Did you know that going paperless can save your utility or energy company a significant amount of money? In fact, estimated that businesses can reduce invoice processing costs by up to 66% with a paperless system. That’s because automating the process with software eliminates the need for human intervention, which means there are fewer mistakes and less wasted time and resources.

In this blog post, we will discuss the benefits of going paperless and how automation software can help your business achieve this goal. Look no further, we’ve got your new paperless-office strategy covered.

Why Should Energy And Utility Companies Go Paperless?

According to a recent study by Deloitte, 46 out of 54 US investor-owned utilities committed to reducing carbon emissions, many by 2050. The study explains the primary goals of the energy and utility industry as we head into the future:

“[…] boosting clean energy, ensuring reliability and resiliency, and maintaining security, while keeping costs down. To tackle this tall order, the electric power industry will likely continue to advance in its ‘3D’ transformation: decarbonization, digitalization, and decentralization. We’ll be watching for technology deployments to advance and markets to evolve.”

There are many reasons why your energy or utility business should consider going paperless, but with the industry’s focus on renewable energy and green practices, digital transformation is all the more crucial. As your company prioritizes implementing digital software like AP automation, you can meet your sustainability goals while also experiencing the many of the operational and financial benefits of going paperless.

What Are The Benefits Of Going Paperless?

There are numerous benefits of going paperless, but here are a few key advantages that your utility or energy company can experience:

Cost Savings

As we mentioned before, automating your AP process comes with a significant ROI. While the average business spends about $17.61 per invoice, World-Class AP departments that utilize AP automation software cut their cost per invoice down to only $2.42 per invoice.

Paperless automation software reduces these costs by eliminating manual data entry for improved accuracy and efficiency. You’ll also save on operational costs, paper, storage, and shipping costs by going digital.

Try out our Paperless ROI Calculator to see how much you could be saving.

Faster Invoice Cycles

With paperless AP automation, you can expect to see a drastic reduction in your invoice processing time. Because the entire process is automated with built-in workflows, invoices are automatically moved onto the next step to avoid bottlenecks that slow down your AP process.

When your invoice cycles are faster, your company can also capture early payment discounts and benefit from improved relationships with vendors.

Operational Efficiency

Paperless AP automation will streamline your entire process and make it more efficient. With built-in workflow approvals, you can customize the steps for each invoice and ensure that they are routed to the appropriate person for review.

This level of automation will not only improve your overall efficiency but also reduce the likelihood of human error. Your finance teams will be relieved of their manual data entry responsibilities and empowered to focus on tracking metrics to improve your business. Your company can also cut down on employee overtime for reduced labor costs that also save your staff from potential burnout.

Increased Visibility Into KPIs

Digital AP automation gives you complete visibility into your spending at all times with real-time data and analytics. With this level of transparency, you can make more informed strategic decisions about where to allocate your resources. You’ll also have greater control over the entire process and be able to catch errors or fraud quickly, all on one cloud-based system.

Heightened Security Measures

When you go paperless with AP automation, your data will be more secure because it will be stored electronically. This is opposed to a manual process where documents can easily get lost or stolen. With digital software, you can also set up permissions and access controls to ensure that only authorized personnel has access to sensitive information.

Improved Sustainability Practices

As we continue to focus on renewable energy and green initiatives, it’s important for utility and energy companies to consider their own sustainability practices. One way you can reduce your carbon footprint is by going paperless with digital AP automation.

You’ll not only save trees but also the water and energy needed to produce paper documents. Automation software also eliminates the need for physical storage space, which reduces your company’s reliance on natural resources. A paperless office is a win-win for both your business and the environment.

Read more: Why You Should Transition Accounts Payable To Paperless

These are just a few of the many benefits that your utility or energy company can enjoy by going paperless. But how do you get started?

