When running a business, special attention should be paid to the security of ourselves and our contractors. There are many fraudsters who, by impersonating well-known brands, partners, or institutions, try to extort data or valuable information from employees. Often, the first stage of such fraud is the manipulation of documentation sent to companies, for example, via email. In this context, it is important to control incoming documentation. However, if we do not want to generate additional costs, it is worth focusing on optimizing the file verification processes. We will suggest how to do it. If you manage a company, its finances, and are looking for optimal solutions that will allow you to save your and your employees’ time and, reduce the costs of administering documents, this article is for you.
Learn how to reduce up to five times the expenses associated with the quality control of documentation in your organization
During work and responsibilities, it is possible to overlook a fragment of text or an element in a table of calculations, that should alert us and undermine the credibility of the analyzed file. This includes small, illegible fonts, handwritten, unreadable comments, or unclear sections. When reviewing many similar files, an employee can fall into a routine. With the processing of hundreds of documents daily, it is easy to make a mistake and accept an unjustified or illegible file into workflow.
The results of studies conducted by the research group consisting of Jan Alexander Häusser, Stefan Schulz-Hardt, Thomas Schultze, Anne Tomaschek, and Andreas Mojzisch clearly show that performing routine and repetitive tasks negatively affects employees, and this can lead to increased turnover, thus generating costs associated with recruiting and onboarding new specialists.
“In conclusion, the results from two experiments provide consistent evidence for a negative impact of task repetitiveness on mental strain and a positive impact on work performance. This pattern of results clearly challenges the common consensus that repetitiveness in work environments should be avoided. Rather, in work redesign processes, it is important to ﬁnd an adequate degree of task repetitiveness—to the beneﬁt of both employees and organizations.”source:https://www.researchgate.net/publication/260412582_Experimental_evidence_for_the_effects_of_task_repetitiveness_on_mental_strain_and_objective_work_performance
How much does the document verification cost?
To calculate the cost incurred by a business owner for the initial analysis process, we can use the average employment cost of a full-time employee, amounting to the equivalent of 2000 EURO, as a basis. Of course, this amount in practice will depend on many factors, such as the industry, location, and hence may vary depending on the specific case. Assuming that checking 1 document (opening and briefly reviewing a file) takes 5 seconds, then in the theoretical working time (excluding fatigue breaks, holidays, and sick leaves) over a month, this one employee would be able to check about 120 thousand documents. Therefore, the unit cost of checking 1 page is approximately 1.5 euro cents.
At first glance, this amount may not seem high, but let’s look at this issue more broadly. The process where an employee is only engaged in checking the quality of documentation can be easily automated, and the person can be assigned to carry out other, more important tasks for the company. Manual work also involves a high risk of errors and overlooking important information.
If a file of poor quality is quickly noticed, it will save a lot of time, and thus avoid unnecessary costs. For example, correcting an invoice in the next accounting month will require the involvement of an accountant and a manager responsible for the area. The time they spend exchanging emails, phone calls, and explaining reasons, can cost the company much more than a thorough check of the document at the beginning. The need to make corrections to documents can disrupt the clarity of a well-structured repository. This problem can particularly occur in the verification of certificates, policies, insurances, confirmations, or contracts.
How to prevent routine and avoid errors, and thus introduce savings?
An average company employing at least a few employees often receives and checks no less than 3000 different documents within a given month. In such a case, the total cost of just the initial verification, resulting from the time devoted to this purpose, is 48 euros. That’s 576 euros a year. Now let’s return to the title question. How to reduce the expenses on documentation verification even fivefold? DocsQuality can help with that. The cost of the “Starter” package, which allows for automatic verification of documentation quality, is 9.99 euros per month and is only 120 euros a year. That’s almost five times less than the cost of an employee, which we earlier estimated at 576 euros.
Implementing DocsQuality for document quality verification in a company not only leads to a fivefold reduction in the costs of initial document checking but also fully automates and standardizes the process of documentation quality verification throughout the organization. It reduces the number of errors and speeds up work related to file processing. For companies using OCR (Optical Character Recognition) solutions, it ensures a high level of data accuracy. The program quickly detects irregularities such as handwritten, illegible text, poor-quality document photos, blur, or poor lighting.
By visiting the page https://docsquality.com/pricing/, you will learn about the plans and possibilities associated with using DocsQuality. Schedule a demo presentation or start using DocsQuality today. Discover all its advantages during a 30-day free trial period.
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