When it comes to startups, documentation is often not a priority. Many startups believe that they have no room for wasting time and effort on documentation. However, that’s not true. Without proper documentation, you would be stuck in a maze, clueless about how to reach the end.
“Without documented processes, it’s a hard stress environment, which leads to lower quality, poor safety practices, and not everyone is trained up. The first step would be, just write it down.” – Built to Lead Podcast
Let’s unpack the right approach to documentation and how it helps you scale faster.
How to Modernize Your Document Processes and Improve ROI
53% of employees work more efficiently with modern and automated documentation systems. An automated documentation process doesn’t only enhance the overall productivity of your organization but also improves the ROI and growth rate.
Below are three of the most effective ways to modernize your documentation process.
70% of IT leaders find paper a constant hindrance to an organizational structure. Going paperless allows you to implement a more efficient document process, streamlined workflows, enhanced employee onboarding, and easy tracking. It also leads to various money-saving benefits, such as:
- Decreased Costs
When you work in a paper-based working culture, you need to buy printers, scanners, copiers, ink cartridges, paper, toners, and whatnot. You also have to hire additional staff to handle and manage the printing and paper needs. Switching to a paperless system eliminates all these expenses.
- Lower Waste
Companies spend more than $120 billion a year on printed forms, most of which are already outdated within three months.
As the paper output reduces, your overall company wastage will automatically decrease. It will have a great impact on your company’s expenses and also help the environment.
- Enhanced Efficiency
With a paperless environment and centralized workflows, an all-digital documentation system can substantially minimize human error. It further helps employees become more mobile, active, and less stressed. The outcome: a significant boost in the overall efficiency of your organization.
Another way to modernize your documentation process is to implement digital workflows. Routine tasks can take up to 60% of an employee’s time, decreasing productivity. Digital workflows, on the other hand, assure every document gets instantly to the correct resources, promotes productivity, enhances performance, and increases the overall revenue. A digital workflow ensures:
- More Effective Collaboration
Although skilled individuals are essential to make your company successful, a flawless collaboration among these individuals is what brings your company to its maximum potential. A digital workflow leads to more effective and uninterrupted communication among team members, making the collaboration more proficient.
- Efficient Teamwork
Your employees will be able to work together a lot more easily and efficiently, even if they belong to different departments. There will be fewer or no inconsistencies, simpler collective processes, and better efficiency.
- Improved Productivity
Digital workflows and automated tasks allow your team to have more time to focus on other priorities and value-added activities. It also saves their energy, streamlines the processes, and, as a result, boosts the overall productivity of your organization.
Connect with Customers Virtually
The future of businesses lies in digitalization. So, an effective way to modernize documentation and improve ROI is to communicate virtually with your customers. From electronic payments to digital invoices, online forms to digital customer dashboards – virtual connection with customers is cost-effective and more professional and efficient.
Areas of Digitizing Documents and Processes
“At least 40% of all businesses will die in the next 10 years if they don’t figure out how to change their entire company to accommodate new technology.” –John Chambers
A paper-based system can lead to inefficiencies and inconsistencies in various areas of your organization, and digitizing documents can help with it all. Here are the areas that can gain the most benefit from a modernized documentation system:
Internal Business Processes
Paper handling is tough. As your startup begins to scale, the documents will increase, making paper handling even tougher. Moreover, it can also adversely affect the efficiency and productivity of your employees as managing so much paperwork can wear them out. Consequently, they will not be able to focus on more important activities.
From payables to receivables and customer invoices to cash flow– accounting is the hub of documents. So many physical documents are difficult to handle and can also be hard to find or access when needed. With digitized documents, this will not be an issue. You will be able to search and access any file you want within seconds.
Manufacturing and Distribution
Digitization of documents and processes goes farther than just creating efficiencies for internal processes. It should extend to your customers and vendors, helping the manufacturing and distribution processes. Documents such as bills, invoices, receipts, and more can get misplaced or lost during shipping and logistics, which may negatively impact the customer experience. This never happens with digital documents. That’s because the majority of customers want retailers to offer digital receipts and electronic payment options.
Contracts hold an integral value in organizations and also involve a tremendous number of documents. With a digital contract management system, you can create, negotiate, sign, manage, and evaluate contracts from anywhere. Real-time contract information can be accessed within seconds, and you will never have to question data integrity or credibility.
Going digital with your sales process can increase your capability and performance to a whole new level. With automated sales procedures and digital documents, you can offer better customer service and a more seamless user experience.
As a startup, it can be scary to step out of your comfort zone and implement changes to your workplace environment. However, not doing so can make your operations stagnant and outdated. The outcomes of a modernized documentation process are too good to be ignored. So, don’t overlook these benefits simply because you are set in your ways as a business.
Simplify your documentation process by making it digital and creating a more collaborative, productive, and seamless workflow for your organization.