Document processing is a vital part of any business. It helps companies control information more efficiently and be more organized and productive.
While it may seem simple, the sheer volume of documents (e.g., invoices, receipts, contracts) that businesses have to manage makes this an arduous task.
Outsourcing document processing is the best solution for businesses that are too busy or lack the necessary technologies. Many BPO firms in the Philippines, such as SixEleven, offer document processing services to companies all over the globe.
But what exactly is this process, and how does it tie in with your other business functions? Read on to find out.
What is document processing?
Document processing refers to the act of transferring physical documents into digital format.
An example is scanning paper invoices and storing the scanned documents in electronic storage (e.g., computers, databases). These documents are often electronically filed for easier and more efficient retrieval.
Before the advent of digital technology, businesses needed to keep and manage a massive amount of paperwork and important document in physical storage.
Fortunately, technological advancements have made document processing more convenient and efficient. Companies now have access to document processing software like:
- FileHold Express
With these software solutions, businesses no longer need to spend more and keep mountains of paper in their offices.
For smaller businesses with limited funds, outsourcing document processing can be more cost-effective. Instead of purchasing and training their employees on using document processing software, they can simply delegate the task to a BPO provider.
Other functions that rely on efficient document processing
Document processing is an all-pervasive process that affects the efficiency of your other business functions. An effective document processing system can help your other processes (e.g., accounting and payroll) run smoothly.
Inversely, an inefficient method of processing documents can lead to delays and setbacks in other departments.
Below are some of the other business processes that rely on efficient document processing:
- Invoice and payroll. Invoice and payroll processes require a high level of accuracy. Businesses can lose money when they rely on faulty data from poorly managed invoices and payroll documents.
- Fraud detection. Effective document processing can safeguard against fraud and help detect discrepancies in high-volume transactions.
- Insurance. Companies can more quickly verify coverage and eligibility by extracting data from forms through efficient document processing. Moreover, they can ensure consistency with industry standards and keep sensitive information secure.
Is outsourcing document processing really necessary?
Outsourcing document processing can help companies manage large volumes of documents more efficiently. It is often a more cost-effective alternative to doing the process in-house.
Here are three primary reasons why outsourcing document processing is a must for businesses of any size:
With an in-house document processing system, companies would have to purchase software designed for this purpose and train their staff on using it. Contrariwise, outsourcing document processing will save them time and money.
Document processing is a tedious and time-consuming process. If kept in-house, it would eat up a lot of your employees’ time they could have otherwise spent on more productive tasks.
Outsourcing document processing will give your employees more time to focus on their core functions and improve their productivity.
Better and more organized storage
Many BPO providers offer cloud-based solutions for their document processing services. These cloud storages are helpful for businesses on the go as it lets you access documents virtually from anywhere.
Further, outsourced document management specialists will ensure your documents are sorted and filed to help you find what you need faster.
Outsourcing document processing through SixEleven
SixEleven is a trusted provider of outsourced services in the Philippines. Its track record of success and satisfied customers are a testament to the quality of its services.
The company guarantees its clients a service level agreement (SLA) to ensure they’ll receive their money’s worth and more when outsourcing through SixEleven.
Security-wise, clients will be glad to know that SixEleven is fully PCI-compliant and has stringent security measures in the company’s facility. The data sent over by clients will be handled only by the staff dedicated to each client.
Contact SixEleven today to get started!