2013.07.24:NEdocs Sees Growth Opportunities in AP Invoicing Paul Rizzuto / Infotrends As InfoTrends continues to track the evolving document management market, we like to see how providers are expanding their services. Last week, I toured New England Document Systems in Manchester, NH to gain a better understanding of how smaller providers are remaining competitive in the document management solutions market. Founded in 1983, New England Document Systems (NEdocs) has evolved from a microfilm services business to one that provides document imaging systems and solutions to medium and large operations. NEdocs also offers outsourced scanning, cloud storage, workflow and document automation systems, off-site records storage, accounts payable automation, and mailroom services. Clients consist of many Fortune 500 clients including manufacturing, healthcare, education, insurance and financial institutions for services ranging from scanning and archiving to Accounts Payable mailroom management. The facility I visited was comprised of a document storage warehouse where all boxes are tracked step-by-step from receipt to shipment through a barcoded management system. The production floor is broken into rooms where different departments and functions (e.g., scanning, data capture and quality control) are managed. In addition, NEdocs maintains a 25,000 square foot offsite storage facility for documents and a climate-controlled vault for media storage. President (and tour guide) Nick Brattan explained that their largest growth area today is in the Accounts Payable mailroom management services. “There is a lot of focus today on streamlining Accounts Payable processes. The customers we service find cost savings and efficiencies that impact their company’s bottom line. We have had success growing this sector to include AP invoices from all over the world with different languages and currencies. It is a niche market and we have found success because of our quick turnaround and data accuracy.” With invoicing becoming increasingly paperless, NEdocs is also managing electronic invoices. The service uses a software suite that helps automate manual processes and provides electronic approvals within an organization. In last year’s “Service Expansion Opportunities for Document Outsourcing” study, InfoTrends asked 454 enterprises across North America and Western Europe what their top priorities were relative to document imaging, indexing and coding, data management, and data integration. We found that top priorities included cost reduction, improving business process efficiency, and increased data security measures. Mr. Brattan agreed with our conclusions while reiterating the importance of NEdocs’ data validation to improve accuracy rates—a priority for the enterprises we surveyed. Top Enterprise Document Imaging and Data Management Priorities As a growing provider in the document management solutions market, NEdocs has made inroads through loyalty to its people and strong client relationships. The common refrain among employees we spoke with was their long tenure at the company. This affords a level of efficiency through the continuity of employees—Mr. Brattan estimated that nearly 20% of the close to 100 NEdocs employees had been with the company more than 15 years. Providers like NEdocs can leverage this stability with clients and prospects as they transform with market changes. The document management market continues to evolve and, as such, providers must stay agile and be opportunistic to monitor trends and adjust accordingly. - See more at: blog.infotrends/?p=11697#more-11697
Posted on: Wed, 24 Jul 2013 13:30:36 +0000
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