The Top Benefits of Document Management Workflow

May 22, 2020

1. Get Rid of the Inefficiencies of Paper Documents

Switching from paper to digital documents, not only gets rid of the inefficiencies associated with paper documents, but also helps save additional operating costs like maintenance, printing, filing, and storing paper. Seeing how the average office spends about $25,000 to fill a four-drawer file cabinet and $2,000 annually to maintain it, digital documents seem like a bargain.

According to a report by Registeredrep.com, companies with annual revenues between $500k and $1 million can save around $40k per year by switching to digital document management. While content management service Laserfiche estimates a 20% time savings based on filing and retrieval efficiencies, eliminating misfiling and workflow efficiencies.

Going digital also means that you are helping the environment by reducing the amount of paper waste generated by your office!

2. Dramatically Improves Office Efficiency

In our fast-paced world where new competitors emerge every day, you cannot waste your crucial time looking for stuff on your computer.

Since the majority of our time is being spent in piecing together information, its no surprise that a whopping 68% of employees feel they don’t have enough hours in the day to complete their tasks.

A great way to free up working hours is to use a document management system for easy creation, sharing, editing, and approval of your documents. In this way, business processes are sped up dramatically and employees can spend time doing the work they were actually hired to do!

3. Reliable and Accurate

Digital documents are more reliable and accurate to their paper counterparts, particularly because making edits to a digital document is much easier. A great document management system comes with all the tools needed to create, edit and collaborate on documents to streamline workflow.

Features like version control ensure that you can see the entire timeline of a document and how it came to be. Users can revert back to an older version if needed, something which cannot be done using paper documents.

4. Search Away!

We all agree that searching for a document in file cabinets is not the best use of time, right? Even if you are looking for a digital document, finding the right cloud app, the right inbox, or the right folder can take up hours and hours of your time.

5. Cost-Effective

Gartner estimates that a company can save up to 40% of document-related costs if they deploy a document management system.

How? Well, the cost of creating, storing, and managing paper documents can be pretty high, especially as your company grows. The storage facilities, cabinets, cost of paper, printing, office space, storage, and hiring employees who manage all this can all add up to be quite an expensive bargain.

By switching to a document management system, you can get rid of all those paper files, reduce storage space, save money on printing, ink, and other stationery items, and also on hiring new employees to manage those documents.

6. A Lot Safer

We all know how difficult it can get to safely secure paper documents and then remember where each document is. A document management system keeps all your files safe and secure. With features like document tracking, password version control, real-time notifications, password protection, etc you are always aware of a document life cycle- who viewed it, when, from what location, and what changes did they made to it.

7. Scales with Your Company

The number of documents you produce is directly related to the number of employees you have or the size of your operation. As your company grows and becomes successful, the number of documents you produce also increases with it. More documents would lead to more clutter, which eventually leads to a loss of productivity.

A document management system does not punish you for growing a successful company as it is easily scalable. Simply get more cloud storage and continue your operations without any hiccup.

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