The possibility of an economic downturn during the upcoming year is unsettling, and its potential impact is difficult to predict. But reducing operating expenses (OPEX), which include everything your company spends to keep your business up and running, is sure to have a positive impact on your company’s financial health. Switching from paper-based processes and partial solutions like Google Drive or SharePoint to a digital document management system (DMS), reduces OPEX in every department where the solution is in place.
Table of Contents
1. The impact of going paperless on business expenses
2. How to contain business process costs through automation
2.1 Maximize the use of staff time
2.2 Monitor costs in your accounts payable department
2.3 Keep an eye on expenses
2.4 Gain productivity from investing in technology for your remote workforce
3. The long-term benefits of adopting a DMS
OPEX include payroll, rent, taxes, insurance, travel and utilities as well as sales commissions and asset depreciation. Cost of goods sold (COGS), the cash outlay for making, packaging and selling your product is an operating expense that is calculated separately. Generally, service businesses have little or no COGS. This blog post outlines the ways that digital document management and decreasing expenses go hand in hand.
The impact of going paperless on business expenses
How to contain business process costs through automation
Maximize use of staff time and increase efficiency
Automated workflows streamline business processes in accounting, sales, customer services, HR and other departments. Utilizing an optimized workflow management solution leads to faster payment collection, lower purchasing costs, higher customer satisfaction and increased employee retention.
Monitor costs in your accounts payable department
Keep an eye on travel expenses
Gain productivity from investing in technology for your remote workforce
The long-term value of document management
Editor's note: This post has been updated for accuracy and new content has been added.