes will effortlessly save you thousands of dollars annually by not only helping you save on hard costs but keep you people as productive as possible on the tasks that matter most.