Information is power, and nowhere is this more true than in the business world of the 21st century. The modern office has information galore in the form of documents, which must be preserved, organized, and easy to share. For most leading companies, a document management system (DMS) is the key to managing ever-increasing amounts of important documents.

Learn how the right document management system can give your business a competitive edge.

Document Management Benefits

A business that wants to thrive in the hyper-competitive modern business environment needs to consider any expenditure carefully, and that includes investing in a state-of-the-art document management system. Before spending hard-earned money on a solution of this type, it is useful to understand why it provides such a superior return on investment.

Regulatory Compliance

It is a fact of life that businesses need to conform to regulatory requirements regarding document management.

Examples of regulatory compliance companies must manage include:

    • Corporate tax laws
  • Data protection and privacy regulations such as the General Data Protection Regulation (GDPR) and the CCPA (California Consumer Privacy Act)
  • Occupational Safety and Health Administration (OSHA) regulations
  • Other state and federal regulatory requirements

Noncompliance with U.S. regulations can result in substantial fines and other forms of action by regulatory authorities, severely impacting the bottom line of the business.

Enhanced Productivity

A recent study by Deloitte, one of the world’s leading accounting and consulting groups, reveals that automation of strategic business functions can increase productivity by as much as 40%.

Modern, automated document management solutions will enhance business processes and streamline workflow. Businesses will enjoy simple data entry and filing, version control, faster access to relevant documents, and various devices to access information while keeping documents safe and secure from prying eyes.

A document management solution can also enhance organizational productivity in a variety of ways, including:

Optimized Document Storage

Paper-based document filing systems can be incredibly wasteful in terms of the time it takes to access vital documents. Leading industry research indicates that searching for a misfiled document costs a company about $120 for each instance.

Given that an average office worker goes through 10,000 sheets of office paper per year, it is easy to understand that simplified document storage and retrieval using a leading document management solution is the key to the success of the business.

Improved Office Ergonomics

Office design is a complex science, but all experts agree that a cluttered workspace is not productive. Paper clutter can quickly become a real issue for companies, and legacy paper-based filing systems take up a lot of room. Storing literal reams of paper in the office can reduce the efficiency of the office, hamstring growth, and increase the burden of office space rental. Document management systems free up floor space and streamline operations by reducing the amount of paper stored and allowing the organization to identify and dispose of outdated and possibly irrelevant documents easily.

The Nimble Business and DMS

Companies have to contend with an ever-evolving business environment. Those that cannot cope quickly with changing market conditions will be at a competitive disadvantage. An advanced document management system can help a business respond quickly to change by allowing quick access to documents within a central repository.

In contrast to paper-based systems, many modern digital document management systems will allow searches of documents based on a variety of characteristics (subject matter and date being only two). Ease of access can be a competitive advantage.

The differences between modern document management systems and legacy paper-based systems are important points to consider when evaluating the return on investment of an upgraded system.

Coping With the Unexpected

Even businesses that excel at strategic planning cannot foresee disaster. Disaster can strike without warning. It may include severe weather conditions, fire or even conflict, but the modern business needs to ensure that it continues operations even in the face of these severe challenges. A state-of-the-art document management system can help a business mitigate the effects of the unforeseen in a variety of ways.

Maintaining Data Integrity

Digital documents that are stored remotely ensure that data remains undamaged and easily accessible even in the face of manufactured or natural disasters. This allows the business to continue to provide world-class service and promote customer loyalty even when the unexpected happens.

Minimizing the Impact of Cyber Threats

Cyberattacks, which are increasing in both frequency and severity, also fall into the “unexpected” category when it comes to business threats. Data is an asset that drives business success, and failure to protect that data can have disastrous consequences. This is especially true when it comes to client data.

Client data, such as social security numbers, credit card numbers, health records, or banking details, is an attractive target for cybercriminals. The loss of this data will not only put day-to-day business operations at risk, but it will also have a severely negative impact on customer loyalty.

A secure document management solution helps to reduce cyber threats and prevent those with criminal intent (both staff and cybercriminals) from accessing sensitive data in several ways.

Modern document management solutions ensure that documents can only be accessed by those with relevant permissions. Cloud storage (which is increasingly part of modern document management solutions) provides security options to restrict access so that only approved employees and stakeholders can view or manipulate documents. Lastly, document management systems can provide regular backups of sensitive data so that business can continue as usual in the event of a cyberattack.

The Business Case for Document Management

Carefully evaluating the business case for a modern document management system provides ample evidence of the advantages of these systems. They ensure that productivity is optimized, regulate access to sensitive documentation, increase efficiency, ensure data integrity and safety, and lower costs.

The key to finding the document management solution that dovetails with the unique requirements of an individual business is to find the right supplier. Kelly Office Solutions is a trusted advisor and supplier of document management systems in the Winston-Salem, Charlotte, and Greensboro areas. Contact us for further information on the business advantages of industry-leading solutions like document management.