A document management system that includes document scanning and conversion of key business documents into digital files for storage, retrieval and distribution directly from the computer is a proven cost-effective way to reduce operating expenses quickly. It can be very focused, targeting your most paper intensive processes, such as accounts payable, proof-of-delivery, and human resources. These are areas where there are often paper jams that slow work procedures, decrease employee efficiency and increase operating costs.
A document scanning system that automates manual tasks and eliminates time-consuming procedures will streamline business processes and allow employees to work more efficiently and productively. According to the McKinsey September 2008 Quarterly Report, one of the critical business goals during a downturn is getting more "bang for the buck" from employees, and concludes that IT is essential to meeting this goal.
Research shows that professionals spend 5 – 15 percent of their time reading information, but up to 50 percent looking for it. By implementing a digital imaging and workflow automation system, a business enables its employees to focus on their core business tasks. Overtime can be eliminated with automated processes, and hiring temporary filing help is no longer necessary.
With a "paperless office," the significant cost of copying and filing documents is slashed – and so is the time spent looking for misplaced ones. That's another major cost saving: on average, companies spend $ 20 in labor to file a document, $ 120 to find a misfiled one, and $ 220 to reproduce a lost one! Considering that 7.5 percent of all documents get lost and 3 percent of the remainder get misfiled, those savings add up fast.
When paper documents are converted into digital images, there is no longer the need for photocopying and faxing. The expenses associated with them – including paper, toners, print cartridges, and equipment maintenance, are also eliminated. And because digitized documents can be emailed quickly and easily, the cost for shipping, mailing, and courier services are dramatically reduced. With a courier service costing from $ 8 to $ 15 per package, there is plenty of money as well as time to be saved.
Warehousing and office space overheads also decrease with electronic document management. Up to 99% of office space used by filing cabinets and boxes can be reclaimed and used for revenue producing services. Document warehousing and storage is no longer necessary, as key business documents are always available directly from the computer.
A document management system can be implemented quickly and easily with no capital outlay, and deliver a disproportionate value in a short period of time. In fact,
investing in this type of technology not only improves efficiency but also creates revenue growth that generates more money than straight cost reductions. Your business can operate more competitively and serve its customers better – key factors in surviving a recession.
In this economic environment, it pays to take a close look at your end-to-end business processes. See where you can improve procedures, enhance the customer experience, and reduce waste. Once you have identified those areas of opportunity, a digital imaging system will help you achieve your goals quickly and cost-effectively. Replacing outdated manual processes will eliminate redundancies and bottlenecks, improve employee productivity, and your bottom line.