The Association for Information and Image Management defines electronic document management systems (DMS) as the use of computers to “store, manage, and track electronic documents and electronic images of paper-based information.” The information is obtained by using a document scanner.
In short, a document management system is both the hardware and software you can use to go paperless to the greatest extent practicable. Here’s how document management software can drastically reduce costs.
Improve Business Processes and Workflow
Think about the steps involved in paper-based processes: trips to the printer, fax machine, and file cabinets. Then there are the review and rewrite steps as a document proceeds up the company chain towards its final approval. DMS can automate the process from the first draft through its final version.
Cut Down on Document Loss and Retrieval Time
Documents that are stored electronically cannot be misfiled. You can safeguard against their loss by storing them or backing them up in the cloud.
What does it cost your company when a vital document is misfiled or must be reconstructed? The answer is quantifiable in terms of wasted time and the hourly cost of searching for a lost document or the wasted time in restoring the file.
Reduce Resource Waste
Take a look at how much time and money your organization dedicates to paper-based processes. Paper, along with its supply, production and storage costs, has an ever-diminishing return on investment. You buy it by the ream, feed it into expensive printers, and you eat the value of the waste of redrafts and revisions.
Then there are the storage costs. The capital expense of metal file cabinets and ever-increasing costs of office space equate to a low return on investment on paper processes.
Improve Document Security and Avoid Non-compliance Costs
Avoid data breaches that can result in hefty fines and costly administrative sanctions.
DMS software has security safeguards for password protection. Store those files on a secure server and off-site in the cloud, and have the peace of mind that only DMS can provide. The costs of a data breach can be heavy sanctions, both in fines and time-consuming remedial action.
If your business costs are weighed down by a document management system that is paper-based, consider the benefits of DMS. If you’d like to implement a document management system for your business, contact Digital Office Products today.