Finance executives in all organizations are being asked to look closely at their core processes. Two the main drivers for business process improvements are cost reduction and information security. Studies show there is great variation in the efficiency of financial processes. Bottom performers spend 2.13% of revenues on financial processes; top organizations only spend 0.57%. This cost disadvantage drops directly to the bottom line, making it difficult for organizations with paper-laden and inefficient financial processes to compete.
ISO 9001 certification -- technically ISO 9001:2008 AND ISO 9001:2015 -- is a must-have for most manufacturing and service companies. There are now over one million companies and organizations in over 170 countries certified to ISO 9001. ISO 9001 certification is increasingly required in subcontracts, especially by European multinationals.
There are a wide variety of business advantages to ISO 9001 certification.
Companies are usually familiar with the regulations in their own country. But what about the legal framework in other countries? What retention periods apply to invoices in France? How do companies in Poland have to archive their invoices received via email? What VAT is added in Italy? What sanctions await someone in Spain who hasn’t retained their invoices in a legally compliant way? Answers to these questions and more – whether on minimum requirements for sales tax or the storage and retention of invoices – can be found in the recently published EU compendium "E-Invoicing & Retention".
Creating a paperless office gives you a competitive advantage whether you’re at a large organization or a small business. But 100-percent paperless organizations are still relatively rare. What’s holding you back?
For smaller businesses, the main advantage of going paperless with a document management or enterprise content management (ECM) system is that it prepares you for disaster recovery. Even if you have a disaster recovery plan in place, continuing to use paper processes results in ongoing expenses for managing documents, buying supplies (such as paper and file cabinets) and physical space for document storage.
For any organization, especially large ones, it’s always a challenge to maintain the necessary documentation for audits. If you don’t have an effective document management solution in place when you’re being audited, you’ll be scrambling to locate paper documents, electronic files and emails, typically stored in all sorts of different ways.
Inefficient or ineffective document management results in unnecessary costs, but it also puts many companies at serious risk of a compliance nightmare.
Broken document processes have led to significant business risks and compliance incidents for three out of four companies, according to research by the International Data Corporation (IDC). The IDC survey found that 75.9 percent of respondents “suffered severe consequences.” Broken down further: