Advantages of moving from a manual to a digital process
As the world becomes increasingly reliant on the Internet, the digitisation of previously manual processes has become a priority in the financial world. It is important for firms to stay on top of recent advances to ensure they operate efficiently and securely. Some of the main advantages of moving from manual to digital processes are improved workflows, increased efficiency, business evolution, and centralisation.
Improved Workflows
Moving to a digital process introduces a whole new type of workflow. Tasks can become fully automated and transferring documents between different levels of management can occur instantaneously, speeding up the entire workflow process and improving productivity. Furthermore, workflow communications are stored in one centralised location, making it easier for compliance officers, line managers, or auditors to locate any necessary documents. This helps to improve the security of sensitive documents and allows for the introduction of encryption or password protection.
Working alongside regulatory requirements and an ever-changing regulatory landscape, the ability to make change quickly and easily is fast becoming a priority for firms. Introducing a new stage into a workflow using the right technology can prove to be far more productive and cost effective, than trying to effect the same change manually.
Increased Efficiency
Digitisation of day-to-day processes will improve worker efficiency. Working digitally removes the requirement for slow processes such as printing documents, locating individuals and checking for errors. The average employee is interrupted 56 times a day at work, per Zippia, primarily for things that can be completed digitally. Technologies can be introduced to notify individuals of upcoming tasks, complete data analysis, request signatories or rectify problems. Thus, providing employees more time to focus on high-value tasks and consequently freeing up Senior Managers and Executives to direct their attention on the overall strategic goals of the firm.
Business Evolution
Moving from manual to digital processes accelerates future business evolution. One of the main advantages of moving to a digital process as soon as possible is that it is easier and more cost-effective to upgrade software as innovation occurs than it is to try and implement a more advanced digital process in the future. Thus, allowing your business to be at the forefront of technological advancements and develop more quickly. Furthermore, digitalisation can lower expenses as workers become more efficient and accurate resulting in increased profits, leading to quicker expansion.
Centralisation
Digitising processes means all documents, contacts, and interactions can be stored automatically in one centralised location, making it easier for employee collaboration and reducing the time spent transferring documents. File centralisation also helps to reduce the possibility of human errors, such as misplacing documents, resulting in a more secure process. Industry analysts estimate that between 2% and 5% of documents can be lost or misfiled and need to be recreated, costing businesses money and wasting employee time. The configuration of a system also controls access, i.e. who has access to different parts of the system. By exposing only the mandatory persons to a document/form/process helps to keep the data more secure.
To summarise, the financial industry is constantly changing as technological innovations improve efficiency and streamline workflows. Firms must adapt and implement digital processes to remain competitive in the modern world.
Axiol Ltd is an enterprise-wide Governance, Risk and Compliance (GRC) system which combines risk management and compliance functionality into one no-code solution to deliver targeted compliance.
For more information about Axiol please visit www.axiol.com or email info@axiol.com.