Knowledge: n. facts, information, and skills acquired by a person through experience or education; the theoretical or practical understanding of a subject.
Paper is, relatively speaking, dumb because while it allows us to “store” information on it, it doesn’t allow us to utilize that information in another way. If you have a filing cabinet full of accounts payable invoices, you can’t easily compile information to draw conclusions. If you have a database with all those same papers captured and stored within it you can find the information you need. Using that database you can easily pull up invoices from specific vendors and check how much the company has spent there over a specific span of time. You can even see where the office chairs were purchased so you know not to buy them again because your back hurts. While a person may not possess this knowledge, the business does, and using document management systems can allow you to access the facts and information your business possesses.
FileBound is a prime example of how this business knowledge can turn into making better decisions about the future. FileBound can take accounts payable data and turn it into forecasts for management to use when making a decision. These forecasts take the business knowledge and expands it into useful data. Paper certainly has the potential to do all of this, but it is going to cost you a lot more, take more time, and is prone to errors.
Let Biel’s help you make your business more intelligent with a tailored solution to help you get the information you need. The more you know about your business, the more confident you can be in going forward. Accounts payable is just one of many applications such as human resources, customer service, sales, engineering, and legal. We can make your business an intelligent business, just give us a call to find out how.