Workflow Management automates document-driven tasks to increase efficiency and decrease cycle times. Decision-making processes that require notification, input and/or approval from multiple people are ideal candidates for workflow solutions. Workflow eliminates the need to manually track and route documents from one person or location to another. In fact, when used in conjunction with other document management capabilities such as electronic forms, workflow processes can be completely paperless. Rules engines are used to route documents and even automate decisions that meet certain criteria, such as automatically bypassing the approval process for expenses below a set amount. In some cases, workflow software can enable straight-through processing of transactions that meet business rules and completely eliminate the need for manual data entry or decision making.
Considering the number of forms, applications and documents that must be passed around to conduct business processes, the applications for workflow technology are practically limitless. Workflow is applicable to core business functions like loan approvals and insurance underwriting as well as common activities such as hiring new employees or processing vendor invoices.
Companies that implement workflow technology generally decrease their labor costs and reduce the amount of time it takes to complete a process. Another advantage is accountability. Unlike in a paper-based world of inter-office mail, a document or file is never misplaced by a workflow management system, and it is easy to see where bottlenecks exist. Using business rules, workflow can also prevent employees from operating outside of a prescribed policy, reducing potential liability or compliance violations.