Go Paperless Today

If you’re ready to take your utility or energy company paperless, Mosaic is here to help. We offer a comprehensive AP automation solution that will streamline your entire process. Our software is easy to use, scalable, and customizable to fit the unique needs of your business.

We also offer paperless consulting and expert support every step of the way so you can be confident in your transition to a paperless office.

Contact us to go paperless today!

Once your company’s senior leaders have developed a digital transformation strategy, it can be tempting to move full speed ahead with implementation. However, the key to long-term success in your digital transformation efforts is to get the entire organization on board and excited about digital initiatives first.

Digital tools play a key role in successful business outcomes, but all of the changes in procedure that come with transformation projects can be met with some pushback from employees. Your workers may have a digital skills gap that triggers frustration and other employees may fear that their jobs are being replaced. 

Business leaders have a responsibility to educate their employees about digital transformation initiatives to ensure a smooth and stress-free implementation process. With a little bit of extra support from senior managers and your digital business partners, your business can create a company culture that challenges the status quo and prioritizes digital transformation for business success.

Here are some tips to have a company-wide buy-in on your digital transformation projects. 

Educate Your Employees About Digital Transformation

It is important to educate your employees about digital transformation at every level because they don’t have the same vision of the business as company leaders. For example, senior executives have insight into how AP automation software will deliver ROI and cut costs, but the vast majority of employees in your AP department might just feel as though you are trying to cut out their jobs. 

In a Forbes article on digital transformation, Garth Andrus, co-author of The Technology Fallacy, explains, “A lot of digital technology is augmenting our jobs, not necessarily replacing all the jobs […] But there’s often so much more augmentation, and that’s difficult for people to weave into their work because they keep wanting to do the workaround they had gotten used to.”

It is important to have internal communication at every level to educate employees on the “why” of automation tools to help them see the bigger picture. Though employees’ responsibilities and daily business processes may change to incorporate new technology, the digital tools will actually make their jobs less mundane as they track KPIs and focus on scaling efforts. By educating your employees, you can empower them to feel excited about their central role in meeting business goals and reassure them that their roles are not at risk.

Follow Through With Training And Support

In any digital transformation project, following through with consistent training is key to a successful transformation. Even with a solid education of the “why” behind automation software and digital tools, employees are vulnerable to burnout and frustration when they become overwhelmed with entirely new responsibilities all at once.

One simple training session or video is not a sufficient company strategy for digital implementation. For your more tech-savvy employees, one training video might do the job, but for employees who have been in their role doing manual data entry with a paper process for 15 years, the digital experience will be foreign and training will take time. Be patient with your employees as they adjust to the new digital strategy. Business operations may slow down before they speed up, but this is normal.

To increase employee productivity and training success, senior managers should implement a buddy system and channels of communication where IT employees are paired with workers in other departments to offer consistent support and answer any questions. 

Your digital transformation business partner will also be ready to offer support and consulting during implementation, so take advantage of the materials that they provide and keep their contact information handy in case you run into issues. 

Read more: Successful AP Automation Implementation: Solving Common Challenges with Preparation and Collaboration

Offer Space For Feedback

To keep your employees motivated and excited about your digital transformation efforts, C-suite executives and senior managers should offer consistent space for feedback from employees in all business units.

A true culture of innovation is constantly reassessing and adapting to drive business success by maintaining internal communication. Your company will have greater insight into the benefits of transformation and areas where you can continue to improve when you make space for employees in the field to give feedback on their daily processes. When workers feel heard, employee experience is boosted and productivity increases to create a more mature organization.

Your business can also offer rewards, recognition, and incentives for employees who have performed well in transformation-specific roles to acknowledge their efforts and reiterate their value. Keeping your workers engaged, motivated, and excited about digital trends lies in how you treat them and how well you implement these new processes.

Mosaic offers numerous Industry Solutions for a seamless digital transformation. We are an Epicor Gold Partner with expert consulting services to ease your implementation process and get your employees excited about automation software. 

Contact Us today to get started.

