Blog Archives

The power of ‘No’…. [in sales]

I spend a lot of time working with professional sales people and am constantly surprised at the general resistance to using the word ‘No’ during a sales process. I find this particularly vexing because, in my experience, the word ‘No’ is probably the most powerful word you can use to achieve a great sales outcome.

From my perspective there are several occasions where using ‘No’ is powerful, here are two of them;

As a Trusted Adviser you need to say ‘No’ when it needs to be said – As a Trusted Advisor you bring a set of capabilities to your prospect that they do not have themselves. [or else why are you there?] Knowing that, it makes no sense to agree to a prospects requests that may be ill-considered just because you don’t want to upset the sale or because you don’t know the actual answer. A Trusted Advisor says ‘Yes’ when it is good for the prospect and ‘No’ when it is not good. Doing otherwise is not acting as a Trusted Advisor.

This positioning will generally reflect positively on you, clearly demonstrating that you have their best interests in mind. It will strengthen your positioning as a Trusted Advisor and makes the deal more likely to conclude successfully.

‘No’ will generally trigger the completion of a negotiation – Think about basic market haggling. It is not until one of the parties say ‘No’ that you have your first marker for either the upper or lower limit in the negotiation. The placement of that marker forces the other party to decide whether they are in or out. Most good negotiators I have dealt with will not finish negotiating until they get a ‘No’ as getting it is the only way they can be sure they have not left money on the table.

Now the downside here is that you say ‘No’ too early and skittle the deal or you say it too late and end up with an unprofitable deal. You still need to time the use of ‘No’ to ensure you get the right outcome.  That is your job as a professional executive or salesperson.

Now, I am not saying we should go around saying ‘No, No, No’ to everyone. In fact, most times I say ‘No’ it is couched a lot more sensitively and with a view to keeping the dialogue moving forward. Examples of ‘No’s’ that I would tend to use are;

1. In this case I can’t go that low however ….
2. I’d prefer to agree to …. because …
3. Thanks for that however I think it would work better for both of us if….
4. What if we thought of it differently? How does this sound …..

A good ‘No’ will always offer some explanation and leave room open for further discussion.

So next time you are moving through a sales process consider how ‘No’ can help get a better outcome for you, your organisation and for your potential new customer.

Contribution By:

Lee Bourke

Chief Executive Officer

FileBound Australia Pty Ltd

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Project Requirements Management

What is it?

Requirements for a project need to be mined, compiled, analysed, negotiated, specified, validated, tracked, and updated during the life of a project. All of this has to take place within a controlled environment so that;

  1. All stakeholders know exactly what is to be delivered by the project team.
  2. There is governance placed around the authorising of changing requirements.
  3. The solution can be supported into the future.  i.e. new personnel can read the requirements and get a FULL understanding of the system intent.
  4. Each requirement can be traced back to a specific commercial outcome.

What can it look like?

The method of requirements delivery will vary from project to project normally based on project complexity.  As well as complexity the level or type of requirements management can vary for risk, cost or political purposes.  Here are some common project requirement configurations across simple, standard and complex project categories;

prm

 

Each organisation may use different document titles however the purpose and content should be very similar.  Some organisations may also use a version system on each of the documents.  The core concept here is that collectively all requirements are trapped and documented.

 The Commercial Imperative?

The requirements delivery for a project is directly related to the projects commercial outcomes. Every requirement delivered should exist in one of the requirements documents and each of the requirements should have an associated commercial cost (even if it is $0). A problem we see too often is project teams failing to document $0 changes.  Whilst they may think that this is saving time on admin they are actually causing the following potential problems;

  1. Future support engineers may not be able to understand what was delivered by reviewing the documentation.
  2. They miss the opportunity to show the client what value add they have delivered [especially if there were multiple “no-charge” changes.
  3. Having a change made to the deliverable without the appropriate authorities knowledge or approval.

prm2

This diagram shows the accumulation of cost [or revenue if you are a service provider] that should attach to the requirements.

What happens when we get it WRONG?

Research tells us that approximately 50% of projects have a frustrated delivery and approximately 25% of projects have a complete failure to deliver.  Poor requirements management is a major contributor to both of these outcomes.

Failure to manage requirements can lead to any or all of the following NEGATIVE outcomes;

  1. Stakeholders feel they have lost control of the project and withdraw support.
  2. Unneeded requirements can be delivered.
  3. Critical requirements can be missed.
  4. Forward support of the solution can be costly and time consuming.
  5. The project can experience poor commercial outcomes.
  6. Loss of reputation from delivering a poor outcome.

