5 Ways Workflow Automation Compounds Efficiency
There’s a saying in finance: “The most powerful force in the universe is compound interest.” Popularly attributed to Albert Einstein, whether he said it or not, the sentiment is valid. Given enough time, a small, consistent growth rate can lead to outsized results.
Now, let’s apply this powerful principle to the realm of business efficiency, specifically—workflow automation. We’ve found five ways that a workflow automation solution like DocLink compounds efficiency, making your organization leaner, stronger, and more profitable.
1. Starting Small But Consistent
Initial Investment: Just as a small sum invested consistently can grow significantly over time, the value of a workflow automation tool like DocLink often expands once it gains a foothold in your organization. The one step can be the catalyst for a series of compounding benefits.
- One immediate benefit of workflow automation applications is the cost savings surrounding going paperless. This DocLink client saves $20,000 annually on paper purchases.
Reinvesting the Gains: When you streamline one process, the time saved doesn’t just vanish—it gets reinvested. Employees freed from manual tasks can focus on more value-added activities, further boosting efficiency.
- 85% of business leaders believe that automation of their workload will enable them and their employees to focus more on strategic goals that are important for business success.
2. The Snowball Effect
Growth Fuels Growth: Just as interest earns interest in finance, efficiency gives rise to more efficiency in business. When the procurement process is automated, for example, it can lead to quicker order placements, more timely deliveries, and a more efficient production cycle.
- After automating its payables workflow, this DocLink client reduced their invoice processing times by 70%.
Branching Benefits: One automated workflow can spill benefits into multiple departments. If client service is able to access data faster, due to automation, it leads to quicker resolutions, happier clients, and potentially more sales.
- This DocLink client started with AP workflow automation, then, buoyed by that success, extended the solution to AR, HR, field services, and job costing. In doing so, they eliminated filing cabinets and reclaimed 1,000+ square feet of office space for new conference rooms.
3. The Value of Time
Time and Growth: The power of compound interest isn’t just about the growth rate but the time given for growth. This translates to our example: the sooner your business starts its journey toward automation, the greater the benefits it reaps in the long run.
- This DocLink client shortened their invoice approval window from about three weeks to just days—hours in many cases.
Continuous Improvement: Over time, as your business becomes familiar with tools like DocLink, it can find more ways to optimize, leading to an ever-increasing efficiency rate.
- 78% of business leaders believe that automating tasks in the organization increases the productivity of all stakeholders.
4. Reducing “Debt”
Financial vs. Efficiency Debt: Just as financial debts can be detrimental, inefficiencies in business act as ‘efficiency debt.’ These are the bottlenecks and slowdowns that cost businesses time and resources.
- A study by IDC found that inefficient workflows cost businesses 20-30% of their annual revenue.
Paying Off the Efficiency Debt: By leaning into workflow automation, your business can start “paying off” these debts, leading to smoother operations, reduced costs, and enhanced profitability.
- How about an 85% reduction in time spent processing expense reimbursements? This DocLink client achieved that.
5. A Sustainable Future
Long-Term Vision: Compound interest works best with a long-term vision, as does workflow automation. It’s not just about the immediate benefits but setting up a foundation for continuous growth and improvement.
- 54% of continuous improvement enhancements increase client satisfaction.
Adaptable and Scalable: Just as compound interest works for both small and large sums, workflow automation tools adapt and scale according to your business’s needs, ensuring you realize the compounding benefits no matter the size of your operation.
- This DocLink client successfully scaled AP processing volume by 43% without adding to its headcount.
Harness the Power of Compounding Efficiency with DocLink
Stop wasting time on repetitive manual tasks. DocLink document management and process automation solution is designed to tackle your inefficiency head-on. Say goodbye to unnecessary labor and hello to a streamlined workflow.
Experience the power of DocLink in eliminating paper files, enabling a seamless transition to a paperless environment. By digitizing your documents, DocLink serves not only as a digital repository but also as an innovative tool that automates your workflow. With its touchless capabilities, you can minimize human intervention and errors, empowering you and your teams to dedicate more time and resources to strategic, value-added projects. Embrace the future of efficient document management with DocLink.
We’ve eliminated the need to print and file invoices. Instead, the electronic copies are associated with the invoice in Sage 100 so we can access them as needed. It not only saves us time, paper, and filing space — it’s an accounting best practice. – Anita Whelan, Controller, SWEPCO
The magic of compounding isn’t reserved for finance alone. In business operations, each effort towards optimization, each step towards automation, acts as a consistent investment, growing and multiplying in value. In one survey, more than half of employees said they spend at least two hours daily on repetitive tasks. Imagine the compounding efficiencies of saving up to two hours per employee per day—month after month, year after year.
We’ve seen that a workflow automation solution like DocLink can quickly pay for itself. Don’t wait to harness the power of compounding efficiency. Reach out to a member of our DocLink team to get started.
Watch the Q&A with Anita Whalen