How Can Companies Benefit From Document Management Software?
Disorganization carries a hefty price, but it’s often hard to quantify because few companies have a way to track it, let alone lower it. This is one of the biggest reason’s companies should consider harnessing their data and business processes with document management software.
Here’s just one example of how disorganization costs money:
A company receives a report from a customer that there’s an issue with a product. Because they’re using a paper-based system to track complaints (or using no system at all), it gets lost in the shuffle. This results in it taking twice as long to resolve the issue and potentially losing that customer.
That’s just one scenario of how disorganization costs time and money. But what about policies and procedures that aren’t ready for audit, or the production team that’s using outdated product specs that lead to non-compliance issues?
3 Benefits of Document Management Software Technology
Companies don’t need to bemoan lost time and money poking in and out of jammed file cabinets if they are using smart document applications that put cloud storage and computing tools to work for them, however. The key for decision makers is finding the best document management software with a very low and fast learning curve that empowers them to get a handle on all the data and documents they manage – securely. Look for the following three key features to get three major business benefits:
- Can it digitize paper documents?
The right document applications give you the power to turn all of that paper into digital files. Beyond that, document management software should make it possible for you to mine the data from all of those documents to gain insight into all of your business processes: from sales and marketing, to R&D, to compliance, and financial issues. Instead of spending hours combing through file cabinets for the right pieces of paper, a browser-based document control software system can grab the right documents and data for you in just moments.
- Does it harness secure cloud storage and computing powers?
Many companies still feel hesitant about the cloud for security reasons, but a brief glance at the news shows that even huge companies that house all of their data on-site are experiencing huge data breaches. Since on-site data storage doesn’t have an edge on security, it’s important to look at the benefits document management software has when it comes to cloud storage and computing. There are highly secure cloud-based document applications that save companies physical document storage space while also making documents accessible to authorized personnel, even when they’re traveling. This will speed up the decision makers’ ability to collaborate off-site with strategic partners and share important documents even from mobile devices. Moreover, a natural or man-made catastrophe on-site will not wipe out all of your mission-critical documentation because it’s safely stored out in the cloud – this can lead to faster disaster recovery.
- Does it provide document version control and authorization?
One of the biggest problems with older forms of document management is that there was no guarantee that all stakeholders were using the most updated documents with the most recent data. This can lead to severe non-compliance issues, audit problems, and wasted time and money. Document control software can help users quickly filter and sort documents to find the right information, and immediate notifications can alert users when a document has been updated so that everyone uses the right data, at the right time. This can drastically reduce costs and wasted time.
Scenarios: Examples of How Document Management Software Saves Time and Hassle
The benefits of harnessing all of your documents securely in a cloud-based document management software system with easy browser-based search functions are hard to understate:
- Hours of audit-panic spent tracking down documents simply disappear because it’s easy for authorized personnel to use the browser-based search function to pull up everything the auditor needs.
- You can make more deals with strategic partners in remote locations because it’s easy for decision-makers to access documents from the cloud on their mobile devices.
- Expensive, embarrassing, and time-consuming non-compliance issues disappear because the document control software ensures everyone is using the correct specs to produce products and manage critical business processes.
And that customer you may have lost earlier because you didn’t address their complaint in time? You can hold on to them and so many others because the document control system provides an automated process for tracking complaints and incidents.
A cloud-based document management software system is a smart investment that can pay for itself as it saves your company all of that time, money, and hassle.