By Mark Brousseau
An eye-popping 88 percent of attendees at a recent accounts payable (AP) forum sponsored by Ricoh identified manual data entry as their top AP challenge, providing further evidence of the need for automated invoice processing solutions. Manual data entry came in a whopping 25 percentage points higher than the second biggest challenge identified by attendees at the Houston event.
Routing invoices for approval was identified as a top AP challenge for 63 percent of forum attendees, while 54 percent of attendees stated that resolving errors and exceptions was among their top challenges. Lost or missing invoices (42 percent) and overall payment costs (29 percent) rounded out the list of top AP challenges identified by forum attendees.
What is your top AP challenge?
Showing posts with label ICR. Show all posts
Showing posts with label ICR. Show all posts
Tuesday, May 31, 2011
Thursday, May 26, 2011
Avoid these document imaging mistakes!
By Mark Brousseau
Despite the lousy economy, document imaging solutions continue to enjoy strong adoption among organizations of all sizes. No wonder: the technology is proven to deliver tremendous operations and business benefits, including lower processing costs, streamlined storage and retrieval, and better information tracking and reporting.
But even the strongest business case for document imaging can be undermined by crucial errors during system deployment, says Brett Rodgers (brodgers@ibml.com), manager, Solution Consulting, Americas, at ibml (www.ibml.com), a Birmingham, AL-based document imaging solutions provider.
If you want to keep your document imaging business case on track (and who doesn't?), Rodgers suggests avoiding the following 10 all-too-common foul-ups during system deployment:
1. Incorrect sizing of the necessary number of document scanners.
2. Not including all stakeholders (business and IT) in the requirements definition.
3. Buying technology without first conducting a proof of concept.
4. Making decisions on front-end and back-end software separately.
5. Not coordinating software and hardware vendors during system deployment.
6. Not using a phased implementation approach (biting off too much at once).
7. Letting "fear of change" take over.
8. Not thinking LEAN.
9. Not cutting the paper cord.
10. Not "sharing" -- as in utilizing shared services.
What was your biggest mistake when deploying document imaging?
Despite the lousy economy, document imaging solutions continue to enjoy strong adoption among organizations of all sizes. No wonder: the technology is proven to deliver tremendous operations and business benefits, including lower processing costs, streamlined storage and retrieval, and better information tracking and reporting.
But even the strongest business case for document imaging can be undermined by crucial errors during system deployment, says Brett Rodgers (brodgers@ibml.com), manager, Solution Consulting, Americas, at ibml (www.ibml.com), a Birmingham, AL-based document imaging solutions provider.
If you want to keep your document imaging business case on track (and who doesn't?), Rodgers suggests avoiding the following 10 all-too-common foul-ups during system deployment:
1. Incorrect sizing of the necessary number of document scanners.
2. Not including all stakeholders (business and IT) in the requirements definition.
3. Buying technology without first conducting a proof of concept.
4. Making decisions on front-end and back-end software separately.
5. Not coordinating software and hardware vendors during system deployment.
6. Not using a phased implementation approach (biting off too much at once).
7. Letting "fear of change" take over.
8. Not thinking LEAN.
9. Not cutting the paper cord.
10. Not "sharing" -- as in utilizing shared services.
What was your biggest mistake when deploying document imaging?
Tuesday, May 24, 2011
Fusion attendees meet Kevin Nealon
Posted by Mark Brousseau
Customers and prospects of Brainware -- sponsor of the Fusion 2011 Wednesday night reception -- had an opportunity to meet actor and comedian Kevin Nealon before his performance.
Click below to see photos from the meet and greet.
http://www.iappnet.org/photo/fusion2011_vip/index.html
Customers and prospects of Brainware -- sponsor of the Fusion 2011 Wednesday night reception -- had an opportunity to meet actor and comedian Kevin Nealon before his performance.
Click below to see photos from the meet and greet.
http://www.iappnet.org/photo/fusion2011_vip/index.html
Monday, May 23, 2011
Where’s the automation?
By Mark Brousseau
Despite revenues in the billions of dollars and the document volumes inherent to that scale of operation, many—possibly even most—companies have not made the leap to automated data capture technology for invoice processing, a proven driver of efficiency and value in accounts payable (AP).
That’s the key takeaway of a survey of attendees of Fusion 2011, held May 8-12 at the Gaylord Palms Resort and Convention Center near Orlando, Florida. The survey polled AP professionals around the globe, working in numerous industries and for organizations ranging from less than $500 million in annual revenues to well in excess of $10 billion in revenues. It was conducted by The Institute of Financial Operations and sponsored by Brainware. Fusion 2011 brought together more than 1,800 financial operations professionals and 170 exhibiting companies.
With an increased focus on working capital management, many AP professionals are emphasizing a need for greater visibility into and reporting of invoice processing—a demonstrated strength of available data capture and extraction technologies such as optical character recognition (OCR) and intelligent document recognition (IDR). That’s what makes these survey findings so surprising.
More than half of the survey respondents (56.3 percent) indicated that their AP organization doesn’t use automated data capture technology. And, only 3.1 percent of respondents stated that their AP organization plans to implement automated data capture within the next six months, while 6.3 percent stated their AP organization plans to implement the technology within the next 12 months.
Why aren’t AP departments making greater use of automated data capture and extraction?
Tight capital budgets are undoubtedly a factor. But AP departments also may not see the need.
Despite their lack of data capture technologies, most of the respondents to the survey are doing a pretty good job of holding the line on invoice processing costs. A plurality of respondents (41.9 percent) indicated that their average invoice processing costs have not changed over the past 12 months, while 38.7 percent of respondents stated their invoice processing costs have dropped slightly. Only 12.9 percent of respondents indicated that their average invoice processing costs have increased either slightly (9.7 percent) or significantly (3.2 percent) over the past 12 months.
Similarly, a plurality of respondents (40 percent) indicated that their average cost to process an invoice is between $2 and $5 – in line with the costs published in surveys by industry research firms. Some 16.7 percent of respondents said their average invoice processing costs are less than $2.
But the survey results show that many AP departments could benefit from labor-saving technologies such as automated data capture. More than a quarter of respondents (26.7 percent) pegged their average invoice processing costs between $5 and $10. Worse, 13.4 percent of respondents stated their average invoice processing costs are between $10 and $20, while 3.3 percent of respondents indicated that their average invoice processing costs were between an eye-popping $20 and $25.
“Among other findings, more than a third of respondents claim it still takes them more than twelve days to process an invoice, inhibiting their ability to take early payment discounts, creating backlogs, and often necessitating increased headcount,” notes Charles Kaplan, vice president of sales and marketing at Brainware. Twenty-five percent of respondents stated it takes their organization more than 15 days to pay invoices. “Automated data capture solves those problems and many others.”
To this point, a plurality of respondents (32.3 percent) believe that “better visibility and reporting” is the biggest benefit of the technology, followed by “faster turnaround” (29 percent), “lower costs” (12.9 percent), “better working capital management” (12.9 percent), and “fewer errors” (9.7 percent). Only 3.2 percent of survey respondents stated that they see “no benefit” to automated data capture.
The bottom line is that despite all the hype about automating invoice processing with data capture technology, vendors have a long way to go in convincing AP departments to deploy them.
What do you think?
Despite revenues in the billions of dollars and the document volumes inherent to that scale of operation, many—possibly even most—companies have not made the leap to automated data capture technology for invoice processing, a proven driver of efficiency and value in accounts payable (AP).
That’s the key takeaway of a survey of attendees of Fusion 2011, held May 8-12 at the Gaylord Palms Resort and Convention Center near Orlando, Florida. The survey polled AP professionals around the globe, working in numerous industries and for organizations ranging from less than $500 million in annual revenues to well in excess of $10 billion in revenues. It was conducted by The Institute of Financial Operations and sponsored by Brainware. Fusion 2011 brought together more than 1,800 financial operations professionals and 170 exhibiting companies.
With an increased focus on working capital management, many AP professionals are emphasizing a need for greater visibility into and reporting of invoice processing—a demonstrated strength of available data capture and extraction technologies such as optical character recognition (OCR) and intelligent document recognition (IDR). That’s what makes these survey findings so surprising.
More than half of the survey respondents (56.3 percent) indicated that their AP organization doesn’t use automated data capture technology. And, only 3.1 percent of respondents stated that their AP organization plans to implement automated data capture within the next six months, while 6.3 percent stated their AP organization plans to implement the technology within the next 12 months.
Why aren’t AP departments making greater use of automated data capture and extraction?
Tight capital budgets are undoubtedly a factor. But AP departments also may not see the need.
Despite their lack of data capture technologies, most of the respondents to the survey are doing a pretty good job of holding the line on invoice processing costs. A plurality of respondents (41.9 percent) indicated that their average invoice processing costs have not changed over the past 12 months, while 38.7 percent of respondents stated their invoice processing costs have dropped slightly. Only 12.9 percent of respondents indicated that their average invoice processing costs have increased either slightly (9.7 percent) or significantly (3.2 percent) over the past 12 months.
