What is it and why use it?
What is it?
According to the Association for Information and Image Management (AIIM), –
“Document management employs a computer system and software to organize, store, manage, and track electronic documents and scanned images of paper-based information.”
It allows your people to use keywords to search for files and other information without ever having to leave their desks. It’s like having Google for all the information and data in your business.
Why use it?
Simply put, it will significantly reduce your costs and improve your efficiency.
10 Specific Benefits of document management:
- No more lost or missing files. Industry studies show that 3-7% of all documents filed are lost and 10-15% are misfiled ¹.
- Employees get more value added or profit generating work done in less time.
- Customer Service and satisfaction levels improve as a function of more rapid response time; this means more good will and lower transaction costs for your company.
- Meet industry/government (IRS, FDA, and HIPAA) regulations concerning document availability, integrity and/or privacy.
- Several employees can access and work on the same file at the same time; creates complete audit trail.
- Annotations, sticky notes, and stamps can be added without alteration of the original.
- Completely eliminate costs to manually file, route, and re-file documents.
- Audits and regulatory searches can be done in seconds; documents can be burned to CD or DVD, if desired.
- Provides full disaster recovery assurance with computerized system backups.
- Dramatically reduces costs related to the following1:
- Takes 7 minutes to find a paper file; Takes 2-4 seconds to find a file electronically
- Each file retrieval costs $1.40 (based on 7 minutes retrieval and re-filing of document @ $12.00/hr labor) vs. $ .10 for a 30 second electronic retrieval
- Annual operating expenses: 100 file retrievals/week = $7,280/year for paper filing method vs. $520/year using an electronic document management system.
- Average cost of a misfiled document – $120
- Average cost to recreate a lost document – $250
- Average annual cost – 100 files/week = $18,720
Please contact us now to learn how document management can reduce your business process costs and improve your efficiency.
¹ Based on AIIM (Association for Information and Image Management) and ARMA (American Records Management Association) research.