A document management system is a computer-based digital document storing system. A DMS is capable of keeping records of any information used in a right way. Poor document management is a huge risk of ROI, for today’s organization. In the era of automation sticking to old methods will be costly for your organization.
Poor records management will affect the productivity of every document.
The cost of a poor document control system:
1. Version Control-
Using a wrong version will cause a delay in production and can cost you $1.3 million per hour.
2. Productivity Losses-
Employees are spending 20% of their time searching for information, i.e. 1 in 5 employees is not working.
3. Regulatory Violations-
Inaccuracy and incompleteness are risky for all types of companies. Companies have been fined for more than $20 million for poor record keeping.
4. Paper Costs-
The old school thoughts that binders and filing cabinets are cheaper is a misconception. The reality is that a single filing cabinet costs $25,000 to fill and $2000 per year to maintain.
Document control can save $ 800,000 per annum. An integrated document control drives compliance and standardization.