Similarly, a plurality of respondents (40 percent) indicated that their average cost to process an invoice is between $2 and $5 – in line with the costs published in surveys by industry research firms. Some 16.7 percent of respondents said their average invoice processing costs are less than $2.
But the survey results show that many AP departments could benefit from labor-saving technologies such as automated data capture. More than a quarter of respondents (26.7 percent) pegged their average invoice processing costs between $5 and $10. Worse, 13.4 percent of respondents stated their average invoice processing costs are between $10 and $20, while 3.3 percent of respondents indicated that their average invoice processing costs were between an eye-popping $20 and $25.
“Among other findings, more than a third of respondents claim it still takes them more than twelve days to process an invoice, inhibiting their ability to take early payment discounts, creating backlogs, and often necessitating increased headcount,” notes Charles Kaplan, vice president of sales and marketing at Brainware. Twenty-five percent of respondents stated it takes their organization more than 15 days to pay invoices. “Automated data capture solves those problems and many others.”
To this point, a plurality of respondents (32.3 percent) believe that “better visibility and reporting” is the biggest benefit of the technology, followed by “faster turnaround” (29 percent), “lower costs” (12.9 percent), “better working capital management” (12.9 percent), and “fewer errors” (9.7 percent). Only 3.2 percent of survey respondents stated that they see “no benefit” to automated data capture.
The bottom line is that despite all the hype about automating invoice processing with data capture technology, vendors have a long way to go in convincing AP departments to deploy them.
What do you think?
Friday, May 6, 2011
Alligators at Fusion 2011
Posted by Mark Brousseau
Folks arriving this weekend for Fusion 2011 may be surprised to see alligators(!) in the atrium of the Gaylord Palms Resort and Convention Center in Florida.
Monday, March 28, 2011
The intelligent archive — going beyond intelligent capture
By Wendi Klein, director, marketing & communications, North America, for A2iA
Regardless of your industry of focus, you are sure to have heard the word archive. But what does archive really mean? And does it mean the same thing to you as it does to the person in the next office? Is an archive just a repository where documents are stored, never to be found again? Or is an archive something that can actually provide a benefit, or even better, a measurable ROI?
Because of the high demand for timely record retrieval, organizations both large and small need to look to a content management system that will enable them to securely and accurately store their records with as much information as possible so that the documents can be recalled quickly, creating an intelligent archive. This involves utilizing technology that can locate and recognize varying writing styles or mixed document-types and layouts so that once digital, the information can be searched, with keywords or phrases identified for fast retrieval.
Considering that documents are being imaged, how do you then make the documents intelligent —meaning searchable and reportable — and the archive a beneficial tool for the organization? Data capture and routing is critical, although not an easy feat for most recognition technologies and something that requires advanced capabilities — beyond simple rules-based classification or common OCR or ICR.
Great strides have been made in the ability to automatically locate, extract, search, and index data from electronic documents including those of an unstructured format. Technology now allows digitized documents to be analyzed and indexed on a holistic or transaction level in relation to one another, as well as by their geometric layout and content characteristics. The documents can then be searched for pre-defined elements or keywords and, in addition to being archived, the results may be incorporated into pre-existing discovery, redaction, declassification, or document management systems thus providing unparalleled access to the information.
Users maintain privacy and adhere to compliance regulations, as complex and handwritten documents are no longer a bottleneck requiring manual processing. Advanced technologies make a significant difference in the efficiency of the tasks that were previously performed by hand, by allowing the processes to become automated from initial capture through to archive.
Many still believe that unstructured or complex documents can only be keyed and, given the demands of today’s market, any automated solution must be at least as error-free as the manual processes it replaces. However, accuracy is equally as important as successful discovery, due diligence, compliance, and declassification — features found in today’s more advanced recognition and classification engines.
Additionally, those looking to implement such an archiving solution must also examine the definition of and metrics around success. The question should not only be, “What is the read rate?” but also, “How much can be automated, how much time can be saved, how much manual labor can be eliminated, and how robust and comprehensive of a database can be built for search?” The ROI produced for organizations adopting this technology is not only seen in terms of a savings on their bottom line, but also in terms of the time saved through newly realized efficiencies. And once scanned, complex data that was automatically located and extracted can be entered into the IT system and more quickly distributed to those that need it, as well as indexed for archive and retrieval based on complex queries within the newly built database. This increase in accessible and searchable information from a central repository not only speeds knowledge distribution, but it elevates the organization’s global intelligence.
With new regulations and the continued movement towards the paperless office, organizations must consider more than just how to get their documents into electronic format, but what they will do once these documents are scanned. By utilizing the right tools for capturing all data and indexing all documents, an archive can easily make the transition to intelligent archive.
What do you think?
Regardless of your industry of focus, you are sure to have heard the word archive. But what does archive really mean? And does it mean the same thing to you as it does to the person in the next office? Is an archive just a repository where documents are stored, never to be found again? Or is an archive something that can actually provide a benefit, or even better, a measurable ROI?
Because of the high demand for timely record retrieval, organizations both large and small need to look to a content management system that will enable them to securely and accurately store their records with as much information as possible so that the documents can be recalled quickly, creating an intelligent archive. This involves utilizing technology that can locate and recognize varying writing styles or mixed document-types and layouts so that once digital, the information can be searched, with keywords or phrases identified for fast retrieval.
Considering that documents are being imaged, how do you then make the documents intelligent —meaning searchable and reportable — and the archive a beneficial tool for the organization? Data capture and routing is critical, although not an easy feat for most recognition technologies and something that requires advanced capabilities — beyond simple rules-based classification or common OCR or ICR.
Great strides have been made in the ability to automatically locate, extract, search, and index data from electronic documents including those of an unstructured format. Technology now allows digitized documents to be analyzed and indexed on a holistic or transaction level in relation to one another, as well as by their geometric layout and content characteristics. The documents can then be searched for pre-defined elements or keywords and, in addition to being archived, the results may be incorporated into pre-existing discovery, redaction, declassification, or document management systems thus providing unparalleled access to the information.
Users maintain privacy and adhere to compliance regulations, as complex and handwritten documents are no longer a bottleneck requiring manual processing. Advanced technologies make a significant difference in the efficiency of the tasks that were previously performed by hand, by allowing the processes to become automated from initial capture through to archive.
Many still believe that unstructured or complex documents can only be keyed and, given the demands of today’s market, any automated solution must be at least as error-free as the manual processes it replaces. However, accuracy is equally as important as successful discovery, due diligence, compliance, and declassification — features found in today’s more advanced recognition and classification engines.
Additionally, those looking to implement such an archiving solution must also examine the definition of and metrics around success. The question should not only be, “What is the read rate?” but also, “How much can be automated, how much time can be saved, how much manual labor can be eliminated, and how robust and comprehensive of a database can be built for search?” The ROI produced for organizations adopting this technology is not only seen in terms of a savings on their bottom line, but also in terms of the time saved through newly realized efficiencies. And once scanned, complex data that was automatically located and extracted can be entered into the IT system and more quickly distributed to those that need it, as well as indexed for archive and retrieval based on complex queries within the newly built database. This increase in accessible and searchable information from a central repository not only speeds knowledge distribution, but it elevates the organization’s global intelligence.
With new regulations and the continued movement towards the paperless office, organizations must consider more than just how to get their documents into electronic format, but what they will do once these documents are scanned. By utilizing the right tools for capturing all data and indexing all documents, an archive can easily make the transition to intelligent archive.
What do you think?
Thursday, March 24, 2011
info360 wrap-up
Posted by Mark Brousseau
Some odds and ends from AIIM’s info360 event this week in Washington, D.C.:
… d.velop technologies announced the launch of its ecspand for SharePoint enterprise content management (ECM) solution in the United States. Over the past two years, d.velop also introduced ecspand in Europe, the Middle East and Africa. d.velop exhibited in the info360 Microsoft pavilion.
… Colligo Networks and GimmalSoft forged a partnership and will integrate Colligo’s email management software into GimmalSoft’s SharePoint-based records management solution. The partnership will fulfill the DoD 5015.2 design criteria in GimmalSoft’s solution. DoD 5015.2 is the U.S. Department of Defense’s design criteria standard for electronic records management solutions.
… Document collaboration provider Workshare said it was awarded Microsoft Certified Gold ISV Partner status in the Microsoft Partner Program. The Gold ISV certification requires the highest level of competence and expertise with Microsoft technologies. By achieving Gold competency, partners receive benefits such as increased customer visibility through branding and accessibility, as well as training and support. Workshare has been a Microsoft Gold partner since 2005.
