Even with computers, most people and businesses have plenty of physical documents and paper records. Every so often you have to dig out that document from the recesses of a filing cabinet. You might also have had the experience of not being able to find it, leaving you with the time consuming task of going through all the drawers to find that single piece of paper. Investing in technology so you have digital records is the way to go. Let’s look at five excellent reasons for your business to implement a document management system (DMS).
What do your rented business premises cost per square foot? It can be expensive, and if you have a lot of physical documents then they might be costing you money. Perhaps you have a small business and your paperwork only fills a couple of filing cabinets that you can easily fit into your office. But even for small businesses, the longer you’re in operation the more paper builds up.
A document management system is a software-based solution that scans physical documents so you can store them digitally and access them more easily. You might be able to get rid of a lot of the papers in your cabinets, though you’ll always have some originals that have to be kept. Even if you still have piles of paper, having digital records means you can store your hard copies somewhere cheaper, freeing up your primary workspace.
You might think that digitally stored documents are less secure than physical documents, but this isn’t necessarily so. A document management service can be set up with strong access control, at the folder level. It might well be cheaper than keeping your physical data in a safe place secured with cameras, alarms and similar. Another bonus of a DMS is that you can see who has accessed folders and documents, which gives your system administrator far greater control over what’s happening with your digital records and sensitive data.
As we mentioned earlier, riffling through filing cabinets in order to retrieve documents that are rarely used can be time-consuming, let alone frustrating. For businesses time is money. One study even showed that filing a single paper document can cost $20 each! And that’s without factoring in misfiling or other mismanagement problems. With a DMS you can have almost instant access to your documents and if you need a paper copy you can print one out in a few moments. DMS platforms are designed for ease of use, time-saving, improved efficiency and greater productivity.
Collaborative work and good communication are business essentials. Digital systems play a huge role here. With a DMS you can print out documents quickly or share it digitally with colleagues with just a few clicks. So there are no delays retrieving the document, or the hassle of having to go through the process in reverse to put it back where it should be.
Most businesses have to comply with regulatory standards for their sector – red tape of one kind or another. Everyone knows these rules and regulations are there for good reason, but that doesn’t make it any less time-consuming. This is another area where a DMS can help. Regulatory reporting can be automated, even for the most complicated reporting requirements. Not only can you save time, but you can avoid the problems, and even the financial penalties, that come with non-compliance.
A document management system could be a great asset to your organization. To learn more, talk to a Quikteks consultant about a DMS for your needs by calling us at (973) 882-4644.