What is the most valuable asset in your business today? No matter the type of industry you operate in, information is one of the most valuable assets you can have. Organizations need information to make business decisions. They need information to evaluate their products and markets. They also need documents to transact business with internal as well as external stakeholders formally.
However, if your inbox is always full, your filing cabinet is often stuffed to capacity, and there is more paperwork on its way to your storage warehouse. It’s time your organization implemented an efficient document management software. Managing business documents through manual processes can be costly and time-consuming.
Let’s delve deeper and explore each benefit in detail.
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Improved Workflow
It’s expected that most business processes would entail communication both internally (department to department) and externally (third parties). For instance, some people will create the documents; others will review, approve and finally dispatch the documents.
With document management systems such as OpenKM, it is possible to utilize validation rules and perform specific actions on your documents, such as metadata capture, classification of documents, and electronic signature, without human involvement. This speed ups business processes as well as enhances their quality. 20-35% of operating revenue costs are caused by poor data quality.
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Reduced Storage Space
Paper-based systems need a lot of storage space. In most cities, commercial property (larger offices or off-site storage) cost an arm and a leg. Paper, file folders, filing cabinets, and filing staff can also be very expensive in the long run. An electronic document management system can reduce such costs significantly. Besides cutting costs on space, going paperless means you will also save time lost in faxing, copying, and manually searching for files.