If your business is like most, you still rely on paper documents in your day-to-day operations. However, many companies are reaping the benefits of converting these paper documents into digital files and working with them electronically through a document management solution. Are paper documents bogging down your business’ workflows and processes, while hampering your regulatory compliance? To determine whether now is the right time for your organization to implement a document management solution, here are some warning signs to be on the lookout for.
Too much human error.
To err is human, but in business, mistakes cost money, and sometimes big money. How much money you ask? Well in a study by Price Waterhouse Coopers, they estimate that the average lost document costs around $122 and $250 more to reproduce it. The average business loses around 7% of their documents each year. If your business has 10,000 documents, that’s a loss of 750 documents. And if each one costs $122, that’s $91,500! By automating manual filing processes through document management, you can eliminate human error and put an end to misfiled documents.
Too many versions of documents.
How many times have you worked on a document for an important presentation or project only to find out someone else had updated said document and the version you have is four versions old? It can be incredibly frustrating, and even worse, it’s counterproductive to moving your business forward. Document management provides version control to ensure that you and your employees are always working on the most up-to-date version of your important documents.
Too much time spent looking for documents.
Time spent looking for documents is time that could be spent building your business. According to the American Records Management Association, the average business spends 280 hours per employee per year searching for lost documents – the equivalent of more than a MONTH of work time each year. Document management eliminates manual searches by enabling you to search your files digitally by keywords, taking much less time. How nice would it be to have those 35 days a year back to get important things done?!
Too little audit preparedness.
Many industries deal with regulatory requirements that they must comply with when it comes to protecting, storing and archiving documents. With a document management solution, your business will be prepared in the event of an audit by ensuring the secure, compliant retention of your documents as well as quick and easy access to audit information.
If your business is experiencing one or more of these dilemmas, consider implementation of a document management program. Fraser can help you learn how to customize the perfect solution to meet your business needs and be more efficient. Contact us today!