Real-World Information Management Use Case: Four-Eye Review and Approval

At its core, the concept behind the Four Eyes principle is a simple one — it’s simply a matter of getting two different people to approve some type of action before it can be taken. You’ve no doubt heard the old saying of “two heads are better than one.” This is simply the same concept, applied to the larger world of business.

The Four Eyes principle is something that you see play out in a wide range of industries. In the legal profession, for example, many documents require two signatures for verification instead of one. In a retail environment, there may be a requirement to have at least two people unloading a truck or stocking shelves at the same time in an effort to reduce the risk of injury or theft. Even some data management systems require two people to approve updates to documents before those changes are committed to the data.

Regardless, what you’re really trying to do is increase accountability across the board. A second person might catch an error or other type of issue with a document that the first one missed.

Of course, in some environments, this is a lot easier said than done — particularly in those where data is spread out in a lot of different repositories and leaders may lack basic visibility into what is being stored where, when, and how. If you’re not actually sure where the most recent version of a document exists, it’s hard to get one person to sign off on it or review it — let alone two.

Thankfully, there is a solution that can allow you to leverage the full benefits of the Four Eyes principle to your advantage. A simple workflow process in an information management system like M-Files can not only make this easier than ever, but simple and efficient at the exact same time.

The Four Eyes Principle and M-Files: A Match Made in Heaven

Consider the Four Eyes principle within the context of a professional services firm, where two different people need to review the same document before it makes its way into the hands of a client. Here, this protocol provides a level of quality control on all client deliverables — not to mention a series of checks and balances to make sure that important items are getting out the door on-time.

If for just one example, a firm has finalized an updated corporate tax return for a client, it will obviously need to be reviewed by at least two people — the accountant that prepared it and the client’s account manager.

With an information management solution like M-Files, you don’t necessarily need these two people to be in constant communication with one another because the system is designed to handle every step of the process. As soon as that corporate tax return is completed, that information automatically gets assigned to a workflow that instantly notifies the reviewing parties. This happens regardless of where the information is stored or in which data repository it may exist. M-Files connects disparate repositories, creating a single source of truth for information across a business.

At that point, all collaborators can then co-author the document and add notes for further changes. Only once everything is formally approved by all key stakeholders will the document be authorized as a client deliverable. This helps make sure that only the best quality version of the document makes its way to the client, thus improving their experience and avoiding unnecessary delays as well.

Without getting too in the weeds, four-eye approval workflows can be configured however the company prefers.

Consecutive, Down-the-Line Approval. One such configuration is a consecutive approval workflow, where the document flows to the first approver and then on to the second afterward.

Concurrent, Parallel Approval. Another option has review and approval done concurrently, and after both have completed their review, the document process is complete.

The configuration is completely up to the user. Either way, this type of workflow automation is a great way to create an audit trail of advisory deliverables to track who made what changes, when, and why. If anything about the document comes into question in the future, you can always see who made which revisions and get insight into what their justifications were. This isn’t just helpful for tracking the overall status of documents as they make their way around your business — it’s also absolutely essential for compliance and even legal reasons, as well.

Generally speaking, the organizations that tend to have a difficult time successfully implementing the Four Eyes principle are ones that don’t really have control over their data in the first place. They tend to lack a way to really track the progress of documents that are in play, creating a situation where two different people may be working from different versions of a document — causing unnecessary errors along the way.

The right information management system like M-Files, on the other hand, is built to keep these types of situations from happening. M-Files can help break down those data silos so that communication and collaboration are easier than ever before. This in turn creates the most important benefit of all: a situation where the Four Eyes principle is executed quickly and seamlessly.

Source: https://resources.m-files.com/blog/real-world-information-management-use-case-four-eye-review-and-approval

How Automation in the Workplace Can Help Every Type of Business

Automation in the workplace is when computers perform the types of tasks that would normally require human intervention, thus freeing up the valuable time of living, breathing employees so that they can focus on those matters that truly need them. These days, modern-day automation systems leverage artificial intelligence and machine learning to perform everything from speech recognition to translation between languages to tasks that require visual perception and much, much more.

But really, the benefit here is about more than just allowing employees to work “smarter, not harder.” Workplace automation doesn’t just eliminate those manual, repetitive processes — it eliminates the error-prone ones, too. It’s not about replacing your human employees at all — it’s about supporting and empowering them in a way that allows them to do better work on a daily basis, all while getting guaranteed, repeatable results with the right workflow automation solutions by your side.

