Most businesses don't make money from managing their records. As a result, document management may not be high on the priority list. However, there are several key reasons why business should start paying attention. Here are our Top 5:
1. Lower Operating Costs
Let's face it. It costs money to pay for file cabinets, warehouses, office space, and staff to manage it all. An efficient document management system will not only save space, it will save time looking for information. Savings in space and time mean savings for the bottom line.
2. Improved Efficiency and Productivity
This is closely linked to #1. If staff is able to quickly access information, they can do their jobs much more efficiently, leaving room for improvement in other areas. No only will they be able to easily access information, an effective document management system can help avoid losing vital records and time spent looking for them.
Depending on your industry, record keeping regulations may be through the roof. Implementing a secure document management system can help ensure compliance with required laws and regulations. Failure to do so, may result in severe penalties, fines, and even legal action.
4. Minimize Risk of Litigation
As previously mentioned, litigation can result from poorly kept records. If a secure document retention policy is firmly in place and followed, the risk of litigation is decreased. Document management systems can follow retention rules and automatically destroy electronic documents once a certain date has passed. On the other hand, it can ensure that essential records are not destroyed prior to their retention date.
Last, but certainly not least is security. Document Management systems, if properly maintained and backed up, help ensure against loss of vital information due to catastrophes or other disasters. It also provides a mechanism for managing access to records by certain staff or others outside the organization.