People like to make predictions on what they believe will be coming in the future, especially at this time of the year.
The people who wrote “Back to the Future” in 1985 made some bold predictions — and got about 50% of the right! We do have flat screen TVs, biometric identification, holographic displays (maybe not quite as advanced), and drones. Unfortunately, they did get a few predictions wrong too, like rejuvenation masks, self-lacing shoes, hover boards (not the kind with wheels), and flying cars (which would be really cool!).
As I look forward to 2016, I do not believe there will be dramatic changes when it comes to document automation. I say this primarily because there are many companies who still have not adopted this technology that has been available for more than five years now. Instead they are still using the same methods available back in the days of Marty McFly! However, if your company is a trend setter, here are three technologies to take advantage of to stay ahead of the curve.
3 Document Automation Technologies to Gain Popularity in 2016
- Customer and supplier portals
Sure, this isn’t completely new, but very few companies are using them effectively. Giving customers and suppliers access to data that easily connects them to you and the information they’re looking for, will greatly enhance your ability to accept orders and pay invoices. - Document collaboration
If you have a portal, you need the ability to collaborate online. People are not as keen to pick up a phone anymore, and prefer instant, self-service communication. Document collaboration gives you the ability to track the type of questions being asked and how quickly your team answers them, which can help you improve your internal processes. - B2B financing
As portals and business networks grow, the ability to offer online payment options and financing in the B2B world will grow too. While cash may be cheap (for now), it still is not easy for everyone to get. Having the ability to pay online and offer early payment discounts is a great way to improve cash flow and avoid using banks.
If you have not automated your document processes at all yet, the most important thing you can do is start. Document automation can save 85% or more of processing time and can reduce the cost of handling documents by over 50%. To continue using archaic methods from the 1980’s just doesn’t make sense anymore.
So here’s to the future — and hopefully the flying car!