Electronic document management saves time, saves money and saves the environment. In today’s technology driven enfironment, an effective electronic document management solution should be an important part of every organization regardless of the industry.
As long as there are documents around, organizations will utilize all the ways to effectively manage them. In many industries, using paper files has become inefficient. The document management process has become digitized, making all documents immediately accessible to more than just a few people.
Securing paper files requires locked filing cabinets, sign-out sheets and security protocols to ensure the safety of documents. These methods proved not only ineffective, but time-consuming as well.
Another advantage of having an electronic document management solution is more free space. All the space that file cabinets full of paper documents take up can be repurposed into more work space or allow the company the ability to downsize the office.
Stop Wasting Time Searching for Paper Documents
Paper-based work environments leads to workers losing six or more hours searching for documents every week. Whereas, those who work in digitally-based environments wasted virtually no time searching for documents.
According to PricewaterhouseCoopers, finding a lost document will cost a company $122 on average. It is also estimated that 7.5% of all company documents are lost completely. Let’s assume your company works with 10,000 documents – an extremely light figure. That would mean, about 750 of those documents are doomed to be lost, ultimately costing your company around $91,500. Plus, if you had to recreate any lost documents, the time and supplies involved would make that number jump well over the $100,000 mark.
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