The good news is that with proper planning and care any organisation can become good at project requirements management.  See our other blog posts for additional related information;

Avoid Implementation Issues – The Big Four.

Delivering a Great Requirements Document.

Poor Project Execution – The Hidden Costs.

At FileBound we would love to hear any thoughts you have around this subject matter.  Have we missed anything? Have you noticed similar outcomes?

Contribution By:

Lee Bourke

Chief Executive Officer

FileBound Australia Pty Ltd

Poor Project Execution – The Hidden Costs

IT projects are notorious for having a high rate of partial or total failure.  These failures are often born of poor project execution and can lead to any or all of the following outcomes;

  1. Additional resources needed to deliver the project on time.
  2. Additional time to deliver the project with the same resources.
  3. Reduced or modified functionality of the project deliverable.

As well as these troubled outcomes there is also the fatal outcome where nothing gets delivered.  This blog seeks educate on the hidden costs of the poor project execution that lead to these outcomes.

Before exploring the hidden costs lets take a look at the real or understood costs.  In project terms there is a golden rule relating to remediation (rework) costs.  Essentially the cost of remediating a troubled project magnifies exponentially the further into the project you get before identifying the issue.  For example:

Defect Costs

Figure 1: Relative Costs to Fix Software Defects (Source: IBM Systems Sciences Institute)

This table tells us is that if we fail to discover an issue until the project has gone live then we are faced with a cost to remediate that is one hundred times greater than if the issue had been found during design. So lets assume the issue in design cost four project hours to remediate.  Using sixty dollars an hour as our cost base then failure to find an issue until a solution is live could cost us $24 000 to correct.

Now those hard costs are a real problem for an organisation, yet these can often seem insignificant next to the hidden costs of poor project execution.  Lets explore some of the major hidden costs of these poor project deliveries;

Opportunity cost of the project team resources

In most organisations there is a resource bottleneck in relation to high value IT resources.  These resources are rarely idle and generally go from one project to the next as an organisation continues to transform itself or its clients based on the demands of their respective markets.  When a project suffers from poor execution it either delays the current project resources moving to a new project or it draws in resources off another project to help with the remediation.  In either case there is another of the organisations projects that gets delayed or restrained.  It is rare for organisations to factor in the cost of these ‘other project’ delays when assessing the cost of a poor project deliverable.

Opportunity cost of your executives

When a project starts spinning into a troubled state it inevitably drags the organisations executives into it’s wake.  These executives are the ones that need to re-organise and reallocate resources.  They are also responsible for the additional communications and expectation management around the knock-on impacts of the struggling project.  This all takes time and distracts the executives from other tasks.  These other tasks could be revenue in nature or could simply be tasks to ensure the efficient operation of the organisation.  Either way these knock-on effects can become quite costly and are never assessed as costs associated with the rectification of the troubled project.

Opportunity costs associated with sales misdirection [service provider]

If your company is a third party delivering the project for your client then there are a whole extra level of opportunity costs you need to consider over and above the ones detailed already.  The largest of these is the opportunity cost of having your sales arm continue to be involved in a damaged project.  If your sales team are engaged in these post sales activities they reduce the amount of pre-sales activities they can perform and as such there is a direct reduction in revenue.

Future revenue cost of reputational damage. 

Often a troubled project leads to failed customer promises.  These failed promises lead to reputational damage that can impact the organisation to sell its customers products in the future.

Future revenue cost of late delivery

Often an organisation is undertaking a project to enhance a listed product or create a new tailored product for its customers.  Delays to these enhancements or delays to the introduction have a direct revenue implications.  Notably like the previous hidden costs, these are never taken into account when tallying the costs of poor project execution.

As you can see from the above list there are some very compelling reasons whey we should all place a high premium on getting projects executed correctly the fist time around.  Feel free to review the following blogs that deal with the methods for avoiding these poor project outcomes;

Avoid Implementation Issues – The Big Four.

Delivering a Great Requirements Document

At FileBound we would love to hear any thoughts you have around this subject matter.  Have we missed anything / Have you noticed similar outcomes?

Contribution By:

Lee Bourke

Chief Executive Officer

FileBound Australia Pty Ltd

Becoming the Trusted Advisor

As the world continues to change as does the role of the salesperson. In many ways the transformation of the sales team (and its members) is the most important transformation in any organisation for as we all know “nothing happens until someone sells something”.  In this blog we will be exploring the traits of the Trusted Advisor and why, now more than ever,  they are necessary traits for any professional salesperson.

