We all know that famous proverb that Martin Luther King Jr. spoke, “You don’t have to see the whole staircase, just take the first step.”
Well, the same applies to business strategies in their finance management too. Your business is losing because of inefficiencies; however, it’s time you want to take a step by doing away with the flaws of document management.
The Hidden Costs of Manual Document Management
Many organizations are still using manual methods in handling their documents: papers, printing, and physical storage. On the face value, it is cost-effective; however, there is always a huge hidden cost accumulation, among which are the following:
- Increased Labour Costs:
Hours and hours are spent searching for and organizing documents. A report notes that the average employee spends 1.8 hours a day or 9.3 hours a week searching for information. That could be high-value time. - Storage Costs:
File cabinets, storage rooms, and offsite storage solutions occupy valuable space and increase operational costs. - Printing and Stationery Costs:
Such regular purchases of paper, ink, etc., as office stationery consume much money. - Risk of Errors and Loss:
Wrong or damaged documents result in costly mistakes, compliance violations, or missed business opportunities.
Document Management Systems (DMS)
A Document Management System (DMS) provides a silver bullet for all these challenges. With a DMS, it becomes easier to digitize and automate the document workflow, thereby minimizing dependence on manual processes and making it secure and more efficient.
Breaking down the financial benefits will make things clearer:
1. Cost Savings
Switching to a DMS gets rid of periodic cost expenditures on paper-based practices. Here’s how.
- Reduced Paper and Printing Needs:
Going digital for documentation eliminates the cost associated with paper, ink, printers, and photocopiers. These costs really add up very fast. - Optimized Space Utilization:
Paper files will require dedicated office space for physical storage, which can be repurposed for revenue-generating activities once the files are digitised. - Minimized Labour Costs:
The DMS will allow employees to find the documents they need in seconds using keyword searches. This streamlined workflow increases productivity and reduces payroll costs associated with document handling.
2. Efficiency Enhancement
Direct financial benefits are a result of efficiency gains. With a DMS:
- Automated Workflows:
Automated repeated tasks, such as document approval and contract renewal, reduce man hours and accelerate the process. - Centralised Access:
There is only one source in one centralized location; therefore, one would not have to search much longer for a single place for documents, whether the individual was off-site or sitting at their desk. - Time Saving:
It saves employees time searching for documents, hence increasing employees’ strategic work and, in general, their productivity in an organization.
3. Security Improvement
A security breach could be very painful financially. A DMS comes with strong security and is sure to protect your important documents.
- Role-Based Access Control:
Only users authorised for a particular role can access sensitive documents to view or edit. The risk of internal data breaches is reduced. - Audit Trails:
Track who accessed or changed a document and when, including accountability and compliance. - Data Encryption and Backup:
Your documents are protected from cyber threats and accidental loss with advanced encryption and regular backups.
4. Scalability for High-Growth Businesses
With growing businesses comes growing needs for document management. Cloud-based DMS Solutions provide scalable solutions without huge initial investment. You can easily add storage or features as you grow, ensuring that your document management solution keeps pace with your organisation.
Why Choose FileGenix?
FileGenix is a totally designed document management system meant for meeting the specific needs of business organisations belonging to every kind of industry. So, here is what differentiates it:
- User-Friendly Interface:
This is quite friendly to the user and so easy to transition from old manual processes to new workflows. - Customisable Features:
Features that would make it suitable for one’s specific needs, be it contract management, compliance tracking, or workflow automation. - Cloud-Based Solutions:
Access your document from anywhere, at any time, securely. - Industry-Specific Usage Applications:
Provides industry-specific usage applications like those of healthcare, legal, and construction, among others. Such gives it a wide variety of usage for different kinds of businesses.
The Future is Digital
In today’s fast-moving business environment, the organisations cannot afford the inefficiencies in terms of the management of documentation. The investment in a DMS like FileGenix will reduce costs but, in the long run, get your business ready for its future.
A DMS will ensure that your business stays competitive and resilient through automation of workflows, enhancement of document security, and improvement of productivity.
So, why wait for a crisis to make a change? Take the first step toward smarter document management with FileGenix. Contact us today for a demo and see how our solutions can transform your business.
