If you have ever worked for or run a business, you know that paperwork can become overwhelming very rapidly. Fortunately, with today’s technology, most of the paperwork is done and stored on a computer. We are going to take a quick look at five facts about document management and what that means for your business.
1. Professionals spend too much time looking for documents
Statistics show that professionals spend five to fifteen percent of their time reading documents. While this number seems small, what you fail to consider is how long it takes to find each document. Professionals can spend up to fifty percent of their time just looking for a document. Imagine that! Half of the work you do for a company is looking for documents. If your company invested in document management software, you would have the ability to type in and search for a specific document, and it would be located in mere seconds. The speed at which you could locate your documents would free up you and your employees to spend your time on much more valuable things.
2. Professionals photocopy too much
If you are working with paper documents, you have to make a copy for each person who needs to interact with them. Statistics state that a single document gets photocopied an average of nineteen times. There are about four trillion paper documents in the United States alone, and this rate is growing daily. That is a lot of time spent at the photocopier, and if you have ever dealt with a paper jam, you know just how pleasant that is. If your company has document management software, your time at the photocopier dwindles. You can scan your document once, and it’s saved in a file system on your server. Then, instead of having to use a photocopier, you can provide others with a copy via e-mail or file sharing. No unnecessary paper wasting, and no unnecessary time spent clearing paper jams.
3. Paper documents get lost
Statistics show that 7.5 percent of all paper documents get lost, and 3 percent of the paper documents that don’t get lost get misfiled. This is a lot of lost information, and if your company keeps track of private information, it could be very damaging. If your company invests in document management software, you don’t have to worry about lost documents. Once scanned into your computer filing system, the documents are there. If they happen to get relocated or misfiled, a simple search can help you find them in seconds. (While you don’t have to worry about losing your files, it’s always a good idea to keep the paper originals filed in case of an audit.)
4. Paper documents are expensive
Companies spend an average of $20 in labor to file a paper document, $120 to find a misfiled document, and $220 in labor to reproduce a lost document. The breakdown in the storage of paper documents can be very costly for your business. If you reduce document access and retrieval times with document management software, you can process transactions more quickly and thus reduce that amount of money spent dealing with paper documents. Most professionals also feel that it’s quicker to recreate a document than to spend time looking for it. This means they are spending time redoing something they have already spent time on.
5. It takes time to re-share documents
The average professional shares six documents as email attachments each day. Most professionals have also received an email with a missing attachment. Instead of emailing documents all over the office, invest in document management software, and employees can access the same documents without having to send them to everyone in multiple emails. It’s much easier to share a document when access is easily attainable than to worry whether or not you are emailing the most current version.
As you can see, a document management system can help your business in several ways. It can free up time and increase productivity, it can save your business money, and it can help keep your documents safe and accessible.