5 Ways Document Management Benefits Your Company
Every day, your company produces critical business documents. From internal material such as invoices, contracts, HR files, and training manuals to front-facing material like business proposals and press releases, every document your business puts out or receives, is indispensable.
These documents are the livelihood of your business. It is necessary to ensure that your company has the right practices in place to manage and maintain these documents securely. That’s where finding the right document management system for you comes into play.
In today’s digital age, a document management system is a must-have tool for your business. The majority of document management systems (or DMS) store all of your documents electronically, but the benefits to your business goes much further than reducing your paper storage.
We’ve outlined 5 major benefits that document management software can provide for your company. Read on and find out how DMS can digitally transform your business.
- Enviable Efficiency
Your critical workplace documents are stored across your digital devices. Right now, it may feel like every document has a home. But without a uniform storage system, finding the right document right when you need it is a challenge. Your documents can be easily misplaced and lost. Some documents may be duplicated, while others may have newer information that older documents lack.
The organization of files can often be overlooked, but a document management system is a transformational solution. Once your documents are uploaded to a DMS, they will be easily retrievable from computers, tablets and mobile devices. Having secure access to your important documents in one central, organized location minimizes your time spent searching and reduces the risk of misplacing those critical files. You can spend your time doing what’s most important – running your company and serving your clients.
- Increase Productivity & Reduce Costs
Storing paper documents not only reduces your efficiency, but it decreases your company’s productivity. PricewaterhouseCoopers reports that about 7.5% of all paper documents are lost, and Gartner says that employees will spend an average of 18 minutes searching for a document. It may not seem like much time at all, but it adds up to nearly 50% of their total time on the job. When time is money, remaining productive during the work day is critical, especially when most businesses are having to do more with fewer employees. By digitizing your documents, you reduce the confusion that comes with storing, managing and tracking large volumes of paper documents.
Storing and maintaining these paper documents also comes at a higher cost to you. On average, 50-70% of office space is devoted to storing and filing paper documents. Consider all the necessary aspects of storing paper documents – paper, printers, ink, folders, filing cabinets, security, personnel, etc. These costs add up over time, reducing your bottom line. But when you digitize your files, the need for large storage areas and the tools to support them are eliminated.
By switching to a document management system, you not only lower your costs, but you save time and can focus on furthering your business goals.
- Accurate Automation
Document management software helps to automate your business processes including processing invoices, orders, and onboarding files. When document based tasks are automated, they are completed more quickly with higher accuracy, less stress and at a lower cost. Document management software ensures your data is being captured and stored accurately, and your documents are processed efficiently. Your documents and information will be retrieved securely and immediately available at your fingertips. Our software integrates with any DMS you are currently using, so no need to leave one application to retrieve the document in another.
- Heightened Security
When considering the security of your files, there are two types to consider:
- Physical security: the protection of your files from loss, theft, fire, floods and other natural disasters
- Digital security: the protection of your critical information from cybercriminals and other digital threats
A document management system ensures that you have fast, secure access to your digital files. In the case your business is closed or damaged in a severe weather event like a flood, tornado or fire, your files are protected. If your office capacity is limited and you have employees working remotely, digital access to your documents is simple and easy.
Not only can you access your files from anywhere at any time, but you can limit exactly who has access to those files and what they can do with them. Setting up security protocols and tracking user activity is as simple as the click of a button. You can ensure document security and that compliance regulations are being met with direct evidence of audit trails, user activity, document history, security controls and record retention. Encryption secures your data even further during both the transmission process and while being stored.
- Meet Compliance Guidelines
When managing sensitive information, it’s critical to meet regulatory compliance guidelines. A failure to maintain records properly and meet regulations can result in hefty fines.
Document management software ensures your records meet several regulations established by HIPPA, SOX, the SEC and others. You can maintain document security by tracking all aspects of the document process and managing employee access. This ensures control of your records and the ability to provide proof that your company is following mandated procedures. When necessary, audit reports can easily be generated and temporary access provided to outside auditors.
A document management system helps to minimize risk and ensure you’re in compliance.
Do you like what you’re hearing? If you think a document management system can help you take your business to the next level, we can help you find the best solution to fit your needs. Get in touch with our team and let’s get started.