How many times have you encountered this situation: One of your suppliers checks the payment status of a recent invoice and you launch into a frantic search for the document? Alternatively, what happens when the auditor requests to review a five-year-old document?
The whole process of managing digital documents (i.e. purchase orders, invoices, or sales receipts) can be daunting, and ECM gives companies a significant advantage. In most cases, companies implement ECM to reduce the cost of document storage and to safeguard against disaster. However, there are other advantages to ECM such as integration and user authorization controls through process flow. Today’s forward-thinking organizations are leveraging ECM capabilities beyond simple document management. ECM allows organizations to exchange documents securely, privately, and cost-effectively.
The question becomes whether to use the content management application that is native to ERP or an external one? External applications are complex in nature, and are fraught with integration issues, while native apps help simplify the process.
Here are some of the main advantages of native ECM:
- Using the native document management features of ERP, various business documents can be seamlessly integrated with transaction documents like Sales, Procurement, Shop Floor and Financials. This way the document passes through the business process paving the way for controlled and authorized usage.
- The document management feature of ERP helps the organization to reduce the paperwork by integrating documents in a rule based workflow. Hence, effectively restricting access for the documents to the staff who are not meant to access.
- It takes huge space to manage a jungle of physical files. With document digitization, you can easily scan and upload all your important documents and regain the space for other productive uses.
- Just imagine an effort you put to search a specific document. You wish you would not have to go through that experience again. The powerful indexing and search capability of ECM helps in finding any document in a matter of seconds.
ECM value addition in potential business functions
HR Onboarding: It can be tedious for HR to refer to employee documents from files. ECM brings automation to all stages of recruitment and onboarding and creates one comprehensive view for HR documents and tasks and employee personal information.
Purchasing: ECM fosters collaboration within procurement department as well as with suppliers. It digitizes everything from contract preparation to contract execution. Thus, bringing 360-degree information accessibility and transparency in the whole procurement process.
Engineering: Engineering department can attach product drawings with material codes to make it quickly accessible by concerned departments. This dramatically reduces document reference times resulting in cost cutting and time saving.
Production: ECM improves product life-cycle management by bringing visibility and transparency by providing centralized repository for engineering and shop floor documents. Production supervisors and workers can quickly reference engineering drawings available in system. This mitigates the risks of referring to outdated drawing documents thus eliminating production flaws and bringing overall efficiency in shop floor process.
Finance: This is the area where ECM can be used at its best. ECM comes to rescue Finance people specifically during audit process. Auditors can quickly refer purchase invoices to match with invoice documents booked in finance. This greatly saves time of Finance people as they are saved from haunting physical invoices in the jungle of documents.
ECM opens the door to process transformation through document digitization. It helps organization achieve higher productivity by empowering them through quick accessibility of business documents through centralized repository.
Infor LN’s ODM (Object Data Management) module offers full spectrum of features that satisfies the Enterprise Content Management needs of an organization. It makes the process of storing, managing, sharing and tracking documents a breeze. It can be a potential game-changer if implemented properly.
Want to find out how you can leverage ECM and ERP in your company? Contact us today