So what is a Trusted Advisor?  Well the name really does present the answer.  It is a person who is not only trusted by others but is sought out by others for their advice.  The following diagram depicts the Trusted Advisor role in terms of the relationship between personal intent and functional capability (subject matter expertise).

sales roles2

Now we know where a Trusted Advisor sits in the Sales landscape we need to explore the traits that elevate a salesperson to this space.  There is plenty of literature on this topic but if I had to distil all that I have learned about the traits of a Trusted Advisor here is the list I would present;

1. A Trusted Advisor has intent for the long term. To do this the Trusted Advisor will seek an understanding of the prospect / customers strategic objectives as well as their tactical objectives.

2. A Trusted Advisor is a problem solver and is not afraid to lead with ideas.  Trusted Advisors are malleable in their understandings and are just as happy to learn as to teach.

3. Trusted Advisors have an accountable and accessible nature.  They are happy to own their missteps (and those of their team) and work transparently to correct them.  They understand that when conditions are at their worst, they need to be at their best.  They are easy to contact and always return messages.

4. Trusted Advisors bring the required resources to the table to solve problems.  The Trusted Advisor understands that they are not experts at everything and have a strong network of accessible colleagues and technical resources they can call on to help solve their prospect / customers problems.

5. A Trusted Advisor see’s their role as a continuing role with their prospect / customer.  They don’t relax once they have delivered an outcome, they simply move on to the next opportunity.

So why is being a Trusted Advisor so important now?

Well historically a salesperson would be coached to take a ‘Trusted Advisor’ position only for high value solution sales.  This is still the case for these high value solution sales and is as important as it ever has been.  Contrast that with salesperson selling box products.  These salespeople were coached to focus on features and benefits and were not necessary burdened with taking this higher order role with their prospects / customers.  This was a commercial necessity as the box product sales generally had a very low margin level and the cost of sale was very important.  The Trusted Advisor approach to selling is a higher cost approach.  In the past the box product salesperson had one job and that was to make sure the prospect / customer clearly understood their products features and benefits including their “Key Value Proposition”.  Their role was to continue to communicate these messages so when the decision point was reached by the prospect / customer they would ultimately choose their box over all other boxes in the marketplace.

Fast forward to the modern day and we now find ourselves in a world where many buyers are able to educate themselves online.  They can effectively learn about your products features and benefits (including the “Key Value Proposition”) without you. They can research other buyer’s journeys and experiences with your products globally from multiple online networks.  The buyer has effectively made the traditional box product salespersons role redundant.  So what is your role now?

If you are a box product salesperson and you continue to engage the prospect / customer the way you always have you run the risk of losing credibility.  They do not need you to tell them what they already know and if you see that as your job you are missing a huge opportunity.  They are craving a deeper relationship.  This is your opportunity to become the Trusted Advisor.  What is important now is understanding what they are trying to achieve and helping them achieve it with your products and services.

If you are a high value solutions salesperson then you need to continue to act as the Trusted Advisor and exhibit the traits associated with the role.  Hopefully this blog has re-affirmed your commitment to this methodology and motivated you to elevate your sales performance to the next level.

Contribution By:

Lee Bourke

Chief Executive Officer

FileBound Australia Pty Ltd

 

 

Delivering a Great Requirements Document

When thinking about or being tasked with capturing a customer’s detailed requirements, beyond the high-level Business requirements … for me, it’s hard not to immediately draw mental pictures of that well referenced tree swing analogy. For those not familiar with the analogy it simply points out that without proper requirement definition a customer looking for a tree swing could have any of the swings in the illustration delivered to them.
swing2
Purposely jumping off the tree swing for a moment… and focusing on software solution marketplace with its vast product range with a plethora of configurations, outcomes and customer experiences, it has never been more important to queue up those powerhouse discovery questions to ensure that you have accurately and clearly understood both the functional and non-functional requirements of your customer. If we do this we avoid delivering the wrong outcome for the client.

A functional requirement typically describes the behaviour (such as automated workflow) or presentation of a configured component that meets the specific needs of the customer, whereas a non-functional requirement describes the systems operation… such as a Web Servers Availability etc.

