Gone are the days when organizations relied on paper-based document management. Digital record keeping has not only transformed how we handle our organizational data but has made the business environment more efficient and securer than ever before.
Automated document management is the most practical solution to manage the massive amount of data that organizations are creating today. By improving efficiency and workflow processes, the tool can create a drastic positive impact on your bottom line, regardless of the type or size of the organization.
If you have not yet introduced a document management system to your business environment, watch out for these signs indicating the grave need for the tool.
1. Soaring Operational Costs
An electronic document management system can help you reduce your operational costs by cutting down on both hard and soft expenses. Hard expenses typically include consumable supplies, filing equipment, storage space, and equipment maintenance costs. The automated document management system can help you save on the cost of approximately 10,000 pieces of paper per year along with extensive space cost required to contain your paper-based documents.
Soft costs, on the other hand, comprise all the labor required to file and maintain for records. By eliminating unnecessary processes and tasks, automated document management can considerably lower your soft expenses.
2. Inefficient System and Processes
An average employee spends 15-30 percent of their time searching for documents that are misfiled or missing. They also spend 30-50 percent of their time looking for information in the document. This shows how a sloppy document management system could affect the productivity of an employee on a daily basis.
It is, therefore, a good idea to include an automated document management system in your budget items. Using the tool, you can ensure instant flow of information, convenient data management, as well as free up resources to capitalize on more productive, revenue generating activities.
3. Risks to Organizational Data
Paper-based documents are almost always vulnerable to data losses or theft. Organizations that lose key records to any unfavorable event may even go out of business if they fail to restore the lost data within a specified time. Keeping the business continuity in mind, you need to have a robust system in place to make sure that your data is safe and secure even in the wake of a disaster.
4. Non-Compliance with Regulatory Requirements
Considering the growing data breaches incidents, the state and federal governments necessitate organizations to maintain proper records of sensitive financial, operational, and other business information. With an automated document management system featuring security features and audit trails, you can ensure that the system is in full compliance so as to avoid litigations and penalties.
Considering purchasing a well-designed document management program to align the system with your corporate strategy? Contact us online or call us at 877-765-2655.