The eDoc Revolution as Paperless Speeds up Digital Transformation
Form filling, getting a signature, scanning documents and returning via post is often a three-hour exercise while compliance driven for many industries is in practical terms a proverbial nightmare for small business to administer.
While government agencies with billion-dollar budgets have digitized a large raft of processes the move has been done out of necessity as the paper way would mean critical services would continue to be overwhelmed.
If, for example, the COVID-19 outbreak currently wreaking havoc on the global economy were to have taken place 15 years ago, it is debatable whether Governments the world over would have been able to cope.
Commonwealth Bank owned mortgage broker and lender, Aussie is one company that has embarked on digital transformation with stunning results.
The group which undertook a project called eDoc enabled its brokers to go paperless allowing the customer and broker to go through the process online as well as providing the business with data insights and provide a better user experience for the customer.
Additionally, the customer insights gained from such transactions can generate marketing and business intelligence data, a bank especially needs to compete in such a crowded market place.
In a small business sense, many of the aforementioned e-document offerings are also available for small scale business and can be accessed through the like of MYOB or Xero.
Simply put, mining companies, the local news agent, a consultancy and a bank are all governed by maximizing margin. If sales are constant, how does a firm boost its cash flow ?
Reducing cost through efficiency gain is the key determinant of profitability for most businesses.