Document management technology is a transformative tool empowering organizations to enhance operational efficiency. It does more than act as a storage system for documents and data. Instead, it manages multiple enterprise-wide functions that help streamline processes, enable quick and secure access to critical information and eliminate the chaotic and physical clutter of paper.
Here, we explore the role of document management technology in modern business and how your organization can leverage these systems to maximize operational efficiency and minimize costs.
What is Document Management Technology?
Business document management technology introduces customized document management software into your organization, allowing you to capture, organize, store, and retrieve business documents regardless of their original format. Because the system can be adjusted to fit the size and scope of your business needs, you can implement and deploy your technology to not just manage your documents but also integrate with existing systems, create e-forms and automate daily processes that create inefficiencies in your operations. From invoice approvals to employee onboarding and expense reports to product development approvals, once deployed, your document management technology provides:
- A web-based user interface that does not require installation and updates on individual computers
- Mobile accessibility for remote, secure role-based document access
- Seamless integration with Microsoft Office applications, SharePoint solutions, etc.
- Ongoing scanning, uploading, and management of documents to create a paperless or hybrid document office
As a result, a document management system improves business efficiency with seamless integration and transition that keeps you agile and scalable.
How Technology Can Increase Efficiency in a Business
Company owners and C-suites are always wondering how to improve business efficiency in a business. The various facets of document management allow you to increase efficiencies in the following ways:
When you are bogged down with improper or inadequate paper-dependent daily routines and operational systems, you hold your team back from reaching optimum efficiency. However, implementing a document management system introduces a modern way to manage documents and harness the power of office automation with minimal disruption to daily operations.
You can refine your operations using digitization to scan existing non-digital documents, including paper, large format paper documents, and microfiche/film to create a single system free of paper files that create bottlenecks, present risk for lost and damaged documents, and take up unnecessary physical space in your office. You also create a more modern workplace that accommodates remote access to documents anytime, anywhere suited to today’s hybrid work environments.
Once your document management system is up and running, you can quickly and easily store documents for instant retrieval. As a result, you facilitate information sharing and collaboration across the entire enterprise to streamline processes. Better yet, you can respond to clients/customers quicker and share relevant documents effortlessly with access to the information you need within seconds. Whether your team is wasting time copying documents, filing documents, or searching for documents manually, they are spending hours of time each week strictly on manual document retrieval and refiling.
This makes document management difficult to control, unreliable, and risky for damage, loss or theft. Using a document management system is far more reliable because your digitized files are stored securely and ready for retrieval with a quick search via document name, date, client name, account number, categories, and more. You choose how to categorize and store your files to create a system that creates effortless, enterprise-wide search capabilities that takes seconds instead of minutes.
Ensuring your team is working from accurate, current records is close to impossible with paper documents floating around the office. The best way to improve reliability is to use digitization that controls who sees what documents and who can review, alter/edit documents to ensure documents remain accurate and up-to-date. You can also increase accountability for information sharing and management, creating a trail for each interaction.
Outdated paper systems often rely on sharing multiple copies of the same document, creating confusion and increasing the risk of loss and errors. With digitization, your system only has one version of each document that is updated and re-saved so people can keep track of the most recent version with only one in existence. Using cloud storage allows you to use role-based authorization to control who accesses and alters documents with the choice to revert to a previous version. As a result, errors are easily erased, nothing is lost, and document editing is controlled and simplified.
A digital system ensures you no longer worry about trying to duplicate, store, secure, and retrieve documents. Instead, an electronic document management system provides stability so you can organize information using customized classifications. As a result, you facilitate the automatic flow of documents typical of your projects and departmental interactions. This alleviates time-consuming tasks and provides improved workflows such as automated accounts payable/receivable approvals, compliant HR personal information management, and simplified customer service document access for quick resolutions of common issues.
All these functions collectively contribute to business efficiency improvement.
What are the Benefits of Document Management?
There are several benefits to harnessing the powers of document management technology, including:
- Efficiency: Going digital streamlines workflows, ensuring the flow of information improves communication, increases productivity, and reduces the risk of errors and lost information.
- Cost saving efficiency: Simply put, the average retrieval cost for a lost paper document is $120, the average cost to fill a four-drawer paper filing system is $25,000, and it takes an average of 18 minutes for an employee to find a paper file. These numbers are all eliminated with document management technology.
- Enhanced communication: Digitization avoids miscommunication and the confusion that arises from paper document sharing. As a result, you facilitate easy communication and collaboration.
- Document security: A document management system protects sensitive information from getting lost or stolen and ensures only those with authorization can access and edit documents.
- Encourage collaboration: Your departments can improve teamwork, easily gathering input on projects using interactive collaboration and project management tools.
- Create a hybrid workforce: Improved flexibility allows you to create a productive hybrid workforce with secure remote document access from anywhere and from any mobile device.
- Quick access: Digital records are retrieved in seconds with easy, customized searches to suit your business.
- Competitive advantage: Digitization is leading edge, providing a competitive advantage through improved productivity, employee retention and client satisfaction that can help bring new customers and top talent into the fold.
Whether you are a small startup or an established enterprise, document management systems allow you to harness the power of technology to maximize efficiency in your daily business activities.
Ready to take advantage of the power of document management system technology? Speak to the experts at MES to learn how we can improve efficiency and create a digitized office with minimal disruption. Click here to set up a free demo and consultation.