My Top DO’s and DON’T on Producing Great Requirements Documents

DO Have a sound understanding of the customers high-level Business Requirements prior to meeting with them to perform the deeper dive discovery.
DON’T Ask a series of unnecessary/repetitive questions where the information has already been provided in advance. This opens your ‘incompetence account’ with the customer and doesn’t build the necessary rapport or credibility for downstream engagements which are required to deliver success.
DO Schedule a Discovery Session with all applicable stakeholders, communicating in advance a structured approach with an agenda or at a minimum a simple email to highlight discussion points for the Discovery session.
DON’T Avoid the inclusion of the IT Manager and/or Senior IT Representative in your Discovery session.
DO Use the phone wherever possible to help qualify any gaps in understanding of the customer’s requirements. Verbal communications result in far fewer misinterpretations of conveyed information over those which can occur in a series of detailed emails.
DON’T Fill the Requirements document with verbose, non-specific or redundant content (e.g. marketing content) that doesn’t help define or qualify the customers’ requirements for review and approval.
DO Use a very good healthy balance of quality images, screenshots and diagrams to present your clean understanding of the customer requirements in your proposed technology.   Microsoft Visio is my go to application of choice.
DON’T Make wild and nonsensical assumptions, when they can be solved with a short call or a qualifying email.
DO Document the specific non-functional requirements for success even if they are requirements for the client to deliver on. IE IT landscape changes needed, additional staff training needed etc
DO Scale the length and depth of Requirements detail with respect to the level of complexity of the solution delivered. See Solution Complexity to Requirement Detail Chart below.

Using the Correct Weight Approach

Following on from my last ‘DO’ recommendation, Requirement documents should contain the appropriate weight of detail/content to be classed as an ‘efficient document’. Obviously producing an overly wordy document for a small, yet simple project can frustrate many customers as they struggle to digest all of the details. On the flip side unconsciously leaving a lot of important detail out OR left only to verbal references will effectively leave the gate WIDE open for assumptions to be made on all sides. Poorer outcomes are consistently achieved when this lack of detail and specification exists within the documentation.

 

Solution Complexity to Requirement Detail Chart

graph
Hopefully some of these quick tips will help you produce superior requirements documents for your projects.
Contribution By:

Tony Smith

Professional Services Director

The Ellby Group (FileBound Australia Pty Ltd and Upflow Pty Ltd)

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Document Management – Where to from here.

Document Management has come a long way since Edwin Siebel invented the filing cabinet in the 1800’s.  It has to be said however that innovation in the Document Management space was pretty slow up until the advent of Electronic Document Management Systems (EDMS) in the 1980’s.

EDMS was brilliant because it immediately improved accessibility of the stored documents as well as the timeliness of that access.  As the EDMS vendors continued to innovate they introduced innovative functions such as version control, document locking, annotations and even electronic forms.  At the time this was all very forward thinking and really started to empower organisations and their users.

Move forward to the last 5 years and there has been a lot of the noise in Document Management around the addition of workflow capabilities to Document Management platforms.  This is a match made in heaven as documents are at the core of most organisational processes.  It is a great way of getting an ROI on what was once often considered a cost liability.  I think all the major players in the EDMS pace are now adding workflow (office automation, work management, business process management etc.) functionality to their core offerings (some more successfully than others).

So what of the future?  Where does Document Management go next?  Well here are some of our thoughts at FileBound Australia;

1. Process Tuning

Implementing document based workflows (as mentioned above) has been a tremendous leap forward for organisations.  The next logical step to that is having the ability to performance tune these workflows.  To do this organisations will need to analyse the data created whilst running the processes and look for improvement opportunities.  This will require EDMS vendors to build analytics capabilities into their platforms.  Once this step is taken we could even see the emergence of self-improving workflows where the analytics engine makes assessments and adjusts the work process automatically.

2. Explosion of the electronic form

Essentially e-form engines allow organisations to easily create standard forms and letters.  These documents are the lifeblood of an organisation and represent a significant administrative load (and therefore cost) to all organisations.  Some of the EMDS platforms already deal with e-forms however we believe their use will multiply as more and more processes are automated.  This is due to the fact that e-forms can be used to trigger workflows or created as a critical component of a workflow.  Future EDMS development will revolve around e-form design engines and hosting platforms so that any organisations staff, customers and suppliers can access and use the forms.

3. Mobility

Investment in mobility will continue unabated.  BYOD programs will continue to proliferate and fuel the need for EDMS system to work with multiple mobile platforms.  The mobile platforms have historically been lesser functioned to the core EDMS function and over time this will change so that users can have a richer experience whilst on the move.

