By Joan Honig, DocuWare – Any time you make an investment that allows you to reduce daily expenses, the benefits accrue day-by-day. This holds true whether you’re installing solar panels on your home to be environmentally responsible and lower utility costs or implementing new technology to save time and resources. Industry analysts confirm that paper-based processes are a serious drag on both efficiency and profitability. A worldwide survey conducted by IDC shows that document that manual versus digital document management accounts for a 21% loss of organizational productivity.
Choosing the right document management system (DMS) for your business needs overcome delays and diminishing productivity while offering significant time and cost savings. The biggest benefits of digitization apply to the paper-heavy invoice processing and HR departments but can be effectively applied to procurement, sales, marketing and every other business unit in your organization. Here are five areas where document management starts to pay for itself quickly. A recent study from Nucleus Research found that for small to medium businesses, investing in content management returns $8.55 in benefits per dollar spent. The key value drivers for these solutions are increased user productivity and cost savings from redeployed staff or the avoidance of hiring additional personnel.
- Document storage and retrieval:Many collaborative tasks require document processing and improving their efficiency with a DMS has a significant impact on your company’s bottom line.