Businesses experiencing rapid growth have turned to document management solutions for organizational relief, and for good reason!
On top of improved production, there are many forms of cost-savings that can be beneficial to a company long-term.
If you’re considering implementing DMS in your place of work, or are interested in learning more, we’ve narrowed down five major cost savers stemming from document management solutions in Toronto.
How Document Management Solutions Work
Document management solutions are a centralized digital system collecting and efficiently organizing a business’ information, from documentation, files, internal information, and sensitive material.
These systems also utilize OCR or optical character recognition technology to easily convert photo files into revisable text and word documents. Document management systems use built-in smart algorithms to enable seamless intelligent predictions, searches, and optimized results.
Ultimately, the main purpose of document management solutions is to securely minimize barriers to information retrieval.
5 Cost Savings of Implementing Document Management Solutions
Print And Copy Cost Savings
The days of storing physical files and combing through heavy stacks of paper are nearly gone.
As companies shift to digital devices to produce and store files, printing and copying requirements decrease. By pairing applied document management solutions with digital devices, printing and copying needs can decrease even further.
It’s great if a business has already shifted to producing materials with laptops, computers, and tablets– but without a centralized DMS, there may still be repetitive printing. For example, if someone has a meeting, they may need to print several copies of an agenda for all attendees. This practice can waste expensive toner, ink, and paper.
With document management solutions, several people can have access to the document digitally, and across all kinds of digital devices. That way, there is zero cost in ink, toner, or paper! According to a study conducted by Gartner, Inc., the average office worker uses approximately 10,000 sheets of paper a year, and 50% of waste produced by businesses are comprised of paper materials. As you can imagine, this can really add to costs and contribute to a larger environmental footprint.
Labour Cost Savings
If you’ve worked in a traditional office setting, there’s a chance that you’ve spent some time at work looking for misfiled or lost documents.
Depending on the sensitivity of a document and the number of copies printed, it can take hours to relocate, completely throw off an employee’s work flow and waste working hours. In a study developed by Coopers & Lybrand, it can cost $120 in labour to locate a misfiled document. Those lost hours could have been allocated to progressing the business rather than holding it back.
Document management solutions in Toronto can also improve internal communication within departments throughout an organization. Instead of waiting hours or days to make executive business decisions with all parties present, DMS enables all team members to access information remotely and even on the go. Document Management Solutions remove the lengthy communication gaps from fed-ex or faxing confidential information.
Improved communication can save time (and therefore money). Employees can work from their web browsers, tablets or smartphones, making communication faster than non-digital methods and increasing productivity.
Emergency Recovery Cost Savings
With non-digital storage systems, businesses are susceptible to losing information through natural disasters like fires or floods, as well as physical documentation robbery. A major advantage of document management solutions is the ability to securely store backup documents digitally. In the case of a security break, the document retrieval process can be quick and business can resume without damaging output.
Storage Cost Savings
Many office environments have corners dedicated to large, unappealing and expensive cabinet systems.
By having document management solutions in Toronto hosting an online and infinite digital space, employers no longer have to spend on physical store systems or space for those systems. It can create cleaner, less crowded workspaces to inspire productivity and creativity, as well as reduce the required office size entirely! Additionally, off-site document retrieval, replacement paper storage, and filing supplies can be eliminated. In a best case scenario, a business may even be able to downsize and save operational costs as a result of applying document management solutions in Toronto.
Security Cost Savings
Document Management solutions can cut security costs in a multitude of ways.
Transferring all organizational documentation to digital systems can eliminate the need to have physical security watching over filing rooms. There will be no need to purchase cabinets with key access, or spend on replacement locks. Finally, document management solutions use various cyber security tools to ensure only authorized users gain access to internal, confidential material. With accessible backup storage available, document management solutions can cut big security costs.
At Busys Business Systems, we make it a priority to deliver the top document management solutions available and exceed customer expectations through our innovative strategies. If you would like to learn about how document management solutions in Toronto can improve your business and cut down on costs, contact us today!