Accounting is a tedious but essential part of any organization. Accounts Receivable (A/R) is the action that puts money into the pockets of your business, with Accounts Payable (A/P) being the driving force to help your business grow and develop (which ultimately leads to more revenue entering the business’s wallet). A/P and A/R are the lifeblood of an organization, and immense importance should be given on ensuring these practices are performed efficiently and effectively.
Think about the next 5 years – is business growth towards the top of your list? Probably! Well the only way to successfully grow in such a competitive environment is to have all hands on deck and have the focus of your key members solely on growth-generating activities. These activities could take the form of networking, collaboration, analyzing your current market, looking into tapping new markets, research and development, hiring, and even getting leaner.
Every business has their niche, their one strong suit. This one service forms the foundation of your business and is your optimal revenue generating activity. The best use of your organization’s time is to focus on this type of activity and leaving those tasks not in the sphere of your expertise to partners. Freson Brothers, whom we will touch on later, noticed the need to have their focus surrounding revenue generating activity and to have Business Process Outsourcing Partners use their expertise in areas of invoice automation. As such, Freson Brothers partnered with Consentia to provide Accounts Payable Solutions. This partnership has been incredibly successful for both parties for years.
Which device are you reading this article on? Your desktop? Possibly your mobile device? Below the piece of glass with which you are reading these words is the possibility to access endless information. Knowledge on any topic imaginable can reach your device in the blink of an eye. Ease of access to documents, content, and data can now streamline business processes and automate workflow. However, just because we have all this information does not mean that each piece is as valuable as the next. As such, the collected material must be adequately organized to be optimally utilized. Involved in Enterprise Content Management (ECM) are the tools and procedures to collect and organize the aforementioned data, so as to be of value to the reader (whether the reader is a senior manager, client, etc).
There are a number of components within ECM which aid in achieving the goals listed above. The processes involved include capturing, managing, storing, preserving, and delivering information.
– Capturing information is accomplished through data transformation whereby physical documentation is converted to an electronic form, this being merged with your current catalogue of electronic information to deliver an inventory ready to be managed. An electronic catalogue would include pulled metadata which describes that piece of data.
– The Managing aspect includes the networking of data, records, and web content management to utilize information. Included with the above means are document management and business process management. The 5 components can either be working together, or separately.
– Storing data places an emphasis on the interim, with the information that is either not required or frequently changing backed up in the short term to allow for editing, if necessary.
– The Preserve component backs up the information that is opposite of what was listed in the last point, that is the infrequently changing and required data being backed up via Records Management Systems.
– Finally, Delivering the information provides the requested information to the user requesting it.
Documentum is an example of Records Management that is found in all stages of ECM. As Michael Trafton of BlueFishGroup states “Documentum is like a hard drive on steroids” due to its incredible practical applications for medium and large sized enterprises. There is still the ability to store your crucial files, however a difference compared to a hard drive stems from the ability to access these files. This ease of access does not take away from the notion of security, with Documentum providing the ability for certain parties to view (or not view) sensitive information, and allowing the capability to edit information through authorization.
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- Enterprise Content Management in 2020