It’s 2021 and Mother Earth would love every office out there to go paperless, but unfortunately, many companies are stuck in the wasteful ways of paper processes. The sad truth is that paper-based practices aren’t only hurting the environment, but they are preventing your business growth, as well. 

Successful businesses know that a paperless office contributes to increased productivity, better organization, clearer cash flow visibility, and stronger security. If you’ve been tossing around the idea of transitioning to a paperless office, then you’re on the right track, but it’s time to put those goals into action.

Here are some concrete steps for creating a paperless office that will set your company up for long-term growth.

The Case For a Paperless Office

Many companies and employees may be opposed to abandoning their paper files, but the case for a paperless office is strong. Paper seems to have a hold on humans that might feel comfortable because it is what we’ve been used to for years, but paper processes are holding you and your business back.

The benefits for going paperless outnumber any of your arguments to hoard those paper documents, but here are just a few reasons to be paper-free:

• More office space- Going paperless will give you more office space than you knew you had. Overstocked filing cabinets can be replaced with a nice new coffee machine and your cluttered desk will be a distant memory.
• You will actually be able to locate documents- Searching for that one paper document in a poorly organized and overstocked office wastes valuable time and productivity. Digital documents are much easier to locate with a simple search.
• Faster business processes- Transferring physical documents via mail or by hand is slow. In the 21st century, business processes move quickly because digital files take seconds to transfer rather than days.
• Less paper waste- A paperless environment saves the trees and minimizes mounting landfills that are killing our planet. Consider your office’s environmental impact and commit at least cutting down on your paper consumption.
• Better security- A paper shredder may destroy a piece of paper with sensitive information, but what about all those other legal documents and vulnerable paper records that are floating in cabinets or on desks? Digitizing documents allows you to limit access to files with sensitive internal documents so you can ensure top security.
• Digital transformation is the future of business- Advancements in technology and digital solutions have allowed businesses to grow and scale at a faster rate than ever before. The future of business relies on digital transformation in every area of operations. Paper processes are too slow and outdated for a modern workplace.

Now that you know why your company should ditch inefficient, paper-based business processes and transition to a paperless environment, here are some concrete steps for creating a paperless office that will set your company up for long-term growth.

Assess Your Paper Usage

The first step in transitioning to a paperless work environment is to assess your paper usage. Where is your company using paper processes? 

Digitally document what areas of your business are using paper practices, then evaluate your paper usage. If your business is using paper documents for procedures in every department, then you have quite a project on your hands.

The good news is that once you go paperless in one department, it will be far easier for you to continue the transition in each area of your business operations. You can always start small and work your way into a completely paperless workplace, so choose an area to focus on first if the whole project seems too daunting.

Clean Out and Digitize Your Paper Files 

After you assess your paper usage, it’s time to digitize those paper files so you can clean out your workspace.

Cloud-based storage solutions like Enterprise Content Management (ECM) offer digital filing and paperless storage in a centralized location. Paperless documents can be easily located through a simple search bar feature and they can be organized with the touch of a button. Your employees will be relieved when they realize that they no longer need to dig through messy filing cabinets to find that one paper form.

Digital document management systems also offer heightened document security with controlled access features. Gone are the days of a paper trail that poses security risks to your company.

Cloud storage solutions also provide easy file sharing options with electronic signature features. Electronic documents and forms can be signed with e-signatures to avoid wasteful printing and slow physical hand-offs.

As you scan paper files into your digital storage system, you can shred and recycle those paper copies and free up your workspace from clutter while benefiting from a stronger organization system.

Automation Software for Paperless Workflows

Automating your workflows is another paperless office strategy that will speed up your business procedures. Paper processes and manual data entry are slow habits of the past. Automation software offers a paperless workflow that is faster, more cost-efficient, and more accurate.

