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Yes, Document Management Really CAN Boost Your Business Growth

By Higher Information Group on March 30, 2020 | Document Solutions

You probably know all about the consequences of poor document management. Bad document management can be debilitating for an organization. It can lead to inefficiency, lost files, employee frustration and low morale, messy office space, even legal action and fines.

Often thought of as a necessary evil, document management is highly underrated within many organizations. However, a solid, well-planned document management framework can not only increase productivity, but it will also help your business better manage finances, protect customer data and other sensitive information, and yes, even facilitate growth!

If one of your key business goals is growth (and honestly, whose isn’t?), an effective Document Management Solution (DMS) is a must-have.

So how does document management contribute as a growth facilitator?

Document Management Creates Efficient Practices – As your organization grows, so do the many associated risks for errors. Establishing a solution and workflows to efficiently manage documents across the company early, creates systems that are scalable.

Not only are records easier to locate and retrieve, but teams have the ability to access files from anywhere at any time, which increases the ability to collaborate and eliminates wasted time. And we all know that time = money. According to Gartner, employees waste 20-30% of their work week managing documents or document-based information. And one study went on to say that an average organization spends $120 in labor to find a misfiled document and another $220 in labor to reproduce a lost document.

Document Management Enhances Security – Security is one of, if not THE most critical concerns of most organizations today. While human errors can still be made, an effective document management solution can put controls in place, establishing who has permission to access certain documents and an audit trail provides any intel on who accessed documents, made modifications, etc. and when.

Document Management Strengthens Backup and Recovery – Do you have a plan to recover if a disaster impacts your organization? Does that include every single document you are responsible for? Having access to originals and legible copies of records is often a regulatory requirement. With every document being backed up, a DMS safeguards your business in the event of natural disasters, theft, vandalism, etc.

Document Management Reduces Storage Space – If your organization is still dealing with storage bins and filing cabinets, then you’re likely using up some quality real estate in your office. A DMS not only allows you to reclaim that precious space, but it ensures that your documents are secure and easily retrievable at any time.

Document Management Improves Regulatory Compliance – Depending upon the industry you’re in, compliance requirements can get complex and being out of compliance, may result in revoked licenses, fines and even legal action. DMA security measures help ensure that documents are safe and accessible in the event of an audit and proper workflows mean that the proper record-keeping protocols are in place.

Improved operations, optimized costs, reduced storage space, security & compliance –  all of these factors help you run your business with power & efficiency, effectively positioning you for growth!

Ready to eliminate bottlenecks, frustration and risk? The experts at HIG have helped hundreds of clients manage their documents safely and securely and they can help you put a customized document management solution in place that will set you up for success.

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