Do you ever feel like your company’s documents and records are in a holding pattern? Then let me introduce you to document management software. A document management system is a place where files from various departments and sites can call home.
You’ve heard of how departments can work in silos. Well, document management software puts an end to that. Everyone can access information at any time, albeit with the proper security. Customers can download or fill out forms, which takes the burden off your staff. Documents are real-time and include controls. There’s no guesswork. If there’s a record change you’ll know it down to the date and time. Version controls, annotations, and signatures are all there.
When combined with workflow automation, document management becomes even more powerful. Manual processes like routing documents for approval are automatic and behind the scenes. You set the rules in motion and let the software take care of the rest. Do as little or as much as you want. The choice is yours. Start small. Scale as you grow. Store data in the cloud or on a local server. As an experienced professional, I’ve seen hundreds of companies transform their business with workflows. Not one of them has regretted the investment. A recent benchmark study by IDC points out the ROI savings if you want to break down the numbers. For now, here are five reasons why document management can help save your business.
#1 Reduce Overall Costs
Document management software puts money back in your pocket. On average, operating costs go down by 50 percent! You’d be surprised what you can save when you do away with courier fees, postage, and storage. Add to that time saved searching for documents, and it’s a win-win situation. Of course, there are many document management solutions on the market. I recommend talking to a few now. Do your research. A good partner will guide you towards streamlining your processes before you invest in technology. They should also walk you through some options without overselling. Develop a plan now, and you will save costs. Trust me— you won’t regret it. If you choose to wait, you could end up paying more.
#2 Increase Productivity and Happiness
A document management system contributes to a happy work environment. Why is that you ask? Employees get to spend less time moving paper and more time on meaningful work. Let me put it this way. Happy employees drive productivity. They’re more innovative and report higher confidence. That’s not all. In a study by Entrepreneur, happiness is said to make employees 12 percent more productive. What do happiness and document management have to do with one another? How about fewer mistakes. You can eliminate duplicate work. Employees feel a sense of accomplishment. There’s a more even distribution of work. Retention rises. I could go on. But I’m sure you get the idea. Put the right tools in someone’s hands, and there’s no telling what they can create.
#3 Improve Customer Loyalty
Here’s a good one. Digital transformation is here to stay. If you’re not moving towards electronic document management and workflow automation, you’re going to be left behind your competitors. Let go of slow decision-making processes. Do away with outdated paper-based ways of working. Leverage information and technology. That’s right. Your company can work better, smarter, and faster. Know what’s even better? Customers will take notice and stay engaged with you. According to a National Business Research Institute study, “Satisfied customers cost less to serve, are repeat customers, and are more profitable customers for the organization.” A document management solution is an investment in your bottom-line and your customers.
#4 Realize Revenue Streams
Let’s talk money. How would you like to find some within your company? I’ve seen it happen. Businesses run on profit. People are employed with profit. Businesses prosper with profit. Did you know profit can be bought? Traditionally, we think of profit as earned. However, when a company invests in an efficiency gain, they are essentially buying profit. WPS shaved 45 days off a key process and increased staff productivity by 69 percent within four months. When you look at it this way, a document management solution isn’t just about controlling paper. It’s about making money!
#5 Avoid Lawsuits
There’s a well-known term called Information Governance (IG). Perhaps you are aware of the pitfalls of non-conformity. If not, let me remind you. When it comes down to it, you’re responsible for whatever information passes through your doors. There’s likely to be strict rules for how you manage such data depending on your industry. A big piece of IG includes how well you store and manage these documents. A document management solution such as OnBase will help eliminate your risks today and in the future. It may also just save your company from a lawsuit.
Take Away
With so much information at stake, it’s important to minimize your risks. A reliable document management solution is a lifesaver when it comes to mitigation, customer satisfaction, and financial gain.