It’s also something that impacts every department in a business: from human resources to customer support to finance and beyond.

The Human Resources Impact of Automation in the Workplace

According to one recent study, it’s estimated that every time you have to replace a salaried employee, it will cost you the equivalent of between six and nine months of that salary to do so. If you’re replacing an employee who previously made $60,000 a year, for example, it will cost you between $30,000 and $45,000 to fill that position once things like recruiting and training expenses are accounted for.

It is exactly this type of pain point that workplace automation can help solve, as companies have already had a great deal of success with AI-enabled bots that have significantly improved their talent acquisition process. Not only can a bot be trained to track down high-value candidates based on certain keywords in both their resume and in the job description that they’re applying for, but they can also help schedule interviews too. All of this frees up actual human resources employees to spend more time working one-on-one with those candidates, rather than wading through massive volumes of paperwork in an effort to find them in the first place.

Better Technology, Better Customer Service

Customer service has long been one of the major competitive advantages for most businesses, as a massive 42% of consumers say that they would gladly pay more money for a friendly, welcoming experience. Another 52% say that they would pay more for a speedy, efficient customer experience, according to the same source.

This, too, is an area that can be positively impacted by automation in the workplace, as developers estimate that up to 80% of ALL interactions between a brand and a customer can be successfully handled via chatbots. Chatbots leverage the real data that your business is already creating to help customers automatically handle everything from bill payments to troubleshooting to other account issues, all without needing to pick up the phone and give someone a call. In addition to freeing up the time of human customer service agents to focus on those matters that actually require their immediate attention, but it’s also a great way to cut costs that can then be funneled into other areas of the business where they can do the most good, too.

Automation in Finance

Automation can also be a critical tool in terms of financial process management — something that is a leading cause of stress for most businesses, regardless of industry. Businesses can use financial process automation for essential tasks like accounts reconciliation, journal entries, preparing financial statements, and more — all in a way that virtually eliminates the risk of human error (and expensive accounting mistakes).

But automation can also be used to automatically send out invoices to customers after work has been performed, and to periodically check in with those customers to make sure they pay as soon as they’re able to. Every minute that an employee doesn’t have to spend hunting down an invoice is a minute they can focus on more forward-thinking jobs for your business. Likewise, this is also a great way to make sure those invoices are actually paid — thus putting more money in your pocket at the exact same time.

Drive Automation in the Workplace with M-Files

M-Files workflows increase productivity by automating business processes. Common business processes can be streamlined with automated workflows — like contract approvals, controlled content, and invoicing — so teams can work on more value-adding tasks. M-Files automatically delivers a notification when there’s a task that needs to be processed.

M-Files automatically monitors every step of the business process. The version history of each file tracks all workflow steps. Organizations can audit-proof their business while achieving full visibility into important business processes.

The Long-Term Impact of the Automation Revolution

All told, it’s estimated that a massive 45% of ALL activities performed by human employees on a daily basis can actually be automated using technologies that are already readily available. To put that into perspective, that means potentially saving up to $2 trillion in annual wages in the United States alone.

But again — the reason why automation in the workplace can help every type of business isn’t that it will replace your human employees with robots. Instead, it’s about making sure that those human employees have access to the tools they need to do their jobs more effectively than ever before.

By using technology to support your workers, they’re free to do better work and create stronger relationships on a daily basis. The savvy brands that understand this and embrace automation in the workplace soon will be the ones that create a foundation of success that will last them a decade or more moving forward. The ones that don’t — who still think workplace automation is a trend — will soon find themselves left behind by their savvier competitors.

Source: https://resources.m-files.com/blog/how-automation-in-the-workplace-can-help-every-type-of-business

What is a Document Management System? And Why is it Useful?

What is a document management systemPut simply, a document management system is an automated business software solution used to organize, secure, store, capture, digitize, and tag business files.

Many document management systems extend beyond basic functionality to include document-related workflows. There are a ton of other add-ons, features and capabilities touted by some document management systems — which has led to other names and designations like enterprise content management (ECM), enterprise information management (EIM) and intelligent information management (IIM).

The term document management often refers to an overarching strategy for how a company stores, manages and tracks its electronic documents.

How does a Document Management System Work?

Business.com claims that there are three main functions of a document management system — to capture, store and distribute documents. Again, in its most basic definition, a document management system should at least do those three things well.

Document Management Systems Should Capture Documents from any Source

A document management system should have a way to input documents and files from varied sources. Some sources might include:

Once documents are loaded into the DMS from whichever source, the DMS should feature a way to index and classify those documents — often with metadata.

