Venturing out to set up a small firm is a huge deal that comes with challenges of its own. As an up and coming business, there’s a lot of expenses at hand and not enough resources to cover these costs.
Of course, as the firms grow, there is an increase in the availability of the resources needed to cover these costs. But this process often involves small firms trying to cut corners by reducing certain costs in their operational expenses. One such way to cut down on expenditures is implementing a good document management solution (DMS).
Considering many studies and testimonials, we have put together three resources that a DMS saves, making it an ideal and important investment for any small firm. Here are three reasons why small firms must deploy a document management solution.
1. To Save Money
Contrary to popular belief, a DMS isn’t as much of an expense as it is a profit. We say this without doubt because many studies have shown how cost effective it is to have an automated document management system than to allocate this role to a person.
Documents are the absolute lifeline of your business. The ever-possible chance of them getting misfiled, mislabeled or misplaced can set you back anywhere from a few hundred dollars to the complete collapse of your firm. When an automated system can handle storing and management of files without the chance of human error, the worry of such an incident happening vanishes instantly.
Implementing a cloud-based DMS also saves money and data in worst case scenarios, like a natural disaster or security breach. Data losses have shut down businesses immediately, running them into instant financial losses. A DMS is a sound preventive measure against such unfortunate possibilities.
2. To Save Space
We are firm believers that workspaces should be meant for working and not file storage. Small firms lack the space that gets encroached by traditional document management. DMS can alleviate the requirement of bulky filing cabinets. In fact, a DMS can be so effective that it can clear up 2–3 rooms worth of storage facilities to create rooms that can be used in better ways.
This de-cluttering of the office can, in turn, give you space to seat more employees. By doing so, you would be ensuring an increase in productivity!
3. To Save Time
As a small business, you might not have enough of a workforce to handle storage and retrieval of files. Any employee who needs to reference a document will have to pause their work, get up from their desk and rummage through your file storage until they find the desired document. Document retrieval is one of the worst killers of productivity in any workplace.
Physical document archiving can be complicated and overall inefficient and costly for your firm. Most importantly, it is time consuming. So much of the time that is wasted in the process of manually storing and searching for files can be saved by implementing a DMS.
Features like optical character recognition (OCR) coupled with Robust Search can help you accurately locate and access documents based on textual content. Documents can be scanned, tagged as per convenience, and even marked as favourites when storing them in a DMS, all to save time by improving your ability to access them.