7 Reasons Why Your Business Needs Document Management

By Nasir Khan, National Solutions Sales Manager, FUJIFILM Upstream Solutions

Ever stepped back and considered the time you spend every day on just finding information to complete your day to day tasks? What does that time look like when you multiply it by the number of people in your business doing the same thing?

What about the risks involved in not being able to find critical information for audit and compliance? Or the cost to your business if you can’t provide information to customers to settle disputes or enquiries? And of course then there’s the cost and space required to store physical paperwork. The challenges go on and on when using traditional methods to manage your business processes.

Below are 7 key reasons why you should consider adopting a Document Management System that goes beyond your network folders.

1. Reduce Storage Space

Commercial property costs are increasing and so is the expense to store paper documents. A software-based document management solution (DMS) that can reduce the need for filing cabinets, boxes and storage bins is a valuable asset to any business, freeing up precious office space and the associated costs.  

2. Enhanced Security

Document security is vital to many organisations. A DMS provides better control over sensitive information. Access to documents can be controlled in any number of ways, such as by document type, at the folder level, by different groups or by individuals.

DMS also provides an audit trail of who has viewed a document, when it was accessed, and how it may have been modified. Managed documents are highly traceable and can be tagged to allow for automated alerts upon access, change or check out.

3. Improved Regulatory Compliance

Compliance requirements for certain types of documents or processes can be quite complex. Non-conformance can lead to fines, revoked licenses, and in some cases liability.  

DMS reduces the risk of non-compliance. Records retention schedules, for example, can be automated, and new documents can be more easily classified and stored.

In addition a DMS can also help you automate workflows to ensure you’ve captured all the relevant processes or documents, and notify you should an expiry or renewal be required. It removes the risk of relying on manual processing and ensures you’re always in the know and on top of compliance requirements.

4. Easier Retrieval

Did you know that on average businesses spend $20 in labour to file a document, $120 in labour to find a misfiled document, and $220 in labour to reproduce a lost document?  Sobering numbers when you think of it in terms of lost productivity and cost to your business.

A document management solution, specific for your business, can be a powerful, time-saving tool. Depending on the solution implemented, a DMS can retrieve files by a word or phrase in a document (using full text search), or can apply index categories to a document or folder.

A good DMS also facilitates easier integration with business applications providing remote access to critical information, anywhere, anytime.

5. Better Collaboration

With a DMS, information sharing and collaboration can be made a whole lot easier. Documents captured from different sources in existing applications, accessed from multiple locations and shared between staff without the need to shuffle paper.

DMS provides greater visibility to business processes and can allow for better workflow monitoring. Authorised access by external users can be allowed and monitored in a secure environment.

With  a document management solution you can manage version control and recover older versions of the same document if needed. This is an important feature if several parties are working on the same document and unauthorised or incorrect changes are made. It also means that the file being worked on will always be the most current one.

6. Better Backup and Disaster Recovery

Any document management solution should include a data backup and disaster recovery plan. With digital archiving as a backup, paper documents no longer need to be protected from fire, flood and other disasters. With a DMS, documents are highly traceable and can be tracked within a range of criteria.

Also, because documents are centrally stored, they won’t be lost or misplaced after viewing. Documents are less likely to be misfiled, and are easier to locate with cross-indexing. You can even digitise, classify and archive documents at their point of entry into the system.

7. The Intangibles

A document management solution offers so many benefits, and the return on investment is often recognised quickly. In addition to tangible benefits, DMS also provides a range of additional value, such as:

  • Flexibility
  • Competitiveness
  • Improved client relations
  • Peace of mind

Time is valuable, and time saved is a definite benefit of DMS that often translates directly into increased productivity. Faster and more efficient document processing can boost staff morale and increase customer satisfaction.

A scalable Document Management solution can help you improve process and continue to meet the changing needs of any business. 

If you’re ready to start exploring how your business can benefit from DMS get in touch with our experts.