When it comes to document management, many companies just “go with the flow,” even if there are other, better options out there. The main resistance comes from the worry of implementing a new system – that it will drain resources and time, and affect efficiency of the team.
The reality is that most businesses have a leaky faucet, or an inefficiency, already that they don’t want to admit. If everything’s getting done, why change? Because you can save money and time, and make the work-life balance of your team better than ever before.
Now that I’ve got your attention, let’s delve deeper into some of the signs that you need document management.
#1: Unorganized Paper Trail
Do you have a convoluted paper trail, where the left hand doesn’t know what the right is doing? Are papers disappearing, not where they need to be, or perhaps they’re not getting to the correct person?
It’s not uncommon for this to happen, as paper trails can be elusive, not to mention frustrating. If you’re experiencing paper bottlenecks, you may need a better document management system to find and monitor important documentation.
Everyone’s heard of “going paperless,” but sometimes these types of initiatives are slow-going in businesses – especially if you have strict compliance guidelines. The results from doing so, though, can be very rewarding. According to a McKinsey Global survey, 59% of businesses achieved a full return on investment (ROI) from going paperless in less than 12 months.
# 2: Habitual Delays
If you’re a victim of never feeling caught up, there’s probably a reason for that. You may be getting delays from receiving sign-offs from higher ups, or you haven’t had a chance to deliver a document between offices.
To this we say, work smarter, not harder. Document management means you can automate certain processes, so there’s never a question of what’s being waited on or what needs to be done before a task is completed.
Investing in the right solution can not only minimize delays, but it can also eliminate them. Wouldn’t it be nice to know your documents were always accessible, and didn’t have a chance of getting lost?
# 3. Storage & Compliance Risks
For a well-established business, the buildup of documents over the years can be massive. You may be paying for extra storage to house the documents, or you may have to hold onto them for a number of years for tax or compliance purposes.
Side note: Housing documents can also be a security risk where the wrong people have access to sensitive information. Don’t take that risk!
For the documents you don’t need to keep on-hand, you can house them digitally, and eliminate the need for unnecessary space. Many compliance requirements are evolving to include digital as a viable means for document storage. To find out if this applies to you, be sure to find a reputable document management provider who can meet your business’s needs.
There are many automationand document management tools available that can streamline your workflows and make day-to-day tasks seamless. Chances are, you just may not realize to what extent. This is especially true for accounting, financial institutions, and more.If you’d like to see how document management software can revolutionize your processes and give you the competitive edge you’ve been seeking, visit demo.docuphase.com to schedule a custom demo!