Swimming in Savings: 4 Industries That Are Benefiting from Diving into Process Automation

    Process automation has provided significant cost savings to thousands of companies worldwide. It’s a fact. Still, a recent study shows that only about 9% of AP professionals would classify their operations as highly automated. What about your company? When you hear other people discuss process automation, do you wonder how your organization’s processes could ever change? When I speak with professional accountants, I frequently hear from those who would love to make the change to a paperless, automated system, but cannot imagine how the transition is possible.

    Today we will take a look at companies from 4 different industries. After considering their options and the potential gains, these organizations took a deep breath, plugged their noses, and dove right into the waters of process automation. Today, they are thriving more than ever. Here are their stories, in a nutshell:

    1. Manufacturing

    A global security and aerospace company, Lockheed Martin employs over 125,000 people worldwide and has 590 facilities across the nation. At this scale, inefficient processes can become a serious drain on daily operations. DocuPhase’s platform has allowed the organization to automate their accounting processes and has brought about significant increases in productivity and customer satisfaction. More importantly, DocuPhase’s workflow automation solution has granted Lockheed Martin transparency into their processes, helping them to identify where process bottlenecks were occurring. The organization has seen an astonishing 96% increase in productivity since implementing the DocuPhase solution.

    2. Banking & Finance

    As a provider of funding and financial services, AgFirst has faced many challenges common to the banking industry, including the need to store and access electronic documents faster and to share information securely. Exploratory meetings between AgFirst and DocuPhase uncovered the potential for the DocuPhase solution to provide savings and gains within a short time frame. After implementation, AgFirst saw improvement in their business almost immediately. Today, with the help of DocuPhase, AgFirst operates with increased efficiency and security and is able to track their processes electronically. They report that the biggest benefit thus far has been the ability to make their systems available to external auditors, which has helped to eliminate the expense of bringing in external auditors to review loan files.

    3. Pharmaceuticals

    Alimera Sciences, a pharmaceutical company that specializes in the research, development, and commercialization of prescription ophthalmic pharmaceuticals, decided in 2016 to replace their current accounting platform due to its limited capabilities. After thoroughly considering their options, the organization selected DocuPhase’s accounting automation solution, in part because DocuPhase’s team was willing to delve into Alimera’s business processes and work with them as a partner. Implementation was completed within about 2 weeks, and the company has seen a 93% reduction in their invoicing time and an increase in visibility into their accounting processes.

    4. Non-Profits

    Goodwill Industries of Middle Tennessee (GIMT) is a not-for-provide organization that provides employment to individuals with disabilities or who have trouble finding and maintaining employment. Due to the nature of their operations, turnover is high, with approximately 35% of their workforce being replaced annually as clients move into employment opportunities in their communities. As a result, the payroll and HR departments had become inundated with time-consuming, paper-based processes. Enter process automation! Since implementing DocuPhase’s document management and process automation solution, GIMT has seen a 25% reduction in time spent on paperwork, a 70% reduction in interdepartmental inquiries, and an annual savings of $100,000.

    The point of this list is not to highlight the good decisions of a few businesses. The point is to ask this question: Regardless of the industry of your organization, isn’t it worth taking a look at the possibilities? The proof is out there, and it can be applied to your company, too, if you are willing to get the conversation started. Are you ready to dive in?

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