Many of my colleagues say this question is easy to answer. What do you think?
Document Management – central repository with search (metadata and/or full text). Plug in one or more criteria and the solution brings back the exact information you are looking for at that moment. Compelling!
Web Content Management – automatic conversion and rendering of content to one or more web viewable formats – on multiple websites within your company. No longer have to wait for an IT resource to review, convert and post your content. Irresistible!
Records Management – Automatic retention and disposition of content based upon your corporate file plan. Fantastic!
Similar benefits and returns exist for collaboration and digital asset management.
But don’t you think IPM’s value proposition is the easiest to understand? Particularly for end users.
The Aberdeen Group published in 2008 a study in its E-Payables Benchmark Series: Imaging & Workflow detailing the differences between manual vs. electronic invoice processing costs for Accounts Payable. Findings have been detailed below:
Average manual per invoice processing costs:
Purchase Order-based invoices: $20.30
Non Purchase Order-based invoices: $21.10
Other invoices: $21.30
Average electronic per invoice processing costs:
Purchase Order-based invoices: $12.60
Non Purchase Order-based invoices: $14.00
Other invoices: $12.40
Customers understand these numbers. Not a lot of gray here. Real benefit is improved speed related to Accounts Payable cycle time. Let’s say you could reduce the Accounts Payable cycle by twenty (20) days. That would certainly be significant.
What do you think?