Take into consideration these five scenarios you are losing Profits Without Document Management in action;
#1. Much Moving Around
For instance, of an employee makes $20 an hour and consider that he or she spends almost an hour a day retrieving files, filing papers or merely walking back and amidst the file cabinet and desk.
Here is the output of this sum; It adds up about 250 hrs annually which clearly states that you are spending $5000 yearly for your employee to shuffle papers. Also remember that is just one!
So imagine how essential it is to have a document management in place.
#2. Much Space is Consumed by Documents
If you are a company that constantly has to deal with invoices, compliances and contracts forms form a high volume of clients and on an average a drawer cabinet holds 10000-12000 docs and you have to handle around 10,000 annually over the fiscal year.
Therefore, implementing DMS in your biz is a must aspect.
#3. Data and Information Assets are Lost
Just to say if you are missing on 15,000 valuable paper or not able to find where they have been kept, just think over what a loss it can be for your company and the impression it will fall on the clients. Thus don’t delay and get into action instantly by considering Document Management System as an asset.
#4. Documents can’t be Maintained due to High Cost
Did you know that an average of around $20-30 is invested in handling a single cycle of documents, data and files? Well, this figure doesn’t even comply with the copying of the papers, apart from which printing, mailing other costs are a far way which won’t even fit in the above mentioned figures. But the key to the locked door is an efficient and inexpensive method of Document Management System.
#5. Workforce Has to be Increased
With more documents, files and data storing cabinets, folders you require an extra space to preserve them all and for which you need to hire more people. Instead of paying out that extra cents to those individuals, you can invest that money in having a DMS system in place.
As a result, you will boost your productivity rate and save on paying extra cents to those individuals.
Hope the above mentioned points have been of a great help, as in why your business is losing profit.