… Laserfiche demonstrated its DOD 5015.2-certified records management solution for SharePoint 2010. Laserfiche claims that its SharePoint 2010 integration was the first to obtain DoD 5015.2 certification. With the joint certification, Laserfiche now works with SharePoint 2010 to provide a unified business collaboration platform with enterprise content management (ECM) functionality.
… Datawatch released an enhanced version of its enterprise report management, archive and distribution solution. Called Datawatch BDS V8, the software adds certification for Red Hat LINUX, several new security features, and report and document redaction and translation.
What did you see at AIIM’s info360?
Some odds and ends from AIIM’s info360 event this week in Washington, D.C.:
… d.velop technologies announced the launch of its ecspand for SharePoint enterprise content management (ECM) solution in the United States. Over the past two years, d.velop also introduced ecspand in Europe, the Middle East and Africa. d.velop exhibited in the info360 Microsoft pavilion.
… Colligo Networks and GimmalSoft forged a partnership and will integrate Colligo’s email management software into GimmalSoft’s SharePoint-based records management solution. The partnership will fulfill the DoD 5015.2 design criteria in GimmalSoft’s solution. DoD 5015.2 is the U.S. Department of Defense’s design criteria standard for electronic records management solutions.
… Document collaboration provider Workshare said it was awarded Microsoft Certified Gold ISV Partner status in the Microsoft Partner Program. The Gold ISV certification requires the highest level of competence and expertise with Microsoft technologies. By achieving Gold competency, partners receive benefits such as increased customer visibility through branding and accessibility, as well as training and support. Workshare has been a Microsoft Gold partner since 2005.
… Laserfiche demonstrated its DOD 5015.2-certified records management solution for SharePoint 2010. Laserfiche claims that its SharePoint 2010 integration was the first to obtain DoD 5015.2 certification. With the joint certification, Laserfiche now works with SharePoint 2010 to provide a unified business collaboration platform with enterprise content management (ECM) functionality.
… Datawatch released an enhanced version of its enterprise report management, archive and distribution solution. Called Datawatch BDS V8, the software adds certification for Red Hat LINUX, several new security features, and report and document redaction and translation.
What did you see at AIIM’s info360?
Monday, January 17, 2011
Leveraging MFPs to drive process improvements
Posted by Mark Brousseau
Multi-function printers (MFPs) – devices that can print, fax, copy and scan documents – continue to experience tremendous growth, Daniel Schmidt, product marketing manager, Kofax, told attendees at Kofax Transform 2011 Americas this morning in San Diego.
Schmidt cited statistics from IDC that the MFP market grew by 18 and 22 percent last year, representing a total market of 13 million MFP devices, compared to just 800,000 document scanners.
Despite this tremendous growth, most organizations have an opportunity to further reduce their operations costs by leveraging and extending MFPs as part of their business processes, Schmidt said.
Realizing these costs savings, Schmidt said, are as easy as 1-2-3:
1. Consolidate control of MFPs.
2. Leverage MFPs for distributed scanning.
3. Integrate MFPs into a scan-to-process initiative.
Consolidate
At most organizations, MFPs are fax-enabled via individual telephone lines, Roman Swoboda, vice president, business communications, Kofax told attendees. In cases where a company has thousands of deployed MFPs – possibly across the globe – this means thousands of individual telephone lines.
Swoboda said this type of MFP deployment creates a number of issues, including the tremendous costs associated with the individual phone lines (a single line costs up to $500, Swoboda noted), the lack of document tracking and archival, and the limited security over who can send faxes and where.
“A better approach is to connect the MFPs to a centralized infrastructure where faxes are sent in a consolidated and very structured way,” Swoboda said. This offers a number of advantages, including improved tracking and compliance, lower costs (fewer “trunk lines”), and the ability to leverage a consolidated platform. One company that consolidated its MFP infrastructure was able to eliminate up to two-thirds of its analog lines, delivering payback in six to eight months, Swoboda said.
Optimize
Another opportunity for improving MFP deployments is to extend the process to create searchable PDFs, as well as documents that can be archived. Schmidt suggested companies scan documents in remote offices and send them to a central archive. This reduces the costs of transporting documents between locations, eliminates the opportunity for lost document, improves information security, and enables the end-user to leverage all of the benefits of data capture, including bar code recognition.
Integrate
To maximize their MFP deployments, organizations should integrate the devices with their business processes. Schmidt said this approach can reduce processing time from days to minutes, in turn, providing more timely information that can enhance customer service. It also lowers processing costs, including labor and shipping costs; creates an audit trail for tracking documents end-to-end and improving compliance efforts; and improves security, providing complete document control.
What do you think?
Multi-function printers (MFPs) – devices that can print, fax, copy and scan documents – continue to experience tremendous growth, Daniel Schmidt, product marketing manager, Kofax, told attendees at Kofax Transform 2011 Americas this morning in San Diego.
Schmidt cited statistics from IDC that the MFP market grew by 18 and 22 percent last year, representing a total market of 13 million MFP devices, compared to just 800,000 document scanners.
Despite this tremendous growth, most organizations have an opportunity to further reduce their operations costs by leveraging and extending MFPs as part of their business processes, Schmidt said.
Realizing these costs savings, Schmidt said, are as easy as 1-2-3:
1. Consolidate control of MFPs.
2. Leverage MFPs for distributed scanning.
3. Integrate MFPs into a scan-to-process initiative.
Consolidate
At most organizations, MFPs are fax-enabled via individual telephone lines, Roman Swoboda, vice president, business communications, Kofax told attendees. In cases where a company has thousands of deployed MFPs – possibly across the globe – this means thousands of individual telephone lines.
Swoboda said this type of MFP deployment creates a number of issues, including the tremendous costs associated with the individual phone lines (a single line costs up to $500, Swoboda noted), the lack of document tracking and archival, and the limited security over who can send faxes and where.
“A better approach is to connect the MFPs to a centralized infrastructure where faxes are sent in a consolidated and very structured way,” Swoboda said. This offers a number of advantages, including improved tracking and compliance, lower costs (fewer “trunk lines”), and the ability to leverage a consolidated platform. One company that consolidated its MFP infrastructure was able to eliminate up to two-thirds of its analog lines, delivering payback in six to eight months, Swoboda said.
Optimize
Another opportunity for improving MFP deployments is to extend the process to create searchable PDFs, as well as documents that can be archived. Schmidt suggested companies scan documents in remote offices and send them to a central archive. This reduces the costs of transporting documents between locations, eliminates the opportunity for lost document, improves information security, and enables the end-user to leverage all of the benefits of data capture, including bar code recognition.
Integrate
To maximize their MFP deployments, organizations should integrate the devices with their business processes. Schmidt said this approach can reduce processing time from days to minutes, in turn, providing more timely information that can enhance customer service. It also lowers processing costs, including labor and shipping costs; creates an audit trail for tracking documents end-to-end and improving compliance efforts; and improves security, providing complete document control.
What do you think?
Information explosion driving capture growth
Posted by Mark Brousseau
There continues to be an enormous explosion of information, Alan Kerr, executive vice president of field operations, Kofax, said this morning during Kofax Transform 2011 Americas in San Diego. There also are “more and more ways” that information is coming into an organization, Kerr added.
It’s for these reasons that capture solutions are becoming more strategic, Kerr said. “People have to be able to increase service, meet compliance demands, and take costs out of the business,” Kerr said.
Not surprisingly, Kofax thinks the future is bright for capture solutions. “The capture market is about $2 billion a year and is expected to grow at an 11 percent compound annual growth rate through 2013,” Kofax CEO Reynolds Bish told attendees during his opening address.
Why the growth in capture solutions? Bish identified several driving factors:
… “As we improve our products, we continue to growth the market,” he said.
… “There is an increasing realization on the part of our customers that the paper will not go away,” Bish said. “Users have concluded that the only way to make it go away is to scan it.”
… “Paper is a compliance risk,” he noted.
… “There is a desire to convert all of that unstructured content into accessible information,” Bish said.
… “We have seeded the market for enterprise solutions with our tactical installations,” he said.
… “We can deliver proven short-term return on investments, often through the elimination of manual processes,” Bish said.
The growth of capture solutions represents “a lot of potential, as well as some challenges,” for Kofax Transform 2011 Americas attendees, Bish said.
For end-users, the challenge is to unlock the data stuck in their paper-driven business processes. “Improving business processes starts with information,” Kerr noted. “How do you capture this information? How do you transform it to make it useful? And how do you exchange it across the enterprise?”
For their part, capture vendors have to be able to provide departmental solutions, enterprise solutions, big batch back-office solutions, and knowledge solutions, Kerr said. “You have to be able to scale up and across. You must also be able to support global capabilities,” Kerr added.
