Hey There! If you use shared hard drives and cabinets to store your papers and documents, it is because of status. But it takes time and money away from something you could be doing better – time needs to be calculated, which means it has value. But now there is a change. Something that happened and people are not happy about. Many things can make you worry, but one thing that might make you worry is that you get used to losing money and time without realizing how much it happens. Time has value. So you need to measure how valuable time is in your business. For example, if you have a document management system, it will show you how much time you are saving by using that method.
Think about these five things if you want to lose profits. These are the things that will cause you to lose profits without document management.
#1. Much Moving Around
If someone works for $20 an hour and spends almost an hour of that time each day doing things like walking to the file cabinet, filing papers, or getting files, they would make less than minimum wage.
A person spends about 250 hours every year shuffling papers. This is $5000. That’s a lot of money you are spending to have this person do nothing! You need to remember that it is just one employee!
So imagine how important it is to have a system for managing all of your documents.
#2. Much Space is Consumed by Documents
If you are a company that has to deal with wallets and contracts from a high volume of clients, think about how many times you need to find an invoice within your drawer cabinet. If the average drawer is able to hold 10,000 in one fiscal year, imagine having to go through 12 thousand documents each time.
So, you need to have DMS in your company.
#3. Data and Information Assets are Lost
If you are missing a lot of papers that are worth 15,000 dollars, it can be terrible for your company. You need to take the right steps, and find them as soon as possible. One good way to do this is by using document scanning and storage software which can help you keep track of your paperwork.
#4. Documents can’t be kept because they are expensive.
When you have a lot of documents, it takes a lot of money to print and send them. For example, an average $20-30 is spent on handling one cycle. But even that isn’t all the printing or mailing costs. To open the locked door you must find an efficient and inexpensive system for managing documents.
#5. Workforce Has to be Increased
The more documents and files you have, the greater need there is for storage space. With all those cabinets and folders stacked up, it can be difficult to organize your collection of data as well as retain competent employees to maintain everything. A document scanning and storage solutions that takes care of both issues at once-it simplifies your work processes while reducing personnel costs.
When you use this service it will help your work be more productive. You will not have to pay workers that extra money.
I hope the points above have been helpful. They might be reasons why your company is losing profit.