Running a business is a constant process of optimization. Everyone wants to provide better goods and services, improve efficiency behind the scenes, and ultimately generate greater profits each year by lowering overhead and increasing revenue. However, if you’re still working with paper documents then your business is missing out on a major optimization opportunity. Digital document storage has come a very long way in the last 10 years and with the addition of the cloud to the available network infrastructure, there’s never been a better time to digitize.
Not sure about whether it’s the right choice? A lot of businesses are hesitant to change a major aspect of their internal process like how paperwork is managed for fear of damaging office efficiency. However, let us assure that once you make the switch to a self-organizing digital document management system, your efficiency will not only recover quickly, it will blow the top off your charts as employees gain back hours every week that would normally be spent filing, searching for files, or even just collating and stapling paper documents. Here are ten of the best benefits of going digital.
1) Reclaiming Office Space
How much space do paper documents take up in your office? A storeroom? Two store rooms and a supply closet? Then there’s the possibility of rented storage space for archived folders not to mention all the filing cabinets and in/out boxes taking up space in the employee office space. Once you’ve digitized, you might be surprised how much open space is created both in storage rooms, and on employee desks.
2) Saving on Auditor Fees
When the auditor comes to call, you pay their hefty hourly fees but they also expect you to bring them all the documents to be audited. With a paperwork system, this means paying them for the half hour or more per visit that your staff spends searching and fetching specific paper documents. All this paid-for time is regained with a document management system as your auditor can quickly and easily access everything they need in seconds, not minutes or hours.
3) Instant Document Retrieval
Speaking of fast document retrieval, how much time do your employees spend each week essentially shuffling paper or seeking desperately for misplaced documents? A single mis-file into an adjacent folder can cost hours of lost employee time, especially if you simply must have a specific copy or filled form. With an online document management system (DMS), files can be found instantly. Even if they’re in the wrong digital folder, a simple keyword or category search will quickly locate any specific document that’s needed no matter when it was scanned or how it was filed. Even mistakes can be fixed with a few clicks or taps.
4) Access from Anywhere
Running back to the office for a document is no one’s idea of a good day, especially when a project or deal was almost complete except for one missing sheet of paper. When your documents are stored on the cloud through a handy online management platform, they can be reached from anywhere. Employees and clients alike can log in and access any document they are authorized to view or edit making those last minute trips to the office for paperwork a thing of the past.
5) Cutting Edge Security
How secure are your sensitive business and customer documents? Do you keep them under lock and key in a filing cabinet, or more likely, do they sit on an employee’s desk for days or weeks at a time? While there’s a certain amount of security in physical documents, the best way to protect important data is to lock it away under the highest-tech procedures possible. With cloud document management, that’s exactly what you get.
6) Share, Collaborate, and Sign
When dealing with paper documents, the process of collaboration can be tedious and you can forget about collecting signatures quickly. Waiting on paper documents to be snail-mailed, signed, and returned or even delivered to and from via couriers can add hours, days, and even weeks to a project schedule. With online documents, you can quickly and easily share anything with anyone, invite them to edit the document with you, or shoot over a copy for a digital signature which can return to you in minutes if the recipient is ready for the transaction.
7) Open to Analytics
One of the most powerful tools any business can employ today is high-end computer analytics. AIs and similar programs can scan thousands of data points to produce interesting statistics like the average amount of time customer are active, the demographics of your existing customer base or the most popular account type. Once your documents are digitized, you could much more easily feed any information you have into an analytics program to get back useful business data.
8) Regulation Compliance Maintenance
Every business has to comply with regulations, whether it’s about how you store customer data or how you store leftover food. There are always documents to help you stay compliant and there is always an audit every year or so. Having a live, easy to access and edit documents not only make staying compliant easier, it also makes updating compliance with new rules and providing information to auditors go more smoothly.
9) Disaster Recovery Guaranteed
If something happens to your building or storage facility, so too does this thing happen to all your paper documents. Fire and flood can destroy them completely and even an earthquake can make it very hard to retrieve your paperwork and start again. With cloud-stored documents, you could disaster recover with laptops in a tent if that’s what it took and every document would be perfectly preserved for the purpose.
10) Green Without the Recycle Bin
The final benefit of digitizing those heaps of paper documents is the environmentally friendly aspect. Here is your opportunity to recycle reams, stacks, and mountains of paperwork and then never need to use up that many trees worth of paper again. You can stop buying pallets of printer paper and you can even tone down the big green bin in the office because from here on out, your paperwork will be made of electrons, not actual paper.
Digital transformation is something that every business and department is taking on this decade. Even if you are in an industry that traditionally works with physical paperwork, it’s important to digitize to back up, edit, manage, and secure your documents. For more information about the digital transformation and how your team can streamline digitization, contact us today!