Sound enterprise content management is a cornerstone of any successful business. The fast pace of today's technological advancements means that documentation and data are generated more quickly and in far greater volumes than they were in decades past.
Given its unique requirements and the demands of its customers, the consumer packaged goods (CPG) industry benefits greatly from having high-quality, user-friendly, intuitive, and intelligent document management underpinning its operations. Below, we detail the top three use cases for CPG document management software.
Creates Operational Efficiencies in the Supply Chain
In an industry where operational efficiencies can mean the difference between keeping and losing a customer, a properly managed supply chain is crucial. But that's often easier said than done.
"The supply chain today is a series of largely discrete, siloed steps taken through marketing, product development, manufacturing, and distribution, and finally into the hands of the customer," a PwC whitepaper states. "Digitization brings down those walls, and the chain becomes a completely integrated ecosystem that is fully transparent to all the players involved."
For example, one area for supply chain optimization relates to invoicing. What happens when a leading-edge enterprise content management solution for CPG companies is applied to invoicing? Here's a case in point:
When Coca-Cola Bottlers’ Sales and Services (CCBSS), an LLC owned by over 65 independent U.S. Coca-Cola bottlers, needed an integrated approach to its invoicing, it engaged Ripcord. Because customer invoicing at the company required proof-of-delivery (POD) sales receipts for supporting documentation purposes, Ripcord designed and implemented a full account reconciliation program as part of our ECM solution for CCBSS. The new program efficiently digitized receipts and extracted metadata, speeding the procurement of needed supply chain information and reducing the possibility of human error.
Streamlines Accounts Payable and Receivable
AP and AR control much of the lifeblood of any CPG business. Whatever funds go out must be carefully documented, as must any and all funds coming in. Erring on either of these scores can cause serious repercussions. Thus, the use of excellent document management in invoice matching in accounts payable departments is of the utmost importance.
For example, when a product leaves a company, the departure must be documented. Yet even in 2021, illegible handwriting, poor image quality, and improperly processed documentation frequently hinder a CPG firm's ability to confirm delivery of a shipped item.
Using Ripcord solutions, a CPG company can easily avoid this headache. We utilize optical character recognition (OCR) technology to quickly and accurately capture and extract invoice data and shipping and arrival documentation, reducing leakage and account reconciliation time while significantly increasing the transparency and ease of the entire process.
Automates Your Mailroom
Using CPG document management software to digitize your mailroom has a host of benefits. First, it means faster, more accurate processing of incoming packages and mailings, both paper and electronic. These are items CPG companies receive and send in great volume. With our proprietary scanning and capture techniques, Ripcord solutions classify, categorize, and make searchable data from all files, no matter what the file type or structure.
Second, mailroom digitization with our advanced extraction and enrichment functions helps ensure the accuracy of the information captured and stored. (After all, digitized data isn't worth anything if it isn't correct.)
Finally, a top intelligent document management platform such as Ripcord's can help eliminate the need for countless hours of repetitive task completion by human workers. The right software will automate mailroom processing, freeing up a CPG company's employees for less mundane, more critical tasks.