Cash flow, or lack thereof, has been on everyone’s mind these past few weeks with tax season – especially CFOs in charge of saving and spending it wisely.
What could your business do with some extra cash? And where can you find some?
The answer may be in a big pile on your desk. Paper.
Document Management Systems are on the rise and there is good reason. There are a growing number of studies and statistics highlighting the benefits of moving your documents and workflows to the cloud – Improved customer service, reduced costs and increased productivity to name a few.
Take M*Modal for example. The largest clinical transcription service in the U.S., M*Modal needed to streamline their process for managing over 6,000 employee records. The decision to move to Document Management Software came when they needed to relocate offices to Tennessee and didn’t want to move 59 four-drawer filing cabinets due to the excessive cost and hassle.
Their legal services team had already migrated their files to an electronic system and helped HR make a solid decision – to move to a solution that would allow them to store and manage all of their employee records utilizing an affordable, online service that can be quickly and securely accessed from anywhere.
The result? An annual savings of $65,820 per year.
“Another big issue for us is systems access,” says Bob Witkoski, Director of HR for M*Modal. “Because we’re a virtual company, we have employees like me who work from home and it just made sense to have one electronic file which could be accessed from multiple locations.” Read the entire case study.
As the volume of data increases, the costs of managing that data skyrocket – in time and money. Printing and storage costs can easily run into the thousands for even the smallest companies. The amount of time employees spend accessing and retrieving documents, updating versions and emailing attachments can be eliminated – along with the farm of file cabinets. With document management systems in place, teams can work collaboratively from any location utilizing rules-based document workflows specific to an organization. Centralized storage means files are not misplaced, and employees are not wasting time retrieving old files from their inboxes, file cabinets or internal networks. Document revisions are tracked with audit trails, and executives benefit from real-time notifications to monitor progress and compliance. Everyone is literally on the same page.
This automation and collaboration can help your business reduce errors which can significantly improve your bottom line. The Aberdeen Group recently reported on the impact of document management systems on reducing error-related costs, noting “organizations with document management systems reported 30% fewer errors… contributing to an overall 10% reduction in overall operational expense for document processing.”
Centralizing storage of documents, utilizing data within those documents for greater transparency and efficiency and ridding your organization of the costs associated with in-house network servers, printing and storage can all lead to significant savings. As your company grows, flexible enterprise content management systems can grow with you, and compliment your existing business applications – like CRM, Accounting, HR and other enterprise resource planning tools.
So what would you do with some extra dough? Hire a new employee? Increase your sales reach? Invest in better technology?
Ready to learn more? Download our free whitepaper, Document Management Software ROI: The Case for Electronic Document Management.