Top 5 Ways Document Management Will Benefit Your Company

When you ask people what they hope to get from adopting digital document management, and then follow up after they’ve implemented a solution, most indicate that they received greater value than they had initially anticipated. A recent research project by Bitkom shows the following are the top five benefits companies report after moving to an ECM or document management solution.

These five benefits are where document management delivers the most value and demonstrates cost-effectiveness. When you’re deciding whether or not document management makes sense for you, these high-value elements should form the basis of your cost-benefit analysis.

1) Faster, mobile access to information (90 percent of respondents)
The ability to access all of your business information anywhere, anytime and with any device offers great benefits for productivity, and also tends to improve the quality of decision making.

2) Protection against document and information loss (75 percent)
If your company isn’t able to provide information in a timely fashion and ensure its safety, it exposes your business to a variety of risks and penalties.

3) Reduced document handling costs (60 percent)
A well-designed document management solution allows you to automate tedious processes using digital workflows, which reduces handling costs and frees up employee time.

4) Reduced burden in maintaining compliance (52 percent)
In a paper-based office, maintaining compliance with industry and governmental regulations is difficult and expensive, and preparing for an audit is a long, painful process. With digital document management, it takes much less time and effort to prepare for an audit, because you’re able to quickly retrieve the right documents and prepare them for an auditor. There’s also less risk of being fined for noncompliance, because all of your information is readily available for discovery.

5) Improved process efficiency, controlling costs (47 percent)
Much of the cost associated with business processes comes from time wasted on forwarding documents and other information between individuals and departments. For example, with a digital workflow in place through a document management solution, an invoice approval process could be completed within two or three days, instead of two or three weeks. This efficiency improvement unlocks a variety of sub-benefits, such as better cash flow and capturing early payment discounts.

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