Maximizing ROI with a Document Management System
Is your office space consumed mostly by paper documents? Are you looking for a solution to get rid of paper documents to foster organizational efficiency?
A document management system can help significantly by letting you capture data from any physical paper accurately and automatically. Your company can fulfill all its document management needs with advanced features of a DMS software for automatically managing invoices, order forms, payment orders, employee records, and many more. By fulfilling all document management needs with the use of a DMS software, you employees can focus more towards their core responsibilities and ensure higher ROI. Here are a few ways in which your company can benefit from a document management system:
Reduced Document Management Costs
Lost and misfiled documents account for a substantial monetary loss. When employees managing documents manually, there are chances of errors. Even minor mistakes add up to a huge error, fixing which can be a costly affair for an organization.
According to reports conducted by infoRouter in the USA:
- Nearly 7.5 percent of physical documents gets lost and 3 percent gets misfiled
- Companies spend around $20 per employee for filing a document, $120 to find a misfiled document, and $220 to re-create a lost document
And, the scenario is similar in every other part of the world, with employees struggling to find and recreate lost documents manually. All these expenses can be avoided by automating the processes of document management with the help of an efficient document management system. Also, labor costs can be reduced substantially with no need of additional labor hours for fixing document management issues.
Higher Information Accuracy
With little or no need of manual document management, the accuracy of information can be ensured. All documents can be indexed accurately and archived securely to ensure easy tracking and sharing. Some surprising facts presented by Nitro:
- Nearly 50% time of a knowledge worker is spent on creating and preparing documents
- Document management challenges are costing an organization around 21.3% of its overall staff productivity
A document management system doesn’t just save quality time of workers, but also improves their productivity. While documents can be stored, shared and tracked accurately using a document management system, employees can use the freed up time for fulfilling other productive tasks in a company.
Reduced Operational Costs
A document management system cuts operational costs by bringing together a number of technologies. Those tedious document management activities that are also time consuming can be automated with a help of a reliable document management system. Five ways a company can reduce operational costs by adopting an efficient digital document management process:
- Reduced storage needs
- Lesser copying requirements
- No need of a printing machine
- Higher document security with reduced costs
- Lesser document backup & recreation costs
With no need to invest in expensive storage cabinets, inks, papers, and printers, companies can manage their operational costs efficiently. Further, the administration and maintenance costs of a cloud-based document management system is comparatively lesser. So, it is anytime a better option than relying completely on a paper-based process.
Revamped Human Resource Operations
The HR department of a company has to organize and manage plethora of documents, such as, resumes, legal documents, contracts, and employee records on a daily basis. Managing these documents manually can be a daunting task for them. A customized document management system can provide the best solution to HR professionals by:
- Storing all documents at one centralized location
- Ensuring document security with authorized access
- Saving time and energy from tedious tasks
Along with these, there are many more benefits of going paperless with a document management system, which can help in increasing the ROI of small to medium and large-sized organizations.
Originally published at www.techpillar.com.