Every organization would benefit from having a robust document management solution. It’s a highly efficient system that manages and stores legacy files and other processes that have paper-based originals, along with all of the digitized files. Everything is either created in, or converted to, a digital format for improved ease-of-access and document control.
Most businesses still rely heavily on paper-driven processes such as issuing and processing invoices. Even though there are paper-driven processes still widely used today, there are many advantages to be realized from converting paper documents to electronic files and working with them in digital format. Here are some of the advantages of implementing a document management solution.
Cost-Savings from Efficiency
A PricewaterhouseCoopers (PWC) survey found that businesses spend a huge amount of money processing paperwork. The averages were around $20 in labor cost to file a document, $120 to find a misfiled document, and $220 to recreate a lost document. Plenty of money is wasted because of missing documents, as the PWC report revealed that 3 percent of all documents are misfiled and close to 8% become lost. On top of the administrative labor costs, the study also found that managers spent more than half their time looking for the information that they need before actually putting any of that data to practical use.
A document management system improves communication among workers. Management can make sure the correct people in the organization receive the information that they need to do their jobs. Management can also track to see if an employee opened a document to view it.
A document management solution allows multiple participants to simultaneously edit a master copy of a document. This makes it very easy for coworkers to collaborate.
Security is enhanced with document management by using point-to-point encryption and document passwords to restrict access. This helps prevent unauthorized access and costly data breaches.
A document management solution makes it easier to facilitate document searches. Employee productivity improves by having the capability to design a customized workflow for important tasks. Automation of routine tasks with document processing such as invoice scanning also improves productivity.
Management of Document Versions
Effective document management utilizes version control to ensure employees are working with the most up-to-date version of a document. There is also a document audit trail, which is necessary in certain industries for legal requirements and regulatory compliance such as HIPAA and Sarbanes-Oxley regulations under federal law.
24/7 Authorized Access Anywhere/Anytime
Secure document processing permits access to the files by authorized parties using an internet connection to the network.
An office filled with large filing cabinets is a major money and efficiency waster. By converting to a digital document management system, it is possible to reduce up to 90 percent of those wasteful expenses. This makes a very compelling value proposition for implementing a document management system in your business. To learn more about our advanced document management solution, contact us today!