Tampa, Florida, April 07, 2020 (GLOBE NEWSWIRE) -- As I write this, we are nearing the three-month mark since the first confirmed case of novel coronavirus, 2019-nCoV. Who could’ve predicted such a turbulent start to 2020? The virus wiped out nearly two-thirds of winter and conservative estimates have all but canceled the entirety of spring.
As Americans isolate themselves in accordance with government-mandated stay-at-home orders, business leaders are scrambling to find ways to protect their employees and their businesses despite being severely limited by the unexpected shift to restricted, reduced, or remote work. Even those businesses that are in the unique position to flourish during a time like this are being presented with new challenges that are pushing them to their limits and revealing the truth about their outdated and inefficient core business processes. And while some businesses are focused solely on survival, others have noticed a window of opportunity to do something truly special – go paperless.
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There’s no denying the fact that we now find ourselves in a time of uncertainty and change. Your ability to adapt as an individual and leader, and your success applying your values to your business, will define your experience during the COVID-19 crisis. Are you going to tuck tail and run? Or are you going to take the necessary steps to beat COVID-19 and safeguard your business from interruptions for good?
Multrees Doubles Down on Initiative to Go Paperless in Response to COVID-19
In a swift move to boost productivity and efficiency for customers and employees alike, Multrees Investor Services has finished the first phase of implementation in their bid to go paperless.
Jaco Cebula, COO of Multrees, notes that these changes “will streamline key processes, by drastically reducing the need for paper documents, while maintaining the security of client money and data. And, crucially, it will also help ensure the smooth running of services for our clients at this crucial time.”
According to Cebula, Multrees has made a company-wide commitment to eliminate paper and better serve their clients and suppliers.
“We now interact with many advisers on a paperless basis and it is our ambition to become a completely paperless platform, so we are currently working on a number of other projects to build on this progress.”
Transact’s Attempt to Go Paperless Falls Flat For Advisers But Project Will Continue
Despite an underwhelming response from advisers who were less than satisfied with Transact’s initial attempts to go paperless, the company will continue to adapt their processes in response to the COVID-19 crisis. So far, the company has made it possible for advisers to open an Isa or Lifetime Isa for clients without manually submitting a paper application.
Unfortunately, the process has been met with criticism from advisers who consider it unintuitive and functionally limited.
In an interview with Money Marketing, Red Circle Financial Planning Director Darren Cooke spoke candidly on the topic, noting that Transact is “still very paper heavy at account opening both for paper going to them and the paper they send out to a client.”
He went on to describe the paper-intensive process to open an Isa account in full:
- It requires four different forms
- It requires additional forms for transfers
- Each of these must be printed, signed, and submitted
- The client receives “reams” back
- After initial set up, reliance on paper is reduced but still significant
The solution? According to Cooke, “They could cut out a huge amount of the upfront paperwork and put it all online and massively reduce the amount of paperwork they send out to clients. It would save them a fortune in paper, print and postage costs. You never know they may even be able to knock a bit more off their charges.”
Transact may not have struck gold on their first attempt to go paperless, but they have already taken several steps forward since they first considered the value of cutting their reliance on paper years ago. This effort should be applauded. Changing strongly engrained business processes is no easy task, but the potential benefits far outweigh the challenges of implementation.
Planning for the Future During Active Business Interruptions
With the economy in decline and businesses barred from opening their offices to their employees, is it really the right time to make sweeping changes to your organization? Considering that the only businesses running at peak efficiency are those with well-established remote work infrastructure, it’s difficult to envision a better time to invest in a paperless office.
Today, when the office is closed, your business shuts down until the following morning. In a paperless office, especially one that is supported by business process automation, your business is always running, even when your workers are spending time with their families or resting. And even when a force majeure event like COVID-19 suddenly prevents your workers from leaving their homes.
As a nation, we know that we will eventually defeat COVID-19 and bounce back from these trying economic times. However, in order to do so, we need to start preparing for the moment we flatten the curve. That means surviving this difficult time of uncertainty and laying the groundwork for a successful future.
How are you contending with COVID-19? Are you prepared for the next nationwide business interruption? When you go paperless, you take the first steps to building a frictionless work environment to help you get faster, more reliable, and most of all, more resilient.
As Albert Einstein once famously said, “The measure of intelligence is the ability to change.” Are you ready to work smarter, not harder?
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