Expenditures are an ongoing component of running a business. While there are several complex ways to cut down on expenses before allowing them to pile up, the best (and most effective) method is hiding in plain sight. The answer is implementing an electronic document management solution. From cutting down on skyrocketing paper costs to eliminating losses caused by human error, a DMS is an all-round effective answer to cut down operational costs. Among plenty of other benefits, here is a compilation of areas where DMS can cut down on unneeded expenditures.
The average business can expect paper consumption to increase by 22% every year. To put this into perspective, every three years the amount of paper documents in an organization can be expected to double!
Data that is stored on physical documents is vital to every business. Stationery and paper expenses required by traditional document management methods can cost hundreds, if not thousands of dollars. A document management solution can digitize past and future files, cutting out the need for a physical medium. In the long run, your DMS yields a large profit by cutting down on paper costs itself.
Every inch of your office space counts. Paperless document management allows you to free up this expensive area to be occupied for better yielding activities. Switching out of bulky file cabinets to opt in for digital document storage is extremely cost effective and widens the scope of the available space. Storing documents online (either on a cloud server or in-premise) is cost effective, and ultimately saves time and money invested into office space, cabinets and file management.
Once the need for physical storage is eliminated, the requirement to designate management specific tasks becomes largely redundant. Digital storage, retrieval and maintenance can be done instantly. Using a DMS for document management can save hours of labour spent searching for misplaced documents.
Another huge plus point of using a DMS instead of manual labour is the prevention of human error. Many businesses run into major losses when sensitive and important documents are lost due to misplacement or misfiling. A robust DMS can easily help to avoid such situations.
4. Disaster Recovery
Documents are the life and soul of your business. Natural disasters or onsite theft can entirely cripple a business. In fact, most of the businesses that witness a disaster shut down completely. A DMS can insure your organization against all types of disasters, theft and security breaches. In the absence of a trustworthy DMS, any such attack could run even an esteemed organization into major financial losses and potential bankruptcy.
Ultimately, DMS has been one of the best products laid out by the IT sector which easily integrates into all types of organizations. By considering DMS implementation as more of an investment than an expense, your very own business can effectively save up on so many redundant costs.