The Top 3 Industries Investing in Document Management

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Today’s post is by guest blogger Julia Scavicchio. Julia is an editor with Better Buys, a trusted source on enterprise software news and research. Follow her on Twitter @JuliaScavicchio for more insight on how technology is changing our workforce.

Businesses are obsessed with data and rightly so.

Data is at the forefront of decision making – and it’s here to stay.

But this isn’t a novel change. Companies have tracked tasks for a long time as part of best practices and compliance. The difference between now and then is that tasks no longer have to be tracked with paper-based documents.

When licenses, warranties, receipts, tax filings, contracts and more rest in filing cabinets, staff become bogged down by inefficiencies. When all these documents are instead digitized and sorted within an online library, employees are able to store and retrieve information much faster.

Document Management Software (DMS) benefits offices of all kinds. The following are the top three industries investing in DMS:

1. Banking

Many banks handle a vast number of clients and must deal with the headaches and inefficiencies that come with loan processing. From being filed to being approved, documents travel through all kinds of checks and balances. Saving time managing these files can make a world of difference in this industry.

The Sawyer Savings lending management team spent a great deal of time and energy discussing their daily loan pipeline. Hundreds of paper-based documents were reviewed each morning. With DocStar’s help, the team was able to streamline these documents digitally and reduced processing time by 30%.

2. Healthcare

Healthcare facilities are responsible for meeting many legal standards. From the security of patient records to proper filing of insurance claims, office administrators must be precise when handling documents. Dealing with mountains of paper and rows of filing cabinets has always been a nuisance in the medical profession, slowing work down while patient care is on the line.

Advanced Medical Management (AMM) handles all the back-office tasks for more than two dozen healthcare centers and over 30 doctors. Each healthcare center has a variety of services and specializations, which means the company must manage many documents. As the office location started to fill with paper-based files, staff decided it was time to find a reliable long-term solution. With DocStar, documents are stored more intelligently using indexing through codes and keywords. After the upgrade, the office gained back a phenomenal 4,000 square feet of office space.

3. Education

High schools, universities and colleges collect and store an enormous amount of student records. With ongoing admissions and graduations, information must be passed to different administrators as students pursue their degrees.

The Penn Foster Career School once had a document management system that only served as a repository for all of these files. The system was able to scan, upload and store documents. Staff decided it was time for an upgrade and found that DocStar enabled them to not only store these documents, but also added a number of tools. Users can now annotate without changing the original copy, share within a secure network and fit files into a workflow. Workflow management is especially important because the system associates files with each other and prompts staff to refer to the documents that get the job done. This saves a ton of time and headaches for staff and their students.

The Long Term Results

Staff no longer need to shuffle through decades of paperwork. Remedial tasks that often take up a majority of the workday can be done much faster when completed digitally, and without sacrificing any quality. Introducing a new tool for managing documents leads to fewer headaches and greater customer satisfaction in the long run