From business plans to contracts to employment records, chances are your organization has amassed a lot of documents over the years. Continue reading to find out how document management can slash your business expenses.
Maybe your documents are stored in dusty filing cabinets that haven’t been organized in decades. Maybe they’re housed in chaotic computer folders that make it equally impossible to find what you need. If these scenarios describe how you’re handling documents, using a document management system can make your life much easier.
A document management system (DMS) can help you electronically handle your documents so they’re catalogued, updated, and stored in an efficient way. Depending on the product you use, you may also be able to scan or create documents within the system.
A DMS can also save you a significant amount of money.
Saving Time
When you look into how document management can slash your business expenses, you will quickly find out how much time—and then money—you save.
For example, using a DMS saves time on sharing files. When employees work on a document, it may be sent back and forth via email repeatedly. This adds to the time spent on a project.
Also, quality control may become an issue. What if you’re updating one version of a document, while someone else is changing another? Getting to the bottom of it only adds to the amount of time spent on document management.
And this means more time for less employee productivity. A DMS puts documents in one place where employees can access them and easily track updates. With a DMS, employees aren’t spending their time—and your money—tracking down multiple versions of the same document.
Saving Paper and Ink
The cost of office supplies add up quickly. If you’re printing documents and making copies every day, the amount you spend on just paper and ink alone can be extremely expensive. This is especially true as the cost of paper continues to rise.
And that’ before you even get to the cost of storing these documents.
You may be spending money on boxes, filing cabinets, or storage bins. You may have so many documents that you need to rent space offsite to store them all.
Document management can slash this business expense. A DMS will keep all of your documents safely tucked away in the cloud. You don’t have to spend extra money storing them or extra time trying to find what you need.
Saving on Security
If you’re storing paper documents, you can lock them up as tight as Fort Knox, but that doesn’t make security perfect. In addition to paying for storage space, you’ll pay for security measures like cameras, motion detectors, and fire alarms.
But these measures aren’t foolproof.
Neither is storing documents on your computer. According to IBM, security breaches cost companies an average of $148 per record. By saving your documents in a DMS, you reduce the risk of security breaches—amounting to millions of dollars saved.
Saving with Compliance
Failing to store documents properly can lead to compliance issues. There can be a host of legal repercussions, including the loss of licenses or assessment of fines and penalties. The attorney fees for dealing with data compliance problems can also be costly.
A document management system can keep your records safe and sound. As a result, you stay in compliance with government regulations while avoiding mounting legal costs.
Save Big with Document Management
Want to find out how document management can slash your business expenses? Microsoft 365 SharePoint provides sophisticated document management tools that can help your organization manage, collaborate, secure and search for information. The data experts at Messaging Architects can help determine if SharePoint is the right tool for your organization and provide planning around information governance, training around using DMS and services to help migrate your data.
