The way small businesses are run is changing. Modern day technology has paved the way for even the smallest of businesses to utilize efficient tools and systems that were once reserved for large businesses and corporations. Document management is one such technology that is helping put small business owners on a level playing field. By reducing administrative tasks and increasing organization, a properly implemented document management solution can save businesses hundreds of hours of work and thousands of dollars on an annual basis.
The end result is a level of ROI that reaches far beyond dollars and cents. To give you a better idea of how this works, let’s take a deeper look into a few of the ways a document management solution saves your business time and money:
The most obvious benefit of a document management solution is that it massively improves document organization throughout your business. As you make the transition to a paperless system, your documents are scanned and converted to digital images in virtually any file format.
Once that process is complete, you’ll have complete digital access to all of your documents. In most cases, you can even access your documents from any device, no matter where you are.
Need to find an old invoice for a client? No problem. Just type it in your search box and find it in seconds. Need to find files from specific dates? No problem. Use search filters and it’s just as easy.
Having the ability to search and find documents on demand saves you hundreds, possibly even thousands, of hours per year. Not only that, it improves customer service, reduces printer and copier usage, and leads to increased document security.
On average, it costs businesses $25,000 to fill a filing cabinet and over $2,500 a year to maintain it. That’s a lot of money. And that’s without even mentioning the high annual costs of printing and copying.
Fortunately, with a document management solution, most of these costs are eliminated completely.
Since all of your documents are scanned and converted to digital images, there’s no longer a need for dozens of filing cabinets and hundreds of folders.
In addition, since administrative and paperwork are significantly reduced, your staff can start putting their brain power towards other areas of your business where ROI can be improved.
Small businesses have to deal with compliance, tax, and other legal issues on a regular basis. When you have millions of documents to sort through, it can become incredibly frustrating and time-consuming to find what you need to prevent potential issues.
With a document management solution, you can utilize indexing features to easily organize any documents that need to be quickly retrieved in these situations. The best part? You can use authorization tools to ensure that documents can only be accessed by the appropriate staff members.
How many times has someone in your office lost or misplaced a document? If you’re like most businesses, it’s too many to count. With document management, this issue is virtually eliminated.
And while it’s not something small business owners want to think about, what would you do if there was a fire at your office? What type of disaster recovery plan would you have in place? If your business utilizes physical paper and filing cabinets for a majority of your documents, there simply is nothing you can do. By utilizing a digital solution, however, you can ensure yourself against a potential disaster.
As you can see, there are plenty of benefits to going digital and utilizing a proven document management solution. From the thousands of dollars it can cut off your budget to the hours that it can save you and your staff, the ROI is too great to ignore. Ready to make the switch?