So what else are end-users looking for from a capture solutions provider? Kerr said there are several key criteria:
… Partners that understand the end-user’s business problems and enterprise
… A financially stable company that is investing in the marketplace
… A strategic business relationship
… Return on investment
Against this backdrop, Bish concluded: “I really believe that the future is really bright here at Kofax and there is a tremendous opportunity for us to engage with end-users and our channel partners.”
What do you think?
There continues to be an enormous explosion of information, Alan Kerr, executive vice president of field operations, Kofax, said this morning during Kofax Transform 2011 Americas in San Diego. There also are “more and more ways” that information is coming into an organization, Kerr added.
It’s for these reasons that capture solutions are becoming more strategic, Kerr said. “People have to be able to increase service, meet compliance demands, and take costs out of the business,” Kerr said.
Not surprisingly, Kofax thinks the future is bright for capture solutions. “The capture market is about $2 billion a year and is expected to grow at an 11 percent compound annual growth rate through 2013,” Kofax CEO Reynolds Bish told attendees during his opening address.
Why the growth in capture solutions? Bish identified several driving factors:
… “As we improve our products, we continue to growth the market,” he said.
… “There is an increasing realization on the part of our customers that the paper will not go away,” Bish said. “Users have concluded that the only way to make it go away is to scan it.”
… “Paper is a compliance risk,” he noted.
… “There is a desire to convert all of that unstructured content into accessible information,” Bish said.
… “We have seeded the market for enterprise solutions with our tactical installations,” he said.
… “We can deliver proven short-term return on investments, often through the elimination of manual processes,” Bish said.
The growth of capture solutions represents “a lot of potential, as well as some challenges,” for Kofax Transform 2011 Americas attendees, Bish said.
For end-users, the challenge is to unlock the data stuck in their paper-driven business processes. “Improving business processes starts with information,” Kerr noted. “How do you capture this information? How do you transform it to make it useful? And how do you exchange it across the enterprise?”
For their part, capture vendors have to be able to provide departmental solutions, enterprise solutions, big batch back-office solutions, and knowledge solutions, Kerr said. “You have to be able to scale up and across. You must also be able to support global capabilities,” Kerr added.
So what else are end-users looking for from a capture solutions provider? Kerr said there are several key criteria:
… Partners that understand the end-user’s business problems and enterprise
… A financially stable company that is investing in the marketplace
… A strategic business relationship
… Return on investment
Against this backdrop, Bish concluded: “I really believe that the future is really bright here at Kofax and there is a tremendous opportunity for us to engage with end-users and our channel partners.”
What do you think?
Tuesday, November 9, 2010
The OIT booth at ARMA 2010
Jim Thumma (left), vice president of sales and marketing for Optical Image Technology, Inc. (OIT), and Vijay Magon, technical director for ccube solutions, in the OIT booth at ARMA 2010 in San Francisco.
ibml's booth at ARMA 2010
ibml's booth at ARMA 2010 this week in San Francisco. ibml was demonstrating its ImageTrac Lite scanner at the conference.
What’s keeping CEOs up at night?
By Rich Walsh
Storage professionals who want to bring new ideas to their organizations on how better to manage corporate data might want to take note of Gartner, Inc.’s “seven major CEO concerns that CIOs should address.”
Gartner’s guide for CIOs provides some excellent insight into what management (CEOs in particular) expects from any new project that involves additional spending or technology upgrades. For example, what Gartner outlines in “investing in new cost efficiencies” is consistent with offsite e-storage management plans that I have been discussing with companies of late.
Not surprisingly, anything that saves money will be viewed favorably. As Gartner’s analysts put it, “CIOs proposing larger structural cost-saving ideas, such as major end-to-end process changes or automations, will likely receive CEO approval.”
Additionally, Gartner points out that CEOs are increasingly expecting that solutions be long-term and sustainable. Ideally, anything proposed should not simply be a quick fix.
Offsite data storage projects can meet those requirements and, done right, can produce long-term cost savings and sustainable solutions. Your management team might be interested to know that many businesses have been gradually moving to offsite data management, successfully trimming costs while being able to continue to access, control and monitor their records.
What steps are you taking to improve operations, your role in IT and data management overall?
Rich Walsh is president, Document Archive & Repository Services at Viewpointe. Rich has more than 25 years of operational information technology experience.
Storage professionals who want to bring new ideas to their organizations on how better to manage corporate data might want to take note of Gartner, Inc.’s “seven major CEO concerns that CIOs should address.”
Gartner’s guide for CIOs provides some excellent insight into what management (CEOs in particular) expects from any new project that involves additional spending or technology upgrades. For example, what Gartner outlines in “investing in new cost efficiencies” is consistent with offsite e-storage management plans that I have been discussing with companies of late.
Not surprisingly, anything that saves money will be viewed favorably. As Gartner’s analysts put it, “CIOs proposing larger structural cost-saving ideas, such as major end-to-end process changes or automations, will likely receive CEO approval.”
Additionally, Gartner points out that CEOs are increasingly expecting that solutions be long-term and sustainable. Ideally, anything proposed should not simply be a quick fix.
Offsite data storage projects can meet those requirements and, done right, can produce long-term cost savings and sustainable solutions. Your management team might be interested to know that many businesses have been gradually moving to offsite data management, successfully trimming costs while being able to continue to access, control and monitor their records.
What steps are you taking to improve operations, your role in IT and data management overall?
Rich Walsh is president, Document Archive & Repository Services at Viewpointe. Rich has more than 25 years of operational information technology experience.
Sunday, November 7, 2010
SharePoint and eDiscovery Readiness
Posted by Mark Brousseau
When it comes to eDiscovery readiness, getting involved in their organization’s SharePoint initiatives should be a top priority for records managers, Martin Tuip, senior technical product marketing manager, Iron Mountain Digital, said during a presentation today at the ARMA Annual Conference in San Francisco.
SharePoint broke the $1 billion revenue mark last year, and has continued to rise past that total this year, making it the hottest-selling server-side product ever for Microsoft, Tuip said, adding that many organizations are planning to deploy SharePoint 2010 or have already done so.
“But the problem at many organizations is that SharePoint initiatives are being driven by IT, without much involvement from records managers. IT and records managers need each other,” Tuip said. “All of the content in SharePoint might have to retained, depending on your business.”
“From a legal perspective, eventually you will have a matter that will require information out of SharePoint. Those lawsuits will eventually come,” Tuip predicted. “Export functionality is available in SharePoint, but in an extremely limited fashion.” Records managers need to be proactive about working with their IT team to prepare for these inevitable eDiscovery actions, Tuip explained.
“You know that this is coming down the line,” Tuip said.
The first step in implementing SharePoint governance, Tuip said, is to determine what is going to be a vital record for your organization. Then get IT involved in setting the governance standards and determining how to implement them. Organizations can leverage their existing infrastructure to provide for seamless retention of SharePoint content, or “pick a new product that can assist with all of your retention concerns,” Tuip said. He warned that, “eDiscovery is risky. The problem with eDiscovery is that content hides in multiple places. That’s why organizations need an eDiscovery application that provides comprehensive enterprise-wide search queries of the most requested ESI types. A proper eDiscovery application can significantly reduce the collection time associated with lawsuits.”
Tuip concluded: “I love SharePoint. I think that it’s a phenomenal solution. But records managers need to understand that it doesn’t have eDiscovery capabilities, and they’ll have to work with IT to determine how to deal with that.”
What do you think?
When it comes to eDiscovery readiness, getting involved in their organization’s SharePoint initiatives should be a top priority for records managers, Martin Tuip, senior technical product marketing manager, Iron Mountain Digital, said during a presentation today at the ARMA Annual Conference in San Francisco.
SharePoint broke the $1 billion revenue mark last year, and has continued to rise past that total this year, making it the hottest-selling server-side product ever for Microsoft, Tuip said, adding that many organizations are planning to deploy SharePoint 2010 or have already done so.
“But the problem at many organizations is that SharePoint initiatives are being driven by IT, without much involvement from records managers. IT and records managers need each other,” Tuip said. “All of the content in SharePoint might have to retained, depending on your business.”
“From a legal perspective, eventually you will have a matter that will require information out of SharePoint. Those lawsuits will eventually come,” Tuip predicted. “Export functionality is available in SharePoint, but in an extremely limited fashion.” Records managers need to be proactive about working with their IT team to prepare for these inevitable eDiscovery actions, Tuip explained.
“You know that this is coming down the line,” Tuip said.
The first step in implementing SharePoint governance, Tuip said, is to determine what is going to be a vital record for your organization. Then get IT involved in setting the governance standards and determining how to implement them. Organizations can leverage their existing infrastructure to provide for seamless retention of SharePoint content, or “pick a new product that can assist with all of your retention concerns,” Tuip said. He warned that, “eDiscovery is risky. The problem with eDiscovery is that content hides in multiple places. That’s why organizations need an eDiscovery application that provides comprehensive enterprise-wide search queries of the most requested ESI types. A proper eDiscovery application can significantly reduce the collection time associated with lawsuits.”
