Technology has allowed businesses to transition from file cabinets to organizing files in digital format. Doing the manual process is time-consuming and arduous. This exposes the risk of human error which may lead to lost and damaged files. Hence, businesses automate this process using a document management system.
The benefits of document management software include optimized document handling, improved data accessibility, streamlined file searches, and lower document management costs. In addition to these, having such tools around will allow you to get a tighter grasp on the security of your company files while improving collaboration by making data sharing easy. In this post, we’ll explain to help you understand the system’s purpose and consider if your business needs it.
Document management is no easy feat; from drafting and editing to sharing and archiving, the whole process can take up a lot of time and money. In fact, according to research:
- Companies often spend an average of $20 to file a single document
- 90% of corporate memory exists on paper
- Out of pages that get handled in the office, 90% are merely shuffled
- The average document gets copied 19 times
- Companies spend an estimated $20 in labor to file a document, $120 in labor to find a misfiled document, and $220 in labor to reproduce a lost document
- 7.5% of all documents get lost and 3% of the remainder get misfiled, a total 10.5% of problematic documents
- Professionals spend 5-15% of their time reading information, but spend 50% looking for it
- A typical worker spends thirty minutes to two hours a day searching for documents
The same study also concluded that inefficient document filing systems are not only troublesome for businesses but also costly. Misfiled documents can cost roughly $120 to correct while it takes $220 to reproduce a lost document if you consider the labor costs and processing fees associated with them.
With these numbers, it only makes sense for businesses to invest in a good document management software. These tools will allow you to avoid mishandling documents as well as ensure that your files are safely stored in a digital database. Moreover, having one at your disposal will make it easy to pull documents later on when you or other team members need them. Check out this quick video:
Key Features and Components:
Leading Document Management Software
An industry leader in Document Management, Informa's Software IQmfp is one of the top software for document management in the market today. IQmfp is recognized as innovative software with accelerating office performance. Leading the way with next-generation digital document solutions and products.
- Increase productivity and reduce costs
- Ensure document integrity and security
- Optimize access to information
- Improve organizational collaboration and communication
- Improve business agility
- Ensure regulatory compliance
- Scalable and modular design to access features as needed
IQmfp offers a wide variety of document management tools. It is great for building and archiving documents as it offers diverse integrations. The software also allows you to sync files across devices so that you and your team members have access to the most updated versions of your important files. This allows you to create and edit documents with ease. It even has document assigning, sharing, e-signature, revision control tools to simplify collaboration with team members, plus more! Very robust yet easy-to-use features, IQmfp makes for a great example of a document management system.
How does your Company manage your files and documents? Are you guys currently utilizing a Document Management Solution? We'd love to hear your business experiences!