Did you know that on average, challenges related to document management are responsible for over 21% of all productivity loss? One of the essential steps towards cutting down unnecessary micro-management and productivity loss at your company is keeping the flow of documents at your business organized. And one of the best ways to do that is by using a professional document management software, which can help you avoid unnecessary chaos and bring a few other benefits to your business:
1. All Documents Are in a Consistent Format
A sound DMS is capable of helping you format, edit and name your documents in a way that is consistent across your organization. This is especially important if a few people are working on the same document waiting for approvals as it helps avoid edits on an unchecked version. Similarly, by keeping a consistent naming, it’s easier to find the documents your employees are looking for, helping them save a lot of time.
Another significant benefit when it comes to consistency is the ability to use pre-made templates (which are often auto-populated), which can be utilized to create documents that represent your organization in a consistent way (branding) and cut down the time required to prepare them.
2. Your Documents Are Protected from Unauthorized Access and Natural Disasters
Never before has data been so valuable and the risk of exposing critical information so high. With the right document management software, you can protect the most important documents and information from being leaked outside of your organization or accessed by people with no authorization to do that.
Moreover, your documents are protected from unpredictable disasters such as flood, fire or hackers getting into your corporate file storage. A cloud-based system allows you to store your documents on a highly secured server where your data will be kept intact.
3. Frequent Backups and Low Archiving Costs
Without a good document management software, your backups of documentation can be inconsistent or done in a way that makes it easy to mix different versions of the same document.
Considering, that in many jurisdictions it is a requirement of law to be able to produce legible copies of particular documents, a unified backup system that keeps your files secure and easy to access is a must.
The same applies to archiving. With the right DMS, you can centralize both your backed up and archived documents, making it easy to retrieve them. Moreover, it can save you thousands of dollars per year on document storage costs compared to storing everything in paper form, allowing you to store only the required documentation in a physical version or eliminating the need for it altogether.
4. Measurable Cost Savings
The cost of a cloud-based DMS is significantly lower compared to creating all of the unnecessary paperwork. (Did you know that businesses spend on average an astonishing $25,000 just to fill a four-drawer cabinet with files?) The first cost that comes to mind is paper, printing and copying cost (what is, of course, true) but the biggest savings are most of the time underestimated and come from much better and more efficient management and access to data within the organization. A well-managed DMS can cut down the time your employees need to access files a few times, giving you savings in labor costs worth thousands of dollars every year.
Depending on the number of clients that you have at your company, you can quickly calculate the ROI per client. Find out how many documents you have to prepare, print, copy, shred and retrieve from the archive per customer (or any other stakeholder, for example, supplier) – and see how much of that could have been avoided with the use of the right software.
5. Boosted Decision Making Process
The easy access to documents, ability to generate, reports and follow metrics and trends from the shared documents, allow you to increase the speed of decision-making process within your company and reduce the time required to find certain information. This is especially important for higher management. Using DMS, managers can have comfortable access to documents from different departments, making it much easier to see the big picture of how everything works within the company before making important decisions.
6. Much Better Collaboration and Knowledge Exchange
Today, learning is everything. Everyone has to keep learning – including organizations. If you create an environment, in which different departments can easily exchange all the data and documents, it’s much easier for the company to learn and optimize both external and internal processes. Although in many organizations, the real value of knowledge management is still underestimated, it can highly increase company’s efficiency.
For example, HR or accounting departments can quickly prepare records such as handed in applications of new employees and deploy them where they are needed with just one click. The same applies to any other department within the company, which can share documents with other people. The right DMS helps roll out new policies, which can get much faster access to all of the employees, and as such be introduced a lot faster.
7. You Can Integrate a Third-Party System or Software
A lot of document management systems allow you to integrate them with a lot of other platforms that are used within the company. Some of them can be used to share your documents efficiently not only with your employees but also with your customers, suppliers, and other stakeholders. Usually, you can quickly check whether they received the documents and viewed or edited them.
8. Time/Cost Efficiency Thanks to 24/7 Access
The fact that documents can be viewed or edited by anyone authorized from anywhere, anytime, makes it very convenient for employees working on projects remotely. All they need to do is to log into the DMS and access the files that they need.
Moreover, a good document management software can help you push documents through their life cycles. This means that software can help employees generate, edit and archive documents at the right time, so that they are taken care of (for example uploaded or published) when needed.
Document management software has revolutionized the way many organizations look at their internal processes. Huge time and money savings that come with the right use of DMS can be used to focus on growing your business, without all the paperwork hassle. To find out how your businesses can benefit using the right DMS, contact us – let’s have a chat about your business.