Companies keep missing golden opportunity to generate revenue

Not so long ago, International Data Corporation (IDC) gave out a warning in a Ricoh sponsored white paper that there is a high risk of breakdowns in document-driven business processes. IDC goes right ahead and does it all over again, because in their latest white paper (also sponsored by Ricoh) they try to bust the myth that the impact of improving document-driven processes applies only to reducing costs through back-office efficiencies. Au contraire, says IDC, because it yields strategic, top-line benefits while reducing bottom-line costs.

Reducing costs and increasing revenue

While it is true that improving document-driven processes can have a strong impact on reducing operational costs it can have an even greater impact on an organization’s top-line potential for revenue. IDC’s global study of 1,516 document-driven business process owners and information workers gives the following numbers:

• Over 83% of study respondents indicated that optimizing customer-facing document-driven business processes would increase revenue — on average by 10.1%. This could be achieved by improving customer communications, streamlining the sales and customer onboarding process, and improving customer support.
• In their role as consumers, more than half of the respondents are dissatisfied with the document-driven processes in six of the seven industries studied: business services (64.9%), government (63.9%), healthcare (63.1%), education (62.3%), insurance (54.3%), and telecommunications (51.8%).
• Among consumers who are dissatisfied with companies’ document processes, 60.1% would switch to another provider and 56.8% would likely tell others about their dissatisfaction.
• Respondents estimated that they could speed the time to get products to market by 13.4% by streamlining new product development, manufacturing, and supply chain functions.

What to do

Forewarned is forearmed, of course, but now what? Fortunately, IDC is kind enough to share some hints and tips:

• Focus on document-driven processes for strategic upside.
• Recognize that ineffective document processes damage customer relationships and hence your company.
• Take an extended view of document processes to include supply chain and distribution partners.
• Prepare your enterprise for tablet usage to avoid putting new stresses on document processes.
• Make document process repair a high priority for C-level executives.