When strategizing how to reduce business costs, companies often look to streamline their operating expenses. They may eliminate unnecessary printing, cut back on electricity usage or choose more economical office supplies. However, there exists one other major way for companies to reduce their expenses that gets frequently overlooked: document management.
Document management refers to the processes and strategies which an office uses to keep documents flowing through its core. Inefficient processes rarely come with a bill attached, making it difficult to identify just how they hamper profits. However, once they’re corrected, businesses experience an increase in productivity which directly leads to greater revenue. Here’s why every business needs document management, and how a solid document process helps a company save money.
Everyday Savings with Document Management
Every organization needs document management because it helps keep business running flawlessly. Some of the benefits include:
1. Increased Office Organization.
It’s easier to get work done when tools are in their right places – and that includes paperwork. Document management helps save a business money by reducing the amount of time and energy it takes to keep files organized and up to date.
2. Better Communication.
A good document management system helps keep everyone on the same page, facilitating communication and the flow of ideas. Employees spend less time trying to figure out which version of a file is the correct one – or where it’s located – and more time turning ideas into actions that move the business forward.
3. Maximize Space Use.
Document management typically leverages digital tools such as cloud storage, reducing the amount of physical paperwork stored onsite. That means fewer filing cabinets taking up precious real estate in the office, and more space for workflows which deliver high-impact results on the bottom line.
4. Improved Access to Information.
In the era of data-driven decision making, the ability to make a profit often comes down to who has access to what information fastest. A well-crafted document management system keeps all files in order and works to ensure that the right information gets to the right people on time.
5. More Efficient Use of Time.
Nobody likes to spend time looking for missing files. With a solid document management system keeping files organized and backed up, missing files become a thing of the past. Likewise, employees enjoy the ability to focus on work rather than the low-value, laborious manual tasks that physical document storage often require.
Better Security Also Means More Savings
Document management yields numerous benefits to an organization every day which directly translate to savings and greater revenue. However, one equally important and often overlooked way which document management helps a business save money lies in the fact that such solutions improve document security. With document management, businesses enjoy cost-saving benefits such as:
1. End-to-End Security.
Document management helps make sure that documents remain secure no matter where they are in a business. From secure emails to locked down printers and airtight cloud storage, end-to-end document security helps avoid a costly breach.
Businesses large and small are under constant siege from cybercriminals. In fact, in 2019, concern for data security is proving to be one of the biggest trends in cybersecurity. In particular, this year has seen a spike in ransomware attacks – attacks where hackers steal an organization’s data then demand a costly ransom for its safe return. Fortunately, however, a solid document management strategy can help thwart such tactics.
2. Business Continuity and Disaster Recovery Support.
Data is valuable and nowhere is that fact more appreciated than in circumstances where it’s destroyed without a backup. The vast majority of business information and data happens on documents, yet some 58 percent of businesses have no plan for sudden data loss – in other words, they don’t back up their files.
When it comes to disaster recovery, document management and security go hand in hand to help mitigate the costs of a disaster. The former makes sure that all important files are backed up while the latter keeps those backups secure.
Do Better Business With Document Management
Well-designed document architecture helps employees work more efficiently, improve communication across the company, and support business continuity efforts following a disaster. Together, all of these benefits result in increased savings by avoiding and mitigating costly scenarios. Every business needs a document management solution, if not for the savings that it induces across the organization then because it’s part of a better way of doing business.
Doing Better Business has 47 years of experience helping businesses streamline their document processes. Contact an office near you to get started with an expert in workflow solutions and document security.