You can implement automation software into your company’s accounts payable department and HR department to automate common business practices like invoice processing and onboarding new employees. AP automation software and HR automation software will give your employees a much-needed break from slow manual processes and important files are made more secure as electronic documents.

Talk to your company’s IT department about implementing paperless options and digital tools like AP automation software, HR automation software, and a digital document management system like ECM.

Your IT employees will be able to help you choose the right digital filing systems for your company and guide you towards the top providers for your needs. Make some time to meet with your company’s different departments to discuss transitioning to a paper-free office and work together to determine the best strategy for your unique business.

Paper-based processes are on their way to extinction, while digital transformation provides paperless office solutions for lasting business growth. Your entire company has the potential to be paper-free by implementing smart technology that will run your business better and faster than ever before.

Contact Us today to learn more about how we can help you transition to a paperless office.

Papyrophiliac. Yes, there is a word for a person who loves paper. There’s even a word for those people who collect paper, hallmaphiles. This might be hard to believe, especially in the digital age. Every piece of paper that humans used to collect and store, insurance cards, maps, mail, warranties, user manuals, receipts, recipes can all be found in digital form. This raises the question; Does Paper have a psychological hold on humans?

In the 1970’s futurist Faith Popcorn predicted the demise of paper. She predicted that all the things that we now access on our phones, tablets and more would go away. There would simply be no need to use paper anymore. Children growing up today will never have the smear of black ink on their hands after reading the early morning newspaper. “Cracking the spine of a book” is an antiquated phrase that even Generation X may not recognize. Reference books are all online even if you find them in a digital library. Most information that is used by people today is found in digital form or via your home speaker. Another Faith Popcorn quote “Just before consumers stop doing something, they do it with a vengeance.”

Since the late 1970’s when the predictions of a paperless society began it was always with the belief that productivity would increase and cost would decrease. When every desk in the office has computer, it was thought that certain processes bookkeeping, logistics and more would be automated removing the need for paper. What futurist didn’t reckon was that with each of the desktop computers would come desktop printers. Technology brought the cost to printing documents down so low that printing whole documents was inexpensive. Between the 1980’s and 2000’s paper use increased exponentially spawning thriving industries for document storage and shredding.

Have we finally come to paper’s last stand? Since the 2000’s offices in the US are using less paper. Security has increased for storing digital records behind passwords and firewalls. As people become more comfortable with the security of digital storage, the more likely they are to use it not only for personal documents but also in their business. Layer the addition of pandemic where everyone is looking for a way to limit their contact with others digital processes have exploded. From receipts to taxes humans are eliminating the need for hard copy paper documents. For generations we’ve been told to save receipts, file your income taxes and insurance forms many documents receiving favored treatment.

Today you can take a paper receipt, but most opt for a text or email. Business expense reports are automatically done by taking pictures of receipts as you receive them. Before your flight home even lands, your expense report can be filed digitally without you ever missing a beat. For the last decade most people file their income taxes digitally with e-signatures. Payments or refunds are processed digitally with little to no paper. As people navigate life in the pandemic, all are looking for multiple ways to limit their contact…with people. Everything that can be done digitally is being done digitally. Those that embraced technology, using automated processes are ahead of the curve. Some whole industries are playing catch up and those papyraphilliacs are still dancing in their paper chaos.

The paperless office has been moving beyond myths as one-by-one various industries embrace automated digital processes. Completely eliminating the need for paper hard copies can be done. As always thought, those industries embracing digital processes have increased their productivity and decreased their costs. Technology has moved from the Filofax to the Blackberry to Alexa in a short period of time. While we like to believe that these changes were easily accepted, most of us were kicking and screaming to hold on to our favorite technology. Believe it or not, you can still find inserts for your Filofax even if you can’t reboot your Blackberry.

Is it time for your business to go paperless? In a perfect world your team is ready to transition, and everything will happen in a blink of an eye. In the real world a customized solution that includes training and processes for exclusively for you can be found at Mosaic.