Document Management Systems Should Serve as a Central Repository

A basic function of a document management system is to serve as the hub — the central repository — for company files. Many basic DMS require a massive migration project to move all business-critical documents into the system. More advanced intelligent information management solutions like M-Files connect to existing repositories — applying metadata and relationships to documents stored in other systems. With integrations, there’s no need for migration and the environments of other systems can remain undisturbed.

One storage consideration should be information security. A central storage location helps protect enterprise information from malicious actors. With advanced dynamic permissions, organizations can control who has access to certain documents or classes of documents.

Document Management Systems Should Facilitate Document Search and Retrieval

A document management system should make information easy to find for users. With metadata, all files are tagged so that they can be found by a multitude of parameters. For example, metadata for an invoice might be tagged with:

  • Parties to the invoice
  • Important dates
  • Amount
  • Business unit or department
  • Description of services rendered, or products purchased

With all of that information attached to the document’s metadata, searches yield better results and users can retrieve documents faster and simpler. In M-Files, documents can be found using a Google-like search, which returns the most relevant files first.

What are Document Management Systems Used for?

A document management system is used to automatically organize, secure, digitize and classify company documents, making them easy to access, edit and share. Originally, document management systems were borne as companies sought to shift operations away from a paper-based office — with manila folders and filing cabinets. Since then, document management has taken on a more central role in the enterprise tech stack, facilitating workflows and bridging disparate repositories into a central hub.

What Types of Document Management System are There?

There are a few different types of document management system — depending on how they are classified.

Cloud vs. On-Premises Document Management System

What does your preferred IT environment look like — cloud-based, on-premises or hybrid?

Cloud-based document management systems store your files in the cloud, making them accessible anywhere there’s an internet connection.

Some companies may require on-premises document management, where files are stored on a local server. This may be necessary when certain regulations mandate local storage or when certain countries require data sovereignty, for example.

A hybrid DMS allows for a combination of both options.

Folder-Based vs. Folderless Document Management System

Some document management systems are folder-based — simply using traditional file structures of folders and sub-folders within the system. Other systems are folderless, metadata-based and repository-agnostic like M-Files. In this type of system, it doesn’t matter where a document is stored. The only thing that matters is what the document is — which is a function of metadata.

What are the Main Features of an Effective Document Management System?

As mentioned, a document management system may have several features that graduate into more intelligent information management practices. Some key features to explore in a DMS include:

Search: An effective DMS helps users find documents and information based on document identifiers, metadata, relationships and content.

Metadata: 93% of workers are unable to find a document because it has been poorly named or filed. In a DMS, because information is tagged with metadata based on what it is, the same information can be searched for and found using different criteria depending on the use case. Unique information appears dynamically where it is needed without duplication.

Integrations: Many document management systems integrate with other business systems and repositories — email, network folders, CRM, ERP, legacy ECM and others.

Version control: Version control features ensure access to the latest version of a document. Version control and tracking make it easy to see what has changed, who did it and when the change was made.

Regulatory compliance support: If you operate in a regulated industry, a document management system can help reduce the risk of non-compliance. Users can automate audit trails and manage information and related workflows in accordance with compliance regulations.

Scalability: When selecting a document management system, a company should pay attention to the scalability of that system. Looking beyond current needs, find a DMS that has advanced features that accommodate busines growth or change.

Security: A DMS should provide robust security features like access permission and control features, audit trails, federated authentication, enterprise file encryption in transit and at rest, intrusion detection, data loss prevention, high availability and more.

Usability: Since a DMS becomes core technology for the business, it’s important that the user experience is a great one — with easy accessibility, little to no downtime and simple-to-use features. Employees should be able to easily access, manage and navigate files.

Collaboration: A DMS should make it simple for users to share and collaborate on documents — with features like project document management, task tracking, workflows, co-authoring and easy sharing of documents between users.

Content intelligence: Some advanced document management systems employ artificial intelligence. Artificial intelligence can help classify documents by populating metadata fields, scan files for certain data and separate business-critical data from clutter.

Workflows: Manually managing day-to-day processes isn’t a good use of time. A DMS with workflow automation helps ensure consistency by verifying that every step in a business process is followed. Automated workflows streamline common business processes — like contract approvals, controlled content, and invoicing — sending a notification when there’s a task to be handled.

