The idea of going paperless is now being implemented by many. Especially when a pandemic hit the whole world, there is an increased need for easy access and a centralized hub for all business documents that can be accessed any time, anywhere.
Despite the technological advancements of many enterprises, businesses still practice manual processes, especially in document management. Often, these businesses are basically contented with their manual processes.
They do not fully understand that having a Document Management System or DMS in place is crucial, especially nowadays, to gain a critical advantage against competitors. Investing in DMS helps streamline workflows and scale the whole business.
If you are one of those, this article may help you learn more about why you should invest in a DMS.
What is a Document Management System?
Simply put, a DMS automates manual document archiving and management processes. It is a system that organizes, secures, and digitizes your document management. The first step towards electronic document management is storing documents through scanners.
How does this differ from simply saving your documents online? A DMS automates even processes in between – tagging, approving, and completing other required tasks.
Top 6 Reasons Why You Need a Document Management System
While there are still who do not utilize a DMS, this article will help you understand the benefits of a DMS.
These are the top reasons you need to know to go paperless and invest in a DMS.
1. Your business will reduce or totally avoid cases of non-compliance.
Companies are always making sure that they are complying with government regulations. Others also comply with specific standards of organizations such as the International Organization for Standardization or ISO.
A sound document management system helps companies ensure they are in full compliance to avoid severe fines and penalties.
Through security features like access control and audit trails, DMS protects sensitive financial, personal, and confidential business information.
Also, DMS helps in the easy organization of documents. This will help employees effectively monitor their compliance with a set of requirements.
2. Proper documentation management improves protection and data security.
Every business has risks like data loss or other disasters. To protect your data against these misfortunes, you must have an effective system with restoration and security features.
DMS provides protection and control over sensitive documents. Only allowed users can have access to specific documents.
The best thing about DMS is every transaction and activity performed within the system is recorded. It leaves an audit trail of every activity information.
3. You will benefit from optimized organization and access.
When your company has extensive data, the ability to retrieve a document immediately is a challenge.
If you keep hard copies of documents, your office might be cluttered with files. Searching for a record can be dragging and very time-consuming. This hampers productivity and limits growth due to the time supposedly spent on enhancing skills and productivity.
Disorganized files lead to slow business decisions and poor response. The great news is that the system exists to ease these pain points. A good DMS allows you to access needed documents in just a few clicks. This makes the job faster and easier.
4. Using a system for document management allows you to recover space.
Now that the costs of commercial spaces are increasing, maximizing every corner is a must. Since you are storing documents on a system, you reduce the need for cabinets and storage bins.
5. This is important: DMS will reduce your operational costs.
Hard costs include operating expenditures on spaces and tangible office supplies like paper and printers. On the other hand, soft costs pertain to labor costs. This consists of the labor required to maintain records.
6. Finally, your business will increase productivity and improve customer satisfaction.
According to a research, an employee spends almost 40% of office time searching for information on documents. Unfortunately, nearly 30% of those documents are missing or misfiled.
A DMS provides easy retrieval of documents so employees can spend more time on more critical tasks. Through this, they become more productive. Therefore, your company increases profitability while improving productivity.
Obtaining information quickly allows for effective and efficient business decision-making. While business operations are improving and becoming more robust, customer satisfaction also increases.
Go Paperless Now
Indeed, utilizing a DMS is beneficial both for the company and its employees. It can eliminate the use of paper to a great extent.
The great thing about DMS is that you decrease the use of physical paper and other costs while increasing the profitability of the company and the productivity of your people.
For two decades, Yondu Inc. has been providing holistic technological experiences that go above and beyond to meet your business goals. One of its main offers is a Document Management System. Let Yondu be your partner in your journey towards going paperless.
Go paperless now and experience firsthand how a DMS can transform your business.