The High Cost of Workplace Errors (and How Business Process Automation Can Help)
Every day, the worlds' businesses produce and collect a mind-boggling amount of data. Contained inside that data, like a million needles in a million haystacks, are the key insights needed to create better products and services, forge better and longer-lasting relationships with clients, and operate more efficiently.
But according to one recent study, poor data quality costs the United States economy as much as $3.1 trillion every year. 95% of organizations say that their need to manage unstructured data is a significant problem.
While high-quality data leads to better and more informed decisions, low-quality data (and a lack of ability to discern the difference) typically leads to workplace errors. Those errors can cost organizations a lot of money in myriad ways.
Why business process automation matters
To get a basic example of why workplace errors can be so catastrophic, consider the client invoice. Work has been performed and a client is supposed to receive an invoice, at which point they will pay the money owed.
But imagine the employee in accounting who is supposed to send the invoice never does. It's not that they don't want to do their best — it's that they're overwhelmed by time-consuming, daily tasks. Or maybe they accidentally input the wrong address. That mistake might not be discovered for several weeks — at which point the business has missed out on money it's rightfully owed.
It sounds like a minor inconvenience but imagine this happening over and over. Then, consider that 82% of all failed businesses cited cash-flow problems as a major contributor. Workplace errors can have dire consequences.
All of this is a prime example of why business process automation (BPA) solutions like those available from M-Files are so vital. They can take a time-consuming, menial task like sending out an invoice and help automate the process — allowing employees to focus on matters that truly need their attention.
BPA takes a repeatable process and performs it in a way that is accurate and consistent. It helps to eliminate the dreaded human-error factor. It also represents a system that can be helpful 24 hours a day, seven days a week, 365 days a year — creating a powerful return on investment. In fact, a recent Forrester Consulting study reveals that companies realize a 270% ROI by using M-Files for Document Management.
This is especially true when it comes to document management. A lot of workplace errors occur because documents are stored in different places — meaning that Person A may be working on and making decisions from a different file than Person B, who has the most recent version. With a tool like M-Files, all documents exist in one place — giving your employees a single point of access to information about customers and engagements in an organized, secure fashion.
Of course, workplace errors aren't 100% avoidable — but the risk in this area can be mitigated with the right platform. To learn more about the high cost of workplace errors and how business process automation can help, or to discuss your own needs with someone in more detail, contact us today.