Remote Work: A cloud-based DMS allows users to access files from anywhere and often from any device — enabling remote work anywhere: at the office, home, airport, hotel, coffee shop… anywhere.

What are the Benefits of Using a Document Management System?

A DMS should make work easier, more productive, and more efficient, saving staff hours of tedious tasks and the exasperation of not finding the documents they need quickly. Main benefits include the following:

Increased Productivity

When workers spend less time searching for documents or tending to manual, repetitive tasks, they have more time to dedicate to value-adding work.

Decreased Security Risk

Keeping information secure and applying dynamic access controls reduces information security risk and exposure. In the event of an unforeseen fire or flood, disaster recovery is simple when documents are stored in the cloud.

Improved Compliance Measures

Compliance requirements for many business documents can be complicated and challenging. A DMS helps organizations avoid fines, revoked licenses or even criminal liability by automating key documents to meet regulatory requirements.

Fast and Easy Document Search

Workers spend an average of 18 minutes searching for a document, according to Forrester. A metadata-based DMS makes it quick and easy to find just the right document.

Enhanced Collaboration

A DMS makes sharing information and collaborating easy, allowing documents from different sources to be accessible from multiple locations. Users can share documents, monitor workflows, co-author documents, and more.

Source: https://resources.m-files.com/blog/what-is-a-document-management-system-and-why-is-it-useful-4

The Power of Business Process Management (in Facts and Figures)

As one observer noted, even large disasters like Chernobyl didn’t completely stem from a lack of documentation. This crisis caused so much damage because people failed to follow the planned and documented processes in time. While it’s important to document processes, no flowcharts or instructions will help businesses run more efficiently or overcome unexpected unusual obstacles if nobody follows them.

Thus, proper business management refers to more than simply planning and documenting business processes. It also includes enforcing, measuring, and improving these processes. Take a look at some business process management statistics to learn why it’s important, how well organizations are doing, and most important, the tools that can make effective business process management relatively simple and seamless.

How Business Process Management Protects Businesses

To illustrate failures in process management in an even simpler and more common way, you can consider a process failure to causing a car accident by running a stop sign. Licensed drivers should know the process for safely crossing an intersection. They even know they can suffer such consequences as getting a ticket or damaging their vehicle by violating the rules. Still, lapses happen with manual processes, and these are every day and everywhere occurrences. Meanwhile, it doesn’t really matter who caused the collision; everybody involved stands to lose time and money and maybe even suffer injuries.

In the future, maybe technology will find a way to stop cars at the intersection until the road has cleared, as happens with self-driving cars. While a business cannot drive itself, companies do have an opportunity to test and enforce their business processes in a rather remarkable and automated way with the right systems in place.

Business process management statistics from a survey by BPTrends paint a grim picture of the state of even documenting the business process:

Overall, 96% of businesses reported having at least some business processes documented, which of course, is a good first step.

Only 11% of the respondents said they never documented processes, but only 23% reported frequently doing so.

Only 2% of the companies surveyed said they always documented business processes.

For some specific examples, only 1% mentioned always documenting standard processes, the types of things they most often do. Slightly higher but still one-digit percentages of businesses always documented process improvement, the way they used data, manager training, or even major processes. In any case, this survey uncovered that businesses aren’t even consistently documenting processes, much less tracking or enforcing them. You can imagine how many more drivers would run stop signs if they thought the red hexagon was just a suggestion and not a rule.

Why Businesses Invest in Business Process Management

Red Hat helped sponsor a survey of the reasons companies choose to invest in improving their own process management. They highlighted these key findings:

A desire to improve customer satisfaction: 42%

A desire to improve efficiency and agility: 65%

Companies with process change projects underway: 37%

Most of the survey respondents said their company focused on incremental process improvements and not a company-wide change in culture. In addition, they said the biggest obstacle they faced was simply selling the idea of documenting, tracking, and improving processes to senior managers. Some mentioned that they believed their leadership became confused because many departments had all presented their own projects, so this made it tough to get attention. This idea brings up the excellent point that business process management improvement could gain more traction with top-down leadership and as part of an enterprise-wide effort.

How M-Files Makes Business Process Management a Seamless Part of Efficient Workflow

The M-Files intelligent information management platform doesn’t just organize, maintain, and track your documents. It also automates the process of keeping your workflow on track and helps improve quality control through each step of the process. You won’t have to struggle with documents getting lost in the SPAM folder of the next responsible person’s email. Instead, that individual will get an alert that they need to attend to that document and one simple interface to use to perform their task. Such features as automatic approval notifications are already included in the system.