Tuip concluded: “I love SharePoint. I think that it’s a phenomenal solution. But records managers need to understand that it doesn’t have eDiscovery capabilities, and they’ll have to work with IT to determine how to deal with that.”
What do you think?
Organizations Ramp-up Records Management Technology Adoption Plans
Posted by Mark Brousseau
Enterprises plan to accelerate records management adoption in 2011, Brian W. Hill, senior analyst, Forrester Research, said today during a presentation at the ARMA Annual Conference in San Francisco.
Sixty-three percent of records management stakeholders plan to expand or roll-out new records management products in 2011, Hill said, citing the results of a study conducted by Forrester Research and ARMA. The key drivers of this growth include the need for organizations to manage a broader array of electronic content, support regulatory requirements, and ease eDiscovery pain.
Hill said records management software spending next year will top $250,000 for 17 percent of respondents to the study by Forrester Research and ARMA. “If you factor in some of the other costs associated with records management – such as change management – the figure is actually quite a bit higher,” Hill added.
While spending on records management solutions is on the upswing, satisfaction rates are declining. Fifteen percent of respondents to the study by Forrester Research and ARMA indicated that they are “very satisfied” with their records management solution – down from 23 percent the year before. “Given the maturity of records management, this is cause for concern,” Hill said, adding that there are a lot of reasons for low satisfaction. “Some of them have to do with technology, but others have to deal with people and processes, such as complex and lengthy deployments and the high costs of software and services,” Hill explained.
Synchronizing eDiscovery, records management and archiving efforts was identified as a challenge by about half of the organizations surveyed. “These handoffs are a big headache for organizations,” Hill noted.
And the problem could get worse. “Records management professionals must recognize that expected storage volumes for records systems are significant and growing fast,” Hill said. “Records management stakeholders expecting more than 50 percent storage growth may need to reset their expectations with those of IT storage stakeholders to ensure that capacity plans are appropriately aligned.”
To improve the likelihood of success for your eDiscovery program, Hill suggested the following seven habits:
Effective habit No. 1: Get executive support and build the right team.
Effective habit No. 2: Stop saving everything.
Effective habit No. 3: Streamline legal hold and look to leverage ‘early case assessment’ applications.
Effective habit No. 4: Focus on a broad array of ESI as part of your legal risk mitigation efforts.
Effective habit No. 5: Seek to rationalize systems and processes that support eDiscovery.
Effective habit No. 6: Strategically plan for global eDiscovery implications.
Effective habit No. 7: Accelerate eDiscovery program formalization.
What do you think?
Enterprises plan to accelerate records management adoption in 2011, Brian W. Hill, senior analyst, Forrester Research, said today during a presentation at the ARMA Annual Conference in San Francisco.
Sixty-three percent of records management stakeholders plan to expand or roll-out new records management products in 2011, Hill said, citing the results of a study conducted by Forrester Research and ARMA. The key drivers of this growth include the need for organizations to manage a broader array of electronic content, support regulatory requirements, and ease eDiscovery pain.
Hill said records management software spending next year will top $250,000 for 17 percent of respondents to the study by Forrester Research and ARMA. “If you factor in some of the other costs associated with records management – such as change management – the figure is actually quite a bit higher,” Hill added.
While spending on records management solutions is on the upswing, satisfaction rates are declining. Fifteen percent of respondents to the study by Forrester Research and ARMA indicated that they are “very satisfied” with their records management solution – down from 23 percent the year before. “Given the maturity of records management, this is cause for concern,” Hill said, adding that there are a lot of reasons for low satisfaction. “Some of them have to do with technology, but others have to deal with people and processes, such as complex and lengthy deployments and the high costs of software and services,” Hill explained.
Synchronizing eDiscovery, records management and archiving efforts was identified as a challenge by about half of the organizations surveyed. “These handoffs are a big headache for organizations,” Hill noted.
And the problem could get worse. “Records management professionals must recognize that expected storage volumes for records systems are significant and growing fast,” Hill said. “Records management stakeholders expecting more than 50 percent storage growth may need to reset their expectations with those of IT storage stakeholders to ensure that capacity plans are appropriately aligned.”
To improve the likelihood of success for your eDiscovery program, Hill suggested the following seven habits:
Effective habit No. 1: Get executive support and build the right team.
Effective habit No. 2: Stop saving everything.
Effective habit No. 3: Streamline legal hold and look to leverage ‘early case assessment’ applications.
Effective habit No. 4: Focus on a broad array of ESI as part of your legal risk mitigation efforts.
Effective habit No. 5: Seek to rationalize systems and processes that support eDiscovery.
Effective habit No. 6: Strategically plan for global eDiscovery implications.
Effective habit No. 7: Accelerate eDiscovery program formalization.
What do you think?
Wednesday, October 20, 2010
Investment in knowledge workers critical to economic recovery
Posted by Mark Brousseau
One of the keys for economic recovery lies in aggressive investment in Social Business Systems designed to dramatically improve the productivity of middle tier knowledge workers.
That’s according to a new report by AIIM and noted author Geoffrey Moore (Dealing with Darwin, Crossing the Chasm, Inside the Tornado, The Gorilla Game and Living on the Fault Line).
These "Systems of Engagement" enhance the ability of knowledge workers to quickly cooperate with each other in order to improve operating flexibility and customer engagement, the report says.
"We have spent the past several decades of IT investment focused on deploying 'systems of record.' These systems accomplished two important things," notes Moore. "First, they centralized, standardized, and automated business transactions on a global basis, thereby better enabling world trade. Second, they gave top management a global view of the state of the business, thereby better enabling global business management. Spending on the Enterprise Content Management technologies that are at the core of Systems of Record will continue -- and will actually expand as these solutions become more available and relevant to small and mid-sized organizations. However, there is also a new and revolutionary wave of spending emerging on Systems of Engagement -- a wave focused directly on knowledge worker effectiveness and productivity. Social Business Systems are at the heart of Systems of Engagement."
According to AIIM Chair Lynn Fraas, Vice President of Crown Partners, "Social Business Systems provide a means for organizations to build on their investment in content management solutions. Increasingly, Systems of Record have become a necessary but not sufficient prerequisite for business success. In the future, organizations will differentiate themselves based on how well they deploy Social Business technologies to improve organizational flexibility and better engage customers. These Social Business technologies are transforming customer engagement through such consumer facing tools as Facebook, LinkedIn, and Twitter. They are simultaneously creating new models of employee and partner collaboration, cooperation and conversation within organizations -- models that will eventually replace e-mail as the primary means of internal collaboration."
According to Moore, "The first wave of spending left knowledge workers mostly on their own. We gave our workers laptops, connectivity, email, and the Office suite, and told them to go be more productive. The world of consumer social technology has given our workforces a taste of what is possible beyond this kind of rudimentary e-mail driven collaboration. Given the pressures that global business models are putting on collaboration and coordination across enterprise boundaries, the demand for increased capabilities is escalating rapidly. The implications of this for IT organizations and CIOs are revolutionary -- organizations need to quickly get in front of this curve or they run the risk of getting run over by it. We are on the cusp of a new wave of investment in Social Business Systems that will focus on providing knowledge workers with the tools to collaborate with a business purpose."
"We are not just talking about collaboration for collaboration's sake," concludes AIIM President John F. Mancini. "Nor are we talking about companies tentatively setting up Facebook fan sites or Twitter accounts to appear to be 'social.' We are talking about the strategic deployment of Social Business Systems that can help organizations improve the flexibility and responsiveness of their core processes and be more responsive to customers. As organizations implement these Social Business Systems, they need to meet three criteria: 1) How to do so quickly; 2) How to do so responsibly; and 3) How to do so in a way that achieves a business purpose."
What do you think?
One of the keys for economic recovery lies in aggressive investment in Social Business Systems designed to dramatically improve the productivity of middle tier knowledge workers.
That’s according to a new report by AIIM and noted author Geoffrey Moore (Dealing with Darwin, Crossing the Chasm, Inside the Tornado, The Gorilla Game and Living on the Fault Line).
These "Systems of Engagement" enhance the ability of knowledge workers to quickly cooperate with each other in order to improve operating flexibility and customer engagement, the report says.
"We have spent the past several decades of IT investment focused on deploying 'systems of record.' These systems accomplished two important things," notes Moore. "First, they centralized, standardized, and automated business transactions on a global basis, thereby better enabling world trade. Second, they gave top management a global view of the state of the business, thereby better enabling global business management. Spending on the Enterprise Content Management technologies that are at the core of Systems of Record will continue -- and will actually expand as these solutions become more available and relevant to small and mid-sized organizations. However, there is also a new and revolutionary wave of spending emerging on Systems of Engagement -- a wave focused directly on knowledge worker effectiveness and productivity. Social Business Systems are at the heart of Systems of Engagement."
