Businesses across the globe are always on the lookout for new ways to improve processes and increase efficiency and productivity. Keypoint Intelligence/InfoTrends encourages businesses to consider investigating how converting paper-based business processes to digital form can do all three. This analysis piece will provide an overview of the key benefits offered by the combination of your multifunction printer (MFP), capture software, and a document management system (DMS).
Cut costs and inefficiencies
Buying and storing paper is expensive; organizing and searching for documents in filing cabinets can be a nightmare. These efforts can result in bottlenecks in your business processes. The potential for lost, damaged, or misfiled documents can also lead to a customer satisfaction disaster.
With a document management system, businesses can trade in their filing cabinets for a secure, well organized, and easily searchable digital repository—a surefire way to keep work flowing and avoid angry customers. Eliminating paper removes a heavy cost burden, as well. In addition to buying much less paper, businesses will have smaller spatial requirements for storing it—which can equate to lower rent payments.
Many office workers spend a good deal of time conducting repetitive, menial tasks—such as sorting through and filing documents. These tasks are subject to errors that can cause problems down the road.
Time is also wasted due to interruptions in workflows, such as those caused by approval steps or requests that go unnoticed. This hampers productivity. But with a capture and document management solution, businesses can automate such tasks to keep work flowing and reduce mistakes.
For instance, a capture solution can use optical character recognition (OCR) or barcode recognition to automatically apply indexing information or routing instructions. This leads to fewer misfiled documents and ensures a uniform repository.
Using a document management solution, custom workflows can be built to handle simple and complex tasks—like notifying a user when they’re needed for an approval or to take another action. As a result, businesses can enjoy fewer errors, faster processes, and a productive and efficient workforce.
Security and compliance
Protecting internal and customer private information is important, and failing to do so can land your business in hot water. Locks can only go so far in protecting paper documents in storage; paper in plain sight is even more at risk.
With digital documents, however, businesses, can use encryption and secure repositories to lock down sensitive information. They can even assign user permissions to control which users can access which information, and what they can do with it. Automated redaction features also help keep document contents safe from view.
Many solutions offer features and functionalities designed to keep businesses compliant with federal regulations, such as the Sarbanes-Oxley Act (SOX), Health Insurance Portability and Accountability Act (HIPAA), and Family Educational Rights and Privacy Act (FERPA).
Many of today’s document management solutions—along with some capture solutions—offer flexible deployment options and modular architecture to accommodate businesses of all shapes and sizes. For cash-strapped businesses (or those that lack the IT resources or knowhow to deploy, manage, and maintain a capture or document management solution), many document management products offer a cloud version.
Typically, this kind of deployment comes at a monthly cost—usually per user, and can scale as a business grows. But for those weary of the cloud, on-premises options are available.
In either deployment, businesses can usually buy the solution in modules. This allows them to buy only the features and functionalities they need, without paying for those they do not.
On demand access
Many workers are chained to their desk because they are unable to access the information to do their jobs from anywhere else. This is particularly inconvenient for employees that travel frequently, and can hamper worker productivity overall.
But thanks to advances in the cloud and mobile technologies, workers have access to all the information—plus the other features and functionality—stored in the document management system from virtually anywhere. This is achieved through an app or web browser via a smartphone, tablet, or laptop. Global, on-demand access empowers workers to be more productive, and enables them to work on the devices of their choosing.
- Businesses can cut costs by digitizing their business. On top of spending less on paper, they can scale back their spatial requirements and pay less rent.
- Automation will increase productivity and efficiency to new bounds. Businesses can replace their slow and inefficient paper processes with automated workflows that get the job done right. And with global on-demand access, your employees will be equipped with the right tools and information to conduct their work—no matter where they are.
- A security breach or regulatory infraction can be a disastrous blow to a business. Document management solutions offer tight security with encrypted repositories; granular controls over who can see and take actions on documents; redaction capability; digital signature support; and much more to protect internal and customer private information.