After that employee has completed their work, the process continues by moving on to the next person in the chain. Meanwhile, your valuable information and businesses processes will get protected by certified security, version control, recovery features, and an automated system. You can also integrate M-Files with such other enterprise-scale software as your CRM to make the transition seamless. M-Files also makes it easy to turn your workplace into a paperless office and to give employees remote access, so they can work where they need to.

Are you ready to imagine a better way of working as well as controlling business processes? Get started by scheduling a free demo or a free trial. Contact us today to tell us about your business processes, and we’ll show you how we help.

Source: https://www.m-files.com/blog/the-power-of-business-process-management-in-facts-and-figures/

How Better Document Workflow Management Will Improve Efficiency and Remove Headaches

This is an age when so many competitive businesses depend upon efficiency. Still, problems with document workflow productivity create challenges. In contrast, superior document workflow management tools and tactics can offer amazing productivity boosts. Learn how inadequate document workflow management reduces efficiency and even more, how the right technology can help improve all areas of your business.

Why Reconsider Your Document Management Strategies?

Document workflow management simply refers to the process of transferring information from one person to another during various stages in the business process. Typically, work has to get approved before the completed work moves to the next step. For a simple example, a supplier might send an invoice to a buyer. The buyer may need to approve it as matching the order and route this document to inventory to confirm delivery. Once confirmed, inventory will approve it and route the invoice to accounts payable.

This example may appear simple, but you probably already know the problems that inefficiencies in your own document management system can introduce to a business. In the example, flaws in the process can lead to violations of payment terms, issues with future orders, and increased workloads.

According to Business.com, these are common issues that many companies struggle with.

Document mishandling issues: Common problems include the inability to find documents, issues opening documents emailed from others, and duplication of incorrect information on multiple documents. Either way, these challenges led to an estimated loss of productivity of well over 20%, based on a global IT survey.

Collaboration using email: It’s still common to find companies emailing documents back and forth for collaboration. This generates multiple copies of the document as it’s in the process of getting emailed. Generally, discussions occur within long, cumbersome email threads as well. There’s also no way to assure that the final version ended up in the inbox of the person who has ownership over the data.

Versioning issues: Old-fashioned methods of sharing documents create versioning problems. They make it difficult to ensure that everybody’s working on the latest iteration or even knows how to find it. Business.com mentioned a Harris survey that found 83 percent of respondents said that tracking versions caused problems.

Wasted time searching: Knowledge workers reported spending an inordinate amount of time looking for the documents they needed to proceed with tasks. Dealing with misplaced or lost documents took them even more time. When key employees leave or transfer out of departments, files often got lost.

Lack of remote access: Increasingly, today’s workforce runs remotely. Relying upon hard copies or even electronic files stored on somebody’s disk drive can limit accessibility to necessary documents. Having an on-premises-only system may also encourage employees to create even more unmanaged copies of documents, so they can take them home or on business trips.

Expense of manual approvals and signatures: An automated and convenient electronic signing and approval process can save time, ensure faster results, and reduce the costs to handle each document. Otherwise, employees waste even more time delivering documents, asking for approvals, and then waiting for them.

Security and compliance: In this age of BYOD, or bring your own devices, security has grown increasingly challenging. Understandably, employees may try to download documents to their own devices to take with them for work away from the office. However, it’s difficult for companies to protect information on scattered devices and also, to make sure the document only gets used in ways that the government allows.

How a Better Document Workflow Management Will Make Your Business More Productive

Modern, smart, cloud-based document management systems can address common issues. For instance, the system can have input rules that minimize human error and help ensure that employees use the latest version of the right document. They incorporate features like notifications and electronic approvals to keep the approval process streamlined. They also come with built-in collaboration tools that eliminate the need to require upon cumbersome email threads.

Even better, these systems run from the cloud, so they make it possible to access files from almost anywhere and at any time. Nobody has to travel back to the office or even worse, wait for somebody to unlock the door. At the same time as they improve accessibility, these document management systems incorporate smart security, so management can set rules to ensure that only the right people view sensitive information.  This helps ensure security and compliance with legal rules.

The system also keeps a complete version history, so it’s simple to track changes and view the document’s history in case of problems or audits. Finally, these systems allow companies to classify and tag documents. This ensures that it’s easy for employees to find what they need and never waste time looking for lost documents.

Source: – https://www.m-files.com/blog/how-better-document-workflow-management-will-improve-efficiency-and-remove-headaches/