DOCUMENT Strategy Fall 2021

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SUBSCRIBE FOR FREE! as schools went online and still needed resources to support educational goals. Digital Forms In a post-pandemic world with even more online and remote interactions, a reliance on paper forms will not just be difficult, but often impossible as state and local restrictions limit physical contacts. Virtually overnight what was a shifting preference of consumers, partners and vendors to working with digital forms became a necessity. Real Property Management Vancouver moved its business processes to a cloudbased document management platform with e-forms long before the pandemic. These online forms allow for the efficient collection of information for property contracts. Important documents can be seamlessly e-signed and sent within seconds. Without this ability, Real Property Management Vancouver would not have been able to meet the needs of its stakeholders during a time of stress and uncertainty in the rental market.

Automated Accounts Payable (AP) Processes in the Cloud The traditional model of an accounts payable team is to work together in a single physical location. Yet, the vast majority of work an AP team is responsible for can be completed from anywhere. Additionally, organizations can actually save money by automating AP processes. The Institute of Finance and Management (IOFM) has estimated it costs an average of $11.76 to process a single invoice, and 70-80% of invoices in the United States are still paper based. Those that switch from paper to digital invoices save $5.46 per invoice. There are clear financial and operational benefits of an “AP in the Cloud” model. As the No. 1 specialty tea company in the United States, R.C. Bigelow has several suppliers it works with to manufacture and ship its drinks around the world. After the company automated its AP processes, Nucleus Research, an independent analyst organization

specializing in the financial return on technology investments, calculated the return on investment for R.C. Bigelow to be a whopping 813%. Digitizing AP files in a dynamic cloud environment is essential to enable finance professionals to securely work anywhere. In an evolving world, maintaining secure remote access to corporate documents, forms and financials is a necessity for growing organizations. We were reminded from this pandemic that cloud-based document management, digital forms and managing accounts payable in the cloud are more than a trend or a fad. Each is an essential benefit to business that draws a line between the ability to effectively manage data and documents and failing to meet internal and external needs. O

HK BAIN is the Chief Executive Officer, President at Digitech Systems. Learn more at www. digitechsystems.com.

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