Document Management allows businesses to create electronic copies of their paper documents which reduces costs and improves productivity. At Maine Tech Group, our automated workflow engines automate and optimize your critical business processes such as invoice processing, expense report approvals and more. Benefits of document management include increased security for your company data, a reduced carbon footprint and significant cost savings.
By transitioning your paper documents to electronic content, you’re significantly reducing the likelihood of your data being stolen or compromised. Did you know that the “majority of identity theft is caused by physical documentation being recorded or stolen? By using document storage systems, you effectively keep your documents … safe from prying eyes. (source: Sage, 2012)” On the other hand, document management also protects your information in the event of a disaster. By storing important information electronically, you don’t run the risk of a lost file that was never put back in the filing cabinet. Your information will never be lost, compromised or destroyed again!
According to the Association for Information and Image Management, document management systems allow users to modify and manage systems and typically incorporate many physical filing procedures, such as storage location, security and access control, and version control. “Another benefit of maintaining electronic files is the ability to keep a record of who has accessed the content.” (Source: Sage, 2012)
Reduced Carbon Footprint
Document management can also significantly reduce the carbon footprint of your business. Often times, when employees are unable to locate a document while at work, they reprint it. According to the Association for Information and Image Management, “45% of the paper utilized in offices wind up in the trash at the end of the day, which inevitably results in increased waste in landfills.” (source: AIIM, 2016) Furthermore, large metal filing cabinets and outdated shelving units are a serious eyesore at your office. Take back your office space and upgrade to electronic systems instead. “Document management is an effective business tool that helps your office stay organized, clean, productive, and green. Storage can go a long way in keeping your business safe and keeping your money where it needs to be: in your pocket” (source: A&B Business Solutions, 2017)
According to The Paperless Project:
- 15% of an organization's revenues are spent creating, managing & distributing documents
- 60% of employee time is spent working with documents
- The average document is printed 5x
- Each four-drawer file cabinet holds an average of 10,000 to 12,000 documents, takes up to 9 square feet of floor space and costs $1,500 per year.
Document management increases cost savings in several ways. First, it eliminates the need to reprint a lost document, by providing an electronic copy that’s accessible to employees whenever they need. Second, it increases employee efficiencies at work, enabling them to focus on more important, money making tasks instead. “One example of how a document management system can further help operations is when a particular item… needs group approval. Sharing an electronic version of the file can ensure that the correct people review the document and can create an audit trail that allows everyone to see one another’s edits while also preserving the document in its original form. The less amount of time you spend looking for a specific file, the more time you have to work on the project or task relating to that file.” (source: Sage, 2012)
“Staff can get more done, at a faster rate, by going digital. With files digitally stored into a document management repository, files are immediately accessible directly from an employee’s workstation… By reducing the time spent on filing, accessing and retrieving paper documents, employees can repurpose their time to work on more critical tasks.” (Source: The Paperless Project, 2016)
There are several benefits to going paperless. Document management allows companies to become more efficient with their employees’ time, cut costs and store company data more securely. “EDM systems also help companies make sure confidential information is protected, and can ensure compliance with legal regulations.” (source: Paper Gear, 2017) In fact, annually, “an average of four weeks is lost waiting on documents that have been mislabeled, misfiled, or untracked. When it comes to running a business, ensuring you have all the documentation that is necessary on hand is essential to the overall maintenance and productivity of your company.” (source: A&B Business, 2016)