According to AIIM Chair Lynn Fraas, Vice President of Crown Partners, "Social Business Systems provide a means for organizations to build on their investment in content management solutions. Increasingly, Systems of Record have become a necessary but not sufficient prerequisite for business success. In the future, organizations will differentiate themselves based on how well they deploy Social Business technologies to improve organizational flexibility and better engage customers. These Social Business technologies are transforming customer engagement through such consumer facing tools as Facebook, LinkedIn, and Twitter. They are simultaneously creating new models of employee and partner collaboration, cooperation and conversation within organizations -- models that will eventually replace e-mail as the primary means of internal collaboration."
According to Moore, "The first wave of spending left knowledge workers mostly on their own. We gave our workers laptops, connectivity, email, and the Office suite, and told them to go be more productive. The world of consumer social technology has given our workforces a taste of what is possible beyond this kind of rudimentary e-mail driven collaboration. Given the pressures that global business models are putting on collaboration and coordination across enterprise boundaries, the demand for increased capabilities is escalating rapidly. The implications of this for IT organizations and CIOs are revolutionary -- organizations need to quickly get in front of this curve or they run the risk of getting run over by it. We are on the cusp of a new wave of investment in Social Business Systems that will focus on providing knowledge workers with the tools to collaborate with a business purpose."
"We are not just talking about collaboration for collaboration's sake," concludes AIIM President John F. Mancini. "Nor are we talking about companies tentatively setting up Facebook fan sites or Twitter accounts to appear to be 'social.' We are talking about the strategic deployment of Social Business Systems that can help organizations improve the flexibility and responsiveness of their core processes and be more responsive to customers. As organizations implement these Social Business Systems, they need to meet three criteria: 1) How to do so quickly; 2) How to do so responsibly; and 3) How to do so in a way that achieves a business purpose."
What do you think?
Saturday, July 10, 2010
Capture 2011: From Imaging to Archive
Coming in Early 2011 -- Actionable ideas for improving document-driven business applications!
TAWPI, IAPP and IARP have joined forces to create Capture 2011 – the premier event on complex data capture and transactional content management. This one-of-a-kind event focuses on emerging technologies and best practices for the automation of critical document-driven applications such as: invoice processing, order entry, application processing, loan processing, tax processing, healthcare payments processing, mailroom automation, payments and more!
Through end-user case study presentations, interactive panel discussions, and visionary keynote presentations, attendees will gain actionable strategies for improving business outcomes in document-driven applications. The event also will feature valuable networking opportunities, and an expo hall in which attendees can see data capture and transactional content management technologies and services firsthand.
Topics covered will include:
• Complex data capture
• Content management
• Workflow/decisioning
• Enterprise data capture
• Information archive/storage/delivery
• Data security/privacy/compliance
• SharePoint optimization
Vertical markets covered:
• Banking/financial services
• Insurance
• Government
• Healthcare
• Service bureaus
• Utilities/telcos
• Retail/mail order
• And more!
Capture 2011 will be an unparalleled event for professionals responsible for managing document-driven business applications. Don’t miss it!
For more details, visit www.tawpi.org or www.iappnet.org.
TAWPI, IAPP and IARP have joined forces to create Capture 2011 – the premier event on complex data capture and transactional content management. This one-of-a-kind event focuses on emerging technologies and best practices for the automation of critical document-driven applications such as: invoice processing, order entry, application processing, loan processing, tax processing, healthcare payments processing, mailroom automation, payments and more!
Through end-user case study presentations, interactive panel discussions, and visionary keynote presentations, attendees will gain actionable strategies for improving business outcomes in document-driven applications. The event also will feature valuable networking opportunities, and an expo hall in which attendees can see data capture and transactional content management technologies and services firsthand.
Topics covered will include:
• Complex data capture
• Content management
• Workflow/decisioning
• Enterprise data capture
• Information archive/storage/delivery
• Data security/privacy/compliance
• SharePoint optimization
Vertical markets covered:
• Banking/financial services
• Insurance
• Government
• Healthcare
• Service bureaus
• Utilities/telcos
• Retail/mail order
• And more!
Capture 2011 will be an unparalleled event for professionals responsible for managing document-driven business applications. Don’t miss it!
For more details, visit www.tawpi.org or www.iappnet.org.
Monday, July 5, 2010
How to communicate without saying a word
Posted by Tom Walker, portfolio manager, SAP Accounts Payable Solution, Open Text Corporation:
How to communication without saying a word?
This can be a difficult challenge in the world of Accounts Payable when working to post invoices accurately and quickly. Just accurately and quickly alone is a major task but when you add “quietly”…is it really possible?
Think of all the people involved…Accounts Payable Professionals, Approvers, Corporate Procurement, Field Procurement, Receiving, Contract Management, Master Data Management, Tax Professionals…just to name a few. There are a number of Vendors offering solutions to address the accurate and quick...although in many cases you have to decide…do you want it accurate or quick…one or the other but not both. Yet very few address the quietly issue.
Why is this important? For invoices that are received and immediately posted without any human intervention due to issues such as problem resolution or approval, communication is not a critical factor. Yet when that 80/20 rule kicks in where 20% of your invoices result in 80% of the problems, the Accounts Payable Professional must reach out and communicate. They need to communicate with the individuals that have both the knowledge and security authorization to resolve / approve invoices as required by best practice separation of duties.
As an example, in an ERP such as SAP this communication is often started by running a report such as MRBR to find invoices blocked for payment. Without a solution that includes “quietly” as a building block, the first communication triggers a barrage of activity including but not limited to emails, phone calls, entries into spreadsheets for follow up, follow up calls, making copies of invoices and pulling contracts.
So how do you add “quietly” to the process flow? You must examine the entire process flow from how you receive the invoice, how you capture the meta data at the header and line item level, how you determine if there is a problem and then who must be involved to resolve / approve. Equally important is anticipate what that person requires to complete the task…such as…access to invoice and related document images, history of others that have worked on the process including their comments, transactional data such as purchase order, goods receipt, prior postings to purchase order and options to resolution / approval.
One excellent example of a “quite” solution is provided by SAP with their SAP Invoice Management and optional OCR.
One last thought…quiet extends to reporting also…you need to anticipate the need for information related to the invoice. While invoice payment status is certainly important you must also anticipate others will want to know trends such as invoices paid without problem and if a problem…what type of problem is most common. Yet a truly quiet process goes beyond the expected reporting…the invoice occurred because of a purchase…the purchase occurred due to a larger business process such as a building project and so on. You must anticipate that others must be able to see the invoice as part of the bigger picture.
This bigger picture is ECM. You would expect that a large ERP would anticipate this more holistic requirement and SAP has also done that by providing an ECM solution through it partnership with Open Text that takes the invoice and quietly makes it available as part of the ECM big picture. This allows you to see for example all the invoices from one vendor on one project in one virtual view or to see all the invoices related to the project regardless of vendor. No longer is it required to communicate and ask the Accounts Payable Professional to accumulate all the related information and wait for a response…it is already waiting for you to access immediate and quietly.
So…accurate…quick…quiet…yes it is possible!
How to communication without saying a word?
This can be a difficult challenge in the world of Accounts Payable when working to post invoices accurately and quickly. Just accurately and quickly alone is a major task but when you add “quietly”…is it really possible?
Think of all the people involved…Accounts Payable Professionals, Approvers, Corporate Procurement, Field Procurement, Receiving, Contract Management, Master Data Management, Tax Professionals…just to name a few. There are a number of Vendors offering solutions to address the accurate and quick...although in many cases you have to decide…do you want it accurate or quick…one or the other but not both. Yet very few address the quietly issue.
Why is this important? For invoices that are received and immediately posted without any human intervention due to issues such as problem resolution or approval, communication is not a critical factor. Yet when that 80/20 rule kicks in where 20% of your invoices result in 80% of the problems, the Accounts Payable Professional must reach out and communicate. They need to communicate with the individuals that have both the knowledge and security authorization to resolve / approve invoices as required by best practice separation of duties.
As an example, in an ERP such as SAP this communication is often started by running a report such as MRBR to find invoices blocked for payment. Without a solution that includes “quietly” as a building block, the first communication triggers a barrage of activity including but not limited to emails, phone calls, entries into spreadsheets for follow up, follow up calls, making copies of invoices and pulling contracts.
So how do you add “quietly” to the process flow? You must examine the entire process flow from how you receive the invoice, how you capture the meta data at the header and line item level, how you determine if there is a problem and then who must be involved to resolve / approve. Equally important is anticipate what that person requires to complete the task…such as…access to invoice and related document images, history of others that have worked on the process including their comments, transactional data such as purchase order, goods receipt, prior postings to purchase order and options to resolution / approval.
One excellent example of a “quite” solution is provided by SAP with their SAP Invoice Management and optional OCR.
