7 Surprising Reasons You Should Digitize Your Company

While many organizations rely on paper documentation for governance, operational needs, and general management, digitization of these documents is also important. Converting paper documents to digital ones increases operational efficiency, improves workflow, and enhances customer relationships and public perception of a company. More importantly, digitization ensures that, should paper documents become lost or damaged, their electronic counterparts will remain accessible. Companies working in the medical, financial, and legal fields are particularly vulnerable in this regard.

Digitization has a strong impact on productivity and profitability, yet like most other major upgrades to a company’s operations, digitization involves costs and risks. Fortunately, experts say that organizations can mitigate these downsides with proper research, management, and oversight of the process.

Here are only a few reasons why going digital makes sense for any 21st-century entrepreneur:

1. It will help you cope with emergencies.

2. It will save you time.

3. It will make compliance easier.

4. It will increase the flexibility of your staffing schedule.

Additionally, digitization may enable a company to reduce the amount of office space it needs, thus lowering overhead.

5. It will streamline your operations.

Image courtesy Zachary Korb | Flickr

A well-structured IG policy increases overall efficiency in handling and dealing with both physical and cloud-based components. Such an IG plan can ensure that, even if physical documents are altered or lost, their digital counterparts remain accessible. This policy also enables employees at multiple service points within an organization to have instant visible access to shared information. Moreover, it helps to implement formalized office protocols for dealing with information as a vital resource.

Recent studies have demonstrated that poor-quality data is the major reason for project expense overruns that cost companies trillions of dollars annually. The greater the visibility available to you through digitization of documents, the more chances you have to increase the quality of the information these files contain.

6. It will boost your firm’s customer-facing efficiency.

In some instances, companies must still retain paper copies even when it has digitized the originals. Make sure your company checks with an appropriate authority regarding what kind of records you are required to maintain. You will need to verify which records you need to retain in paper form, and which ones you can recycle or shred after digitization.

7. It will help you cut costs and maximize your company’s potential.

Today, when the corporate environment is rapidly transitioning to what some experts call “digitization 2.0,” new possibilities have emerged for gathering and using digitized business data to create new layers of value-added products and services. These can, in turn, increase the range of options available for companies to offer their customers and other stakeholders.

Former Chairman & CEO of DocuSign. Cofounder & CEO of Ariba, Chairman of Purdue University, Chairman of Angie’s List and VP, General Motors

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