Assembling proposals is a fundamental process in winning new business. Also, paying bills, getting approvals, and collecting receivables, are just duties that come along with running an organization. However, the costs of those processes neither come with a price tag, nor do they come written in stone, especially since the introduction of digital document management.
Before we jump into the methods, how can one reduce the operational costs? Let us understand what Document Management Software (DMS) means in layman terms.
What is a Document Management System?
Document Management Software (DMS) is a computer system or software designed to manage business documents, store and track them as well. It is also being referred to as Enterprise Content Management Software.
In this post, we will explore how document management software (DMS) or electronic document management (EDM) can help you to shrink down your operational costs and perk up your business process productivity
Enhance Communication between Departments and throughout the Organization.
Whether you’re at the office or on the go, Document management systems make it simple to share documents electronically with colleagues and clients.
Whereas, a quality document management solution can:
- Be accessed remotely or online, allowing documents retrieved and viewed anywhere you have access to the internet.
- Integrate seamlessly with your website, grants you to securely share read-only documents with the public, presenting a consistent face to customers
- Work from virtually anywhere, Smartphone’s, web browsers, tablets, hardware, and operating systems.
Digital document management strategy
It reduces costs by bringing together multiple technologies, concepts, and strategies to eliminate tedious, time-consuming activities that don’t drive revenue.
Often, document management automates previously manual tasks, such as maintaining financial compliance records.
Reduce resource wastage
The study done according to the U.S. Environmental Protection Agency (EPA), suggests that the average office worker in the U.S. uses 10,000 sheets of copy paper each year. This sums up to 4 million tons of print paper used in a year.
Evidently, pushing paper and using manual processes in today’s office, can’t add up!
Avoid Non-compliance Costs
Businesses over $1.9 trillion a year in direct expenses, lose productivity, and higher prices. Also, when an organization fails to abide by government regulations, it’s liable to suffer the following non-compliance related costs:
- Government mandated fines
- Legal fees
- Cost of execution of breach response
- Reputational impact, and
- Stock uncertainty
Provide Convenient Document Retrieval
The documents which are stored in the cloud, it is easier to restore documents in case of disasters such as system crash or accidentally deleting a file. Therefore, DMS helps reduce the costs of misfiled and lost documents.
Finally as today every entrepreneur CIO’s and CFO’s are always seeking ways to reduce operational costs and as the demand for information—contracts, forms, approvals, invoices—to be both accessible and secure, are been pushed by the inefficiencies using manual processes in today’s office, but the fact is, it cannot add up yet the business old practices- but can surely cut down the labor of storing heaps of file and filing documents manually
So if you adopt the points mentioned above, any change that assists your employees in finding documents they need more promptly, could help your team become more efficient, reducing your operational costs.