One last thought…quiet extends to reporting also…you need to anticipate the need for information related to the invoice. While invoice payment status is certainly important you must also anticipate others will want to know trends such as invoices paid without problem and if a problem…what type of problem is most common. Yet a truly quiet process goes beyond the expected reporting…the invoice occurred because of a purchase…the purchase occurred due to a larger business process such as a building project and so on. You must anticipate that others must be able to see the invoice as part of the bigger picture.
This bigger picture is ECM. You would expect that a large ERP would anticipate this more holistic requirement and SAP has also done that by providing an ECM solution through it partnership with Open Text that takes the invoice and quietly makes it available as part of the ECM big picture. This allows you to see for example all the invoices from one vendor on one project in one virtual view or to see all the invoices related to the project regardless of vendor. No longer is it required to communicate and ask the Accounts Payable Professional to accumulate all the related information and wait for a response…it is already waiting for you to access immediate and quietly.
So…accurate…quick…quiet…yes it is possible!
Thursday, June 3, 2010
Priceless gem or fool's gold?
Posted by Mark Brousseau
Priceless gem or fool’s gold? Laurel B. Sanders (lsanders@docfinity.com) of Optical Image Technology (OIT) offers 10 strategies for cost justifying an automated invoice processing solution:
Remember the stuff we called fool’s gold as kids? Our first discovery led plenty of us to think we were striking it rich as we ran home with sample treasure in hand. Reminiscent smiles and chuckles quickly told us we had been fooled by something that held more apparent than intrinsic value. Similarly, some technology improvements are priceless. Others seem like a great idea, but deliver only moderate value.
Automated invoice processing is no fool’s gold. Implemented well, it’s a priceless gem that boosts profitability, service reputations, and employee morale. If you understand the ROI, it’s easy to defend making the investment. Integrating electronic document management (EDM) and business process management (BPM) software with your line-of-business (LOB) applications saves time, money, and aggravation by letting you:
1. Access payment-related documents instantly
• Integrating a digital repository with your LOB apps gives you instant access to images of invoices, purchase requisitions/orders, packing and delivery slips, checks, GL info, and more within your preferred invoicing system. No more cumbersome search. No lost documents. No re-creating missing files.
2. Match documentation automatically
• Rules-driven BPM searches for identical customer data, invoice numbers, product codes, descriptions, payment terms, and more, validating invoicing readiness. Automated matching gives you more time for meaningful work.
3. Identify discrepancies and errors quickly
• BPM easily identifies missing or inconsistent information so you can take appropriate action. Email alerts notify workers of tasks requiring human intervention. Everything else keeps moving.
4. Expedite invoice routing and approval
• ECM and BPM gather, package, and flow documentation to the right people for timely review. Automated routing with links to files requiring approval, and task assignment based on hierarchies and attendance rules ensure each invoice is handled promptly and appropriately. Turnaround: typically 50-90 % faster (with less effort).
5. Eliminate errors by re-using data intelligently
• As new documents are created (purchase orders following approved requisition orders; invoices after shipping), meaningful data is extracted and re-used, improving content integrity and transactional accuracy. No more $10 invoices for $100 goods or multiple bills to Mr. Smyth/Smithe/Smith. Say goodbye to costly errors.
6. Collect receivables quickly and cost efficiently
• Automated document review, instant file access, and automated routing/approval for documents that meet billing criteria minimize human involvement while ensuring quick, accurate processing.
7. Take advantage of more early-payment discounts
• Automated invoicing based on business rules and real-time data such as invoicing terms lets you keep pace with 2/10 net 30 and other discounts, saving $$.
8. Eliminate late payment penalties
• Don’t (ever!) miss an important date. Automated invoice processing relies on stored information rather than human accuracy and reliability to ensure timely decisions. Stored data (such as due dates and discount opportunities) keeps work prioritized, removing the potential for errors and missed opportunities.
9. Help staff to be more productive
• Work is most satisfying when employees’ skills and talents are used well. Automation lets workers focus handle routine work quickly, giving them time to focus on problematic cases and accomplish typically 30-60% more each day than they would without it.
10. Create a better work environment
• Creating a balance between work’s challenges and rewards isn’t easy. Automation lets employees apply the skills they have worked to develop, be more productive, and accomplish what needs to be done so they can have a life beyond the workplace.
Still wondering if it’s worth it? Consider your own work environment. Are you extracting full value from your people, systems, and business information? If there’s room for improvement, there’s no better time to start than right now.
Priceless gem or fool’s gold? Laurel B. Sanders (lsanders@docfinity.com) of Optical Image Technology (OIT) offers 10 strategies for cost justifying an automated invoice processing solution:
Remember the stuff we called fool’s gold as kids? Our first discovery led plenty of us to think we were striking it rich as we ran home with sample treasure in hand. Reminiscent smiles and chuckles quickly told us we had been fooled by something that held more apparent than intrinsic value. Similarly, some technology improvements are priceless. Others seem like a great idea, but deliver only moderate value.
Automated invoice processing is no fool’s gold. Implemented well, it’s a priceless gem that boosts profitability, service reputations, and employee morale. If you understand the ROI, it’s easy to defend making the investment. Integrating electronic document management (EDM) and business process management (BPM) software with your line-of-business (LOB) applications saves time, money, and aggravation by letting you:
1. Access payment-related documents instantly
• Integrating a digital repository with your LOB apps gives you instant access to images of invoices, purchase requisitions/orders, packing and delivery slips, checks, GL info, and more within your preferred invoicing system. No more cumbersome search. No lost documents. No re-creating missing files.
2. Match documentation automatically
• Rules-driven BPM searches for identical customer data, invoice numbers, product codes, descriptions, payment terms, and more, validating invoicing readiness. Automated matching gives you more time for meaningful work.
3. Identify discrepancies and errors quickly
• BPM easily identifies missing or inconsistent information so you can take appropriate action. Email alerts notify workers of tasks requiring human intervention. Everything else keeps moving.
4. Expedite invoice routing and approval
• ECM and BPM gather, package, and flow documentation to the right people for timely review. Automated routing with links to files requiring approval, and task assignment based on hierarchies and attendance rules ensure each invoice is handled promptly and appropriately. Turnaround: typically 50-90 % faster (with less effort).
5. Eliminate errors by re-using data intelligently
• As new documents are created (purchase orders following approved requisition orders; invoices after shipping), meaningful data is extracted and re-used, improving content integrity and transactional accuracy. No more $10 invoices for $100 goods or multiple bills to Mr. Smyth/Smithe/Smith. Say goodbye to costly errors.
6. Collect receivables quickly and cost efficiently
• Automated document review, instant file access, and automated routing/approval for documents that meet billing criteria minimize human involvement while ensuring quick, accurate processing.
7. Take advantage of more early-payment discounts
• Automated invoicing based on business rules and real-time data such as invoicing terms lets you keep pace with 2/10 net 30 and other discounts, saving $$.
8. Eliminate late payment penalties
• Don’t (ever!) miss an important date. Automated invoice processing relies on stored information rather than human accuracy and reliability to ensure timely decisions. Stored data (such as due dates and discount opportunities) keeps work prioritized, removing the potential for errors and missed opportunities.
9. Help staff to be more productive
• Work is most satisfying when employees’ skills and talents are used well. Automation lets workers focus handle routine work quickly, giving them time to focus on problematic cases and accomplish typically 30-60% more each day than they would without it.
10. Create a better work environment
• Creating a balance between work’s challenges and rewards isn’t easy. Automation lets employees apply the skills they have worked to develop, be more productive, and accomplish what needs to be done so they can have a life beyond the workplace.
Still wondering if it’s worth it? Consider your own work environment. Are you extracting full value from your people, systems, and business information? If there’s room for improvement, there’s no better time to start than right now.
Thursday, April 22, 2010
7 Steps to Structured Content
Posted by Mark Brousseau
Structured content can be a powerful change agent within the organization. But to reap the power, Tom Magliery, an XML Technology Specialist at JustSystems, says organizations must first embrace the change. Magliery offers the steps below to help make the change happen:
Companies that adopt structured content have consistently seen it accelerate the creation, simplify the maintenance, and improve the quality of their content. They've seen structured content drive higher quality information, reduced publishing costs, and faster times to market for their technical manuals, policy documents, financial information, and other content and content-based
products and services.
So how does an organization - a department, division, or an entire company - get on the structured content bandwagon? Or, if it's already on the bandwagon, how does it expand the use of structured content within its operations? In either instance, the organization needs a strategy for moving to structured content and managing the change such a move creates. After years working with companies and helping them with their structured content adoption, I've found several common steps in the process.