4. Cloud

EDMS vendors have been slow off the mark with Cloud.  Most of the EDMS vendors have a client-server legacy and trying to cloud enable that has proven expensive and difficult.  The growth of cloud-native vendors and the changed appetite for Cloud from the buying market will see Cloud delivered EDMS start to and continue to grow aggressively.  One of the biggest influencers in future growth will be the SME market.  Cloud represents an ability for these organisations to access valuable functionality that has traditionally only been afforded by larger organisations.  Small organisations will start to manage their documents and workflows in ways that are similar to larger organisations.

5. Vendor specialisation

AS EDMS platforms have evolved many of them have tried to be all things to all people.  We see tenders in market looking for requirements that span Capture, DMS, Web Content Management, Digital Asset Management, Case Management, Records Management, Knowledge Management, Analytics, Asset Management and Workflow.  Now as we move forward each key vendor will need to determine which of these functions are their core strength.  It is not feasible that a vendor will be able to tick all those boxes and even if they did it is unlikely that they would deliver quality outcomes.  Vendors will need to know what they are good at and the market will need to be better at assessing which of these functions are their priorities for investment.

6. Capture integration

We have already seen some mergers and acquisitions where Capture Vendors buy EDMS assets and visa versa.  Going forward these two groups will continue to merge, partner and tightly integrate.  EDMS players will continue to build capture capabilities into their platform and offer capture capabilities as part of their workflow processing.  These capture capabilities combined with the e-forms engine will allow the document to morph into a container of data that can take many shapes and forms as it moves through its work processes.

These are just some of the trends we see going forward.  We would love to know your thoughts so jump in below.

Automated Contract Management with FileBound

FileBound can be used to manage the whole contract lifecycle.  From contract creation through to implementation, review, termination, archive and destruction, FileBound can ensure that these processes are carried out efficiently and effectively.

One of the most common questions we get is; “Can FileBound notify me when a contact is going to expire?”  Well the answer is yes.  We can used the Scheduled Workflow capability in FileBound Office Automation to effectively poll your contract files and create a new review workflow for all contracts set to expire in your pre-determined timeframe (e.g. 90 days).  This video will give you a great insight into the operation of this function: 

 

If you would like to know more about how FileBound can be used to manage your Contract Processes please contact us at sales@filebound.com.au.

Mary Rutan Hospital

When Mary Rutan Hospital decided its two legacy document management systems no longer met its needs, CDW Healthcare recommended FileBound, a Web-based solution from Marex Group that offered vastly improved functionality and ease of use as well as enterprise-wide consistency. Since implementing FileBound in early 2006, the hospital has been able to increase its electronic medical recordkeeping from 20 percent to nearly 80 percent, saving paper and money and boosting staff productivity. It has also integrated FileBound with its clinical software to improve the delivery of quality patient care. And recognizing that it has only scratched the surface of the possibilities FileBound offers, Mary Rutan plans to continue expanding applications throughout the multi-campus organization.

At Mary Rutan Hospital, FileBound has proven to be a user-friendly, mobile solution.

The Challenge

After more than four years of using two separate document management applications to scan and archive patient data and financial records, Mary Rutan Hospital was completely convinced of the value of electronic document management. But the staff was less than satisfied with their legacy solutions, which were confusing to use, time-consuming to administer and offered limited functionality.

The Solution

Mary Rutan’s CDW Healthcare account team suggested the Web-based FileBound solution and arranged Webinar demonstrations for the hospital’s Information Systems (I.S.) staff and end-user representatives. Immediately sold on FileBound’s robustness and ease of use — as well as the cost-effectiveness of its unlimited user licenses — Mary Rutan quickly decided to move forward on the conversion. Currently, about half of the hospital’s more than 730 employees use FileBound — and the number is growing rapidly, especially after the recent integration of the software with the existing clinical application.

The Results

In less than two years, Mary Rutan has taken giant strides toward its goal of becoming as paperless an environment as possible. Previously, less than a quarter of the hospital’s patient records were electronic — that number is now well over three-quarters. The ability of any user to find records easily and quickly translates into increased staff productivity and significantly fewer calls requesting file location to medical records staff. And with dramatically less paper, storage costs were slashed.

FileBound also seamlessly integrated with the hospital’s Web-based M2 electronic medical record (EMR) system, providing a single point of reference for document management throughout the hospital campus via computers on wheels, notebooks and desktops. In addition, since FileBound is so user-friendly, help calls to the I.S. staff have also plummeted, freeing them to better utilize their limited resources in other vital areas.

