If your business is still using paper to run operations and conduct workflows, you are more than likely wasting time, productivity, and money. Research from Xerox has found that paper-tensive processes such as people waiting for printers, running out of print supplies, and physically going to devices like printers add up to significant wasted time. In fact, 46 percent of respondents to Xerox’s survey said these activities waste “a meaningful amount of time,” and only 7 percent stated no time was wasted at all.
And even if your business isn’t entirely using paper, electronic paper filing systems aren’t always the most organized. Files that live on individual computers and hard drives — or ones that get stored locally and lost in the shuffle — are similarly inefficient as paper processes. Luckily technology has emerged to solve these problems for modern businesses. Document management systems can dramatically improve efficiency among departments and operations as a whole. Read on to learn the three specific ways you can increase productivity and efficiency in your business with document management systems.
Easier Compliance and Security Processes
Much of the wasted time in legacy document processes occurs trying to ensure compliance needs are met, and security protocols are followed. Physical paper or scattered electronic document filing systems don’t allow for a cohesive approach to creating audit trails, guaranteeing compliant practices, or ensuring documents are secure. Those older systems put you at risk for document loss, which can translate to vulnerability and a compromised ability to adhere to regulations.
That’s where document management systems come in. Document management systems allow you to:
- Maintain document integrity
- Keep documents easily retrievable
- Form a clear audit trail
- Track where documents have been, who dealt with them, and who has access to them
- Securely archive files
- Apply for access permissions so only the right people have access to the appropriate files
- Maintain version control to see what was changed, when, and by whom
Depending on the document management system, you’ll benefit from some robust security features, including:
- Data encryption
- Protection against accidental or malicious security breaches
- Disaster recovery options in case of a fire or flood
- Compliance-adherent data management
- Redundancy so your documents are still accessible if a failure occurs — regardless of whether your document management system is in the cloud or on-premise
- Virus protection
A document management system will introduce efficiencies throughout your business from a compliance and security perspective, and you’ll rest easy at night knowing your data is safe.
Improved Collaboration and Workflows
Document management systems speed up internal and external communication processes by making documents easier to locate, faster to approve, and clearer to analyze. For example, using a document management system allows you to forgo physically passing files from desk to desk to reviews and approvals — speeding up everything from invoicing to legal contracts to onboarding new customers.
Internally, employees will be better able to collaborate on individual documents through a document management system’s centralized portal that integrates relevant documents like scanned files and email attachments. If you have an electronic system right now, this centralized portal will eliminate the silos that exist in your business when documents live on various servers, devices, and hard drives. You won’t have fragmented information scattered throughout your business — each relevant file will be accessible to the right party. Your employees will also save time by not having to sift through their email inboxes or self-made filing systems on their computers.
Your workflows will also start to move faster and produce more in shorter time frames because you’ll reduce errors and bottlenecks as a result. Document management systems introduce automation into your business — taking the human component out of creating, storing, filing, and distributing documents. Removing humans from repeatable, tedious processes means a lower risk for mistakes and less wasted time going back through workflows to determine where an error was made and addressing it.
Better Use of Every Dollar
The first thing you can eliminate with a document management system is any physical space you take up with paper. Filing cabinets, storage closets, office space, and more are no longer pieces of equipment or areas you must pay for. You will cut huge costs on paper and ink alone and be able to budget funds typically used for fax machines, envelopes, stamps, and more. Unlike equipment space, your document management system can scale as you need it, so you don’t need to shell out big bucks to upgrade hardware or rental space when you need to add files.
And with a document management system, you no longer need to print multiple copies of files that have to be sent to every party involved in a transaction — both external and internal parties can have secured access to the proper documents.
From a labor perspective, you’ll get more bang for your buck in terms of productivity. Your employees shouldn’t be spending their talent filing away paper, so you’ll see greater efficiency and more valuable output when they can redirect their hours to do what you hired them to do. Reallocated staff hours mean a greater return on investment from your hiring and recruiting practices. In the long run, you’ll be able to innovate and strategize in more beneficial ways as your staff will have more time to devote to work that requires human elements like intuition and judgment.
An added bonus is a happier staff. Employees have higher satisfaction rates when they aren’t bogged down by menial work or frustrated by bottlenecks and error-prone, outdated processes. With an easy-to-use, centralized hub for managing all documents, employees across departments will be able to focus on their meaningful work and contribute in higher-value ways to your bottom line.
Speaking of the Bottom Line
Greater business efficiencies translate into more than just speedier workflows and better security. They mean an organization-wide improvement in revenue. Choosing a document management system is essential to improve your long-term financial success, with a human team doing what they were meant to do while automation takes care of the rest. Contact DocXellent with questions about document management systems today.