Step 1 - Find a champion. You need a manager to sponsor the project, someone with a vested interest in the success of the structured content project. The champion's title is not as important as his or her commitment. Depending on the size of the organization, the title may be relatively modest. Department managers can be just as effective in the champion role as senior vice presidents. In fact, the department manager may be more effective than the senior VP in a department-level adoption. Regardless, the champion needs to be someone with a strategic vision and influence in the organization when it comes to content processes, and someone who stands to benefit by the move to structured content.
Step 2 - Understand the problem. What are the problems associated with your current content practices? And what are those problems costing today in terms of money, lost time, redundancies, inefficiencies, etc? Companies in regulated industries or litigious fields need to consider costs associated with penalties and litigation. For most companies, a typo is embarrassing, but it can lead to a huge fine or worse for companies in financial services or pharmaceuticals or other regulated industries. Finally, consider opportunity costs, the opportunities you can't pursue due to unstructured content constraints - e.g., adding multiple languages in a product line or publishing content in new formats.
Step 3 - Propose the alternative. Given the problems revealed in the previous step, define how structured content is going to resolve them. Map structured content's key functional attributes - content reuse, separation of format and content, etc. - to the challenges currently posed by unstructured content. Identify how reusable content could drive down costs by eliminating duplicate content creation or mitigate risk by ensuring the right content is used in all technical, legal and financial documents. Explain how the separation of format and content accelerates time to market by simplifying the creation of new content deliverables. Bottom line, you need to provide your champion with a vision of how structured content will solve those specific business problems that you just articulated.
In step 3, you also begin gathering requirements for the new structured content systems. This is a good place to start engaging the people who will be using the new tools and working with the new processes. You get a better idea of users' needs, and you get users invested in and excited by the new system, all of which promotes successful adoption.
Step 4 - Implement the change. Most organizations starting from scratch with structured content are better off starting small, getting their feet wet with a departmental pilot project instead of a broader departmental - or enterprise - rollout. Even organizations expanding their use of structured content are encouraged to move slowly, racking up a series of small successes rather than risking one spectacular failure. So start small and get professional assistance with the technical details rather than trying to do it all, even the tasks that are within your skill set.
Similarly, don't reinvent the wheel when it comes to using structured content within your specific business. If DITA (Darwin Information Typing Architecture) or some other schema is an appropriate solution for you, use it. The proof of concept is the proof of value. Later, you can expand the pilot into a larger implementation.
Step 5 - Hold users' hands. The last thing you want to do is implement a structured content solution only to have writers sneak off, create content in Word, and then copy and paste it to the structured content system because they're not comfortable. Make the users comfortable, especially the power users who others look to for how-to tips and advice. Too many organizations implement a project and move on, forgetting the people who have to use the new tools. Don't underestimate the amount of training and support users will need to be successful. And don't forget to give the users a voice in the adoption process. Implement a feedback cycle that lets them communicate their challenges and requests, and nurtures the feeling of investment that you initiated during Step 3.
Step 6 - Adjust and extend. Pilot projects are highly recommended for organizations that can afford them. The benefits of the pilot are the lessons learned from experience in the pilot. A pilot project reveals areas that can be improved and ways to make structured content tools and standards better fit the organization. So the pilot lets the organization make adjustments and corrections as it moves forward and builds out its structured content system.
Note the typical pilot project advice is "avoid customizations." In structured content, the pilot advice is "don't worry about getting your customizations perfect." Customization and specialization is inherent in the value of structured content. You can modify the systems to best serve your business needs. So as structured content adoption grows beyond the pilot, one of the key issues involves selection of the right products and the right standards. Those choices give you the right balance between what works out of the box and what is flexible - i.e., customizable - enough to meet future needs. You don't want a system that requires a lot of customization to be usable, but you do want a system that is capable of such customization to meet your evolving needs.
Step 7 - Acknowledge the success. No matter what size the organization or project, success needs to be communicated to project champions, project stakeholders, and the organization at large. This helps stakeholders look to other business units that may be suffering similar problems and help drive change in those areas of the organization. Ideally, those successes will be supported by before-and-after metrics that demonstrate quantifiable improvements - time or money saved, process efficiencies realized, etc.
What do you think?
Structured content can be a powerful change agent within the organization. But to reap the power, Tom Magliery, an XML Technology Specialist at JustSystems, says organizations must first embrace the change. Magliery offers the steps below to help make the change happen:
Companies that adopt structured content have consistently seen it accelerate the creation, simplify the maintenance, and improve the quality of their content. They've seen structured content drive higher quality information, reduced publishing costs, and faster times to market for their technical manuals, policy documents, financial information, and other content and content-based
products and services.
So how does an organization - a department, division, or an entire company - get on the structured content bandwagon? Or, if it's already on the bandwagon, how does it expand the use of structured content within its operations? In either instance, the organization needs a strategy for moving to structured content and managing the change such a move creates. After years working with companies and helping them with their structured content adoption, I've found several common steps in the process.
Step 1 - Find a champion. You need a manager to sponsor the project, someone with a vested interest in the success of the structured content project. The champion's title is not as important as his or her commitment. Depending on the size of the organization, the title may be relatively modest. Department managers can be just as effective in the champion role as senior vice presidents. In fact, the department manager may be more effective than the senior VP in a department-level adoption. Regardless, the champion needs to be someone with a strategic vision and influence in the organization when it comes to content processes, and someone who stands to benefit by the move to structured content.
Step 2 - Understand the problem. What are the problems associated with your current content practices? And what are those problems costing today in terms of money, lost time, redundancies, inefficiencies, etc? Companies in regulated industries or litigious fields need to consider costs associated with penalties and litigation. For most companies, a typo is embarrassing, but it can lead to a huge fine or worse for companies in financial services or pharmaceuticals or other regulated industries. Finally, consider opportunity costs, the opportunities you can't pursue due to unstructured content constraints - e.g., adding multiple languages in a product line or publishing content in new formats.
Step 3 - Propose the alternative. Given the problems revealed in the previous step, define how structured content is going to resolve them. Map structured content's key functional attributes - content reuse, separation of format and content, etc. - to the challenges currently posed by unstructured content. Identify how reusable content could drive down costs by eliminating duplicate content creation or mitigate risk by ensuring the right content is used in all technical, legal and financial documents. Explain how the separation of format and content accelerates time to market by simplifying the creation of new content deliverables. Bottom line, you need to provide your champion with a vision of how structured content will solve those specific business problems that you just articulated.
In step 3, you also begin gathering requirements for the new structured content systems. This is a good place to start engaging the people who will be using the new tools and working with the new processes. You get a better idea of users' needs, and you get users invested in and excited by the new system, all of which promotes successful adoption.
Step 4 - Implement the change. Most organizations starting from scratch with structured content are better off starting small, getting their feet wet with a departmental pilot project instead of a broader departmental - or enterprise - rollout. Even organizations expanding their use of structured content are encouraged to move slowly, racking up a series of small successes rather than risking one spectacular failure. So start small and get professional assistance with the technical details rather than trying to do it all, even the tasks that are within your skill set.
Similarly, don't reinvent the wheel when it comes to using structured content within your specific business. If DITA (Darwin Information Typing Architecture) or some other schema is an appropriate solution for you, use it. The proof of concept is the proof of value. Later, you can expand the pilot into a larger implementation.
Step 5 - Hold users' hands. The last thing you want to do is implement a structured content solution only to have writers sneak off, create content in Word, and then copy and paste it to the structured content system because they're not comfortable. Make the users comfortable, especially the power users who others look to for how-to tips and advice. Too many organizations implement a project and move on, forgetting the people who have to use the new tools. Don't underestimate the amount of training and support users will need to be successful. And don't forget to give the users a voice in the adoption process. Implement a feedback cycle that lets them communicate their challenges and requests, and nurtures the feeling of investment that you initiated during Step 3.
Step 6 - Adjust and extend. Pilot projects are highly recommended for organizations that can afford them. The benefits of the pilot are the lessons learned from experience in the pilot. A pilot project reveals areas that can be improved and ways to make structured content tools and standards better fit the organization. So the pilot lets the organization make adjustments and corrections as it moves forward and builds out its structured content system.
Note the typical pilot project advice is "avoid customizations." In structured content, the pilot advice is "don't worry about getting your customizations perfect." Customization and specialization is inherent in the value of structured content. You can modify the systems to best serve your business needs. So as structured content adoption grows beyond the pilot, one of the key issues involves selection of the right products and the right standards. Those choices give you the right balance between what works out of the box and what is flexible - i.e., customizable - enough to meet future needs. You don't want a system that requires a lot of customization to be usable, but you do want a system that is capable of such customization to meet your evolving needs.
Step 7 - Acknowledge the success. No matter what size the organization or project, success needs to be communicated to project champions, project stakeholders, and the organization at large. This helps stakeholders look to other business units that may be suffering similar problems and help drive change in those areas of the organization. Ideally, those successes will be supported by before-and-after metrics that demonstrate quantifiable improvements - time or money saved, process efficiencies realized, etc.
What do you think?
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