SEK, Educational Assessment Firm

The Individuals with Disabilities Education Improvement Act (IDEA) and the Elementary and Secondary Education Act (ESEA) require that all students participate in state abilities assessments. SEK, the service that provides these assessments, is headquartered in Parsons, Kansas, from where it deploys psychologists who travel the region performing student evaluations, recording data and submitting their findings to headquarters where they are accessed by the federal government.

SEK streamlined its processing system and securely stored documents within FileBound. Assessments are now easily accessible to employees.

The Problem

The vast majority of SEK employees are deployed in the field where they conduct student assessments. Once an assessment is completed, it is important for the assessor to quickly return findings to headquarters for processing. However, over the years it has proved increasingly difficult for assessing psychologists to manage all the paperwork and get it back to headquarters in a timely manner. This, in turn, has slowed government payments to SEK.

Assessments administered by SEK are often tracked for up to 20 years. As the years passed, it became apparent that the company needed a better, more organized and efficient way of storing the assessments so that they would be easily accessible when needed for comparison by government agencies.

The Solution

FileBound Document Management System provided a highly efficient solution to all of SEK’s challenges. Now, once a psychologist completes an assessment in the field, he or she simply scans it into FileBound and it is immediately uploaded to FileBound On Demand for quick processing and billing to the federal government. Every assessment stored in the FileBound Document Management System is instantly available to governmental agencies through the FileBound Clipboard, so getting the copies they need is easier than ever before.

FileBound Results

Processing of assessments that once took days or even weeks can now be completed in minutes from the field. By streamlining processing, SEK has also been able to speed up receipt of payment from the government. Furthermore, any assessment stored within the FileBound system is quickly retrieved whenever needed, eliminating hours of searching through records that over the years could get lost or misplaced.

White Paper: Clear Cost Model Allows Easy ROI Calculations

By Rex Lamb

FileBound provides high value for a low price.

Return on Investment (ROI) is at the heart of every significant business decision. In the simplest of terms it is a measure of what you get for what you give. Research by Ohio State University found that 4 out of 5 buyers seek “value” before price. In other words, most people will give more to get more.

“Value” includes Quality, Flexibility of the offering and Availability all as a function of Price. “Quality” means the product delivers what is required (or wanted) and does what is promised. Economists call this the “Law of Marginal Utility.” For the rest of us, it means what blows your hair back won’t necessarily interest the next guy. When we talk about ROI, we have to keep it in the context of what is important to the buyer.

What are businesses requiring today? First, they want more customers and more sales. That is pretty well true no matter what the economic conditions are. Beyond that, however, is that business today is desperately seeking ways to engineer cost out of the business. Most of the improved earnings reports are the result of cost reductions. And while cost reduction began as a way to respond to the recession, evidence suggests that it is quickly becoming a permanent part of business culture.

With a paper-based invoice processing system the company incurs a significant “cost” in handling paper, but it is difficult to quantify the short-run cash savings. Creating a long-run “saving” by installing imaging, for example, doesn’t add value if I still have the floor space, the employees and all my other out-of-pocket expenses. The value may be intrinsic, but few businesses are investing today based upon intangible value. The CFO will say “Show me the money!”

FileBound offers a rare opportunity to eliminate work at a value-based price. A major task in the AP department is entering data from paper invoices into the Accounting System. Typical information entered is a vendor name, purchase order number, invoice number, payment due date and general ledger account code (s) and total due. Because this information is normally put into the accounting
system after all processing and approvals, other logging and data entry of the invoice typically takes place before the invoice is ready for entry to the accounting system.

With FileBound all of this changes. Invoices are scanned immediately upon arrival. The needed information is electronically picked up off the invoice and captured eliminating data entry and other manual tasks to a fraction of the time normally required. Routing and review of invoices is all handled electronically, eliminating hand routing and handling of the invoices. Finally, the scanned information is automatically imported into the general ledger accounting system and invoices can be paid without further data entry.

Best of all, not only is the work more efficient, much of the original work (key entering data) is gone forever. This provides the opportunity to either repurpose staff to cash-producing work (such as AR collections and sales proposal follow-ups) or eliminate head count. Either way, the business gets cash returns for the investment.

Added benefits include improved accuracy and reduced mailing expense. Errors in data entry create extra work and cost. With FileBound, that problem is gone forever because the information is picked up electronically from the invoice. Invoices received at field offices are now scanned, eliminating mailing or courier expense.

High value for a low price with FileBound – an easy ROI!