Time and cost savings with an intelligent document processing solution like SenseTask
SenseTask, an intelligent document processing platform, offers a comprehensive solution for handling various types of documents such as invoices, receipts, delivery notes, waybills, e-invoices and contracts. By leveraging advanced technology, SenseTask significantly reduces the time and effort required for document management, providing substantial time savings for clients and minimizing errors. Here, we dive into the specifics of how much time is saved by using SenseTask for different types of documents and processes, and how this translates into financial savings for a company.
The five pillars of time and cost savings with SenseTask
SenseTask can help save time and money in four areas:
- Eliminating Manual Data Entry
- Minimizing Errors
- Streamlining Accounting and Inventory Management
- Defining complex document Workflows
- Utilizing the platform as an Archive
1. Eliminating Manual Data Entry
Manual data entry is not only time-consuming but also prone to errors. By automating this process, SenseTask allows businesses to redirect valuable human resources towards more strategic tasks. Here’s a breakdown of the time saved per document type:
Invoices (single line item): On average, manually entering data for a single-line invoice takes about 5 minutes. SenseTask reduces this to mere seconds, saving approximately 4 minutes and 30 seconds per invoice.
Invoices (multiple line items): For invoices with multiple line items, the time taken increases exponentially. An invoice with 10 line items might take around 20 minutes manually. SenseTask processes this in under 1 minute, saving approximately 19 minutes per invoice.
Receipts: Entering data from receipts typically takes about 3 minutes per receipt. SenseTask automates this process, cutting the time down to 30 seconds, saving 2 minutes and 30 seconds per receipt.
Delivery notes and Waybills: These documents, often complex and detailed, can take around 10 minutes to process manually. SenseTask completes this task in about 1 minute, saving 9 minutes perdocument.
E-Invoices: These are usually faster to process manually but still take around 3 minutes. SenseTask can process e-invoices in seconds, saving 2 minutes and 30 seconds per document.
Contracts: Contracts, often lengthy and detailed, can take up to 30 minutes to manually enter and verify. SenseTask can process these in about 2 minutes, saving approximately 28 minutes per contract.
2. Minimizing Errors
Errors in document processing can lead to significant time losses and additional costs. SenseTask's intelligent automation minimizes these errors, which translates into time saved and cost savings:
Error rate reduction: Manual data entry has an error rate of approximately 1-3%. Automated processing with SenseTask reduces this to nearly zero.
Time and cost of error correction: Correcting an error can take 10-30 minutes depending on the complexity. For every 1,000 documents, this means saving 10-30 hours by avoiding errors. At an average hourly wage of $25, this translates to savings of $250-$750. These cost savings are not taking into account the potential financial implications of these errors which could be significantly higher.
3. Streamlining processes like Accounting and Inventory Management
SenseTask integrates seamlessly with ERP systems, eliminating the need for manual synchronization of data between systems. This streamlining ensures that data is consistently updated across platforms, enhancing accuracy and reducing redundancy.
Accounting integration: Traditionally, updating accounting records manually can take around 10 minutes per transaction. With SenseTask’s automated syncing, this time is reduced to seconds.
Inventory management: For inventory updates, manual entry can take 5-10 minutes per transaction depending on complexity. SenseTask’s automation cuts this down to seconds, saving up to 9 minutes per transaction.
4. Defining complex document workflows
SenseTask allows for the definition of complex document workflows based on extracted key data, facilitating efficient processing and approval cycles.
Workflow automation: Manually managing document workflows (e.g., approvals, forwarding, categorization) can take 5-15 minutes per document. With SenseTask, this is automated, saving up to 14 minutes per document.
5. Utilizing the platform as an Archive
Maintaining a searchable and accessible archive of documents is another area where SenseTask excels. Traditional paper or basic digital storage solutions are cumbersome and time-consuming to search.
Document retrieval: Finding a specific document in a traditional archive can take anywhere from 10-30 minutes. With SenseTask’s searchable archive, this process is instantaneous, saving up to 29 minutes per document search.
Audit trails: Manually maintaining an audit trail is labor-intensive, often taking 5-10 minutes per action. SenseTask automates this, providing instant access to user actions and changes.
Total time and money savings
To illustrate the cumulative time and financial savings, let’s consider a scenario where a business processes 1,000 invoices (500 single line, 500 multiple line), 200 receipts, 100 delivery notes, 100 waybills, 300 e-invoices, and 50 contracts per month. We'll also assume an average hourly wage of $25 for employees handling these tasks.
Single line invoices:
Time saved: 500 invoices x 4.5 minutes = 2,250 minutes (37 hours 30 minutes)
Money saved: 37.5 hours x $25 = $937.50
Multiple line invoices:
Time saved: 500 invoices x 19 minutes = 9,500 minutes (158 hours 20 minutes)
Money saved: 158.3 hours x $25 = $3,957.50
Receipts:
Time saved: 200 receipts x 2.5 minutes = 500 minutes (8 hours 20 minutes)
Money saved: 8.33 hours x $25 = $208.25
Delivery notes:
Time saved: 100 notes x 9 minutes = 900 minutes (15 hours)
Money saved: 15 hours x $25 = $375
Waybills:
Time saved: 100 waybills x 9 minutes = 900 minutes (15 hours)
Money saved: 15 hours x $25 = $375
E-Invoices:
Time saved: 300 e-invoices x 2.5 minutes = 750 minutes (12 hours 30 minutes)
Money saved: 12.5 hours x $25 = $312.50
Contracts:
Time saved: 50 contracts x 28 minutes = 1,400 minutes (23 hours 20 minutes)
Money saved: 23.33 hours x $25 = $583.25
Reduced errors:
Time saved: 10-30 hours
Money saved: $250-$750
Grand total monthly time and money savings
Total Time Saved: 280-300 hours
Total Money Saved: $6,998.00-$7,498.00
By adopting SenseTask, the company in this scenario can save nearly 280-300 hours per month, translating to significant productivity gains and cost savings of over $6,998-$7,498 each month. These efficiencies not only improve operational workflows but also enhance the overall capacity for businesses to focus on growth and innovation.
Conclusion
SenseTask eliminates manual data entry, streamlines integration with accounting and inventory systems, automates complex workflows, and provides a highly efficient document archive. The time savings per document type and process are substantial, leading to improved accuracy, faster processing times, and enhanced operational efficiency. For businesses looking to optimize their document management, SenseTask offers an intelligent, comprehensive solution that delivers tangible time savings and productivity improvements.