Communication is the key to the success of any business. Whether you operate a Credit Union, a regional hospital or a manufacturing operation, sharing information in a timely and efficient manner is a top priority. For most organizations, communication is often facilitated via paper based or electronic documents. And while many are clinging to the past, most savvy business leaders are embracing technology and moving into the digital age.
The adoption of an electronic document management system (EDMS) is one specific solution that is providing tremendous value to businesses both small and large. The top 5 reasons to consider an electronic document management system (EDMS) are as follows.
1. Save Time and Money
It is estimated that 85% of business documents are in paper form. Paper archives are just inefficient and costly in our digital times. Businesses that implement EDMS solutions reduce costs and save time in the following ways:
a. Improve productivity by accessing information more quickly. Reduce wasted time searching for documents required to complete work functions or enable decision making. It is estimated that managers take 4 weeks per year looking for misplaced documents.
b. Reduce expensive real estate space by freeing up filing cabinets and off campus archiving. AIIM reports that each four-drawer file cabinet holds an average of 10,000 to 12,000 documents, and takes up to 9 square feet of floor space, and costs $1,500 per year. Plus, going electronic has enabled some organizations to eliminate filing clerks altogether.
2. Enhanced Customer Service
Quick turnaround times (TAT), improved productivity and quality levels will enhance the customer experience and give your organization a competitive advantage. Timely customer responsiveness and improved service can enable a firm to compete on quality vs. price, thus enhancing overall margins and profits.
3. Protection from Loss
Nobody wants to plan for a disaster, but it happens. Flooding, fires, break-ins, disgruntled employees, etc. can all have a significant impact on a businesses' viability. A document management system helps to ensure your documents outlive wear and tear caused by physical handling and even Mother Nature. And more importantly, storing documents in a systematic, secure environment enable business continuity no matter where you set up shop.
4. Improved Communication
Time and time again, documentation comes into one organization and never makes it out. Sharing information across departments, vendors, suppliers and business entities allows functional leaders to do their jobs more effectively. No more inter-office mail, Fed Ex or hours at the copier. A document management system allows you to provide and share information with the right people at the right time.
5. Compliance
Business compliance for some is not an option but a requirement. Laws like the Sarbanes-Oxley Act (SOX) and the HIPAA demand the maintenance of records in an organized way so they are secure and accessible. For many, migrating from paper to electronic documents is an obvious solution. Electronic documents are easily created, stored, modified, shared and transmitted. In the absence of a systematic approach like EDMS, an organization can have difficulty organizing its information repository so that it complies with applicable laws.
Organizations that choose to champion technology see a positive ROI in 12-18 months. An EMDS improves not only your internal processes but your bottom line. Stepping into the digital age is one way to enhance organizational success for the long term.
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