Many businesses have adopted some form of document digitization, however, they often still rely on paper for processes including operational, governance, and general management needs. Abandoning paper is challenging, but there are many benefits of digitization, particularly if your business is in the legal, financial, or medical industries.
However, whatever industry you are in, you will benefit from a digital document solution. Here are five key reasons why document digitization is a smart business move.
1. Reduce Costs – Paper requires staff to process and organize. Electronic documents are easier and cheaper to share and store. With no more need for filing cabinets, you’ll free up valuable office real estate, and maybe even reduce your rental costs.
2. Digital Documents Increase Efficiency – Digital documents improve productivity and efficiency; for example, by significantly improving response times and dealing with customers. Digital documents can streamline your operation. Almost 20% of employee time is wasted searching for lost information. Digital documents are easy to access and organize in the cloud. There are also tools available for processes like invoicing, time-tracking, and project management.
3. Digitization Can Save Physical Space – Paper records need storage and file cabinets can take up a lot of space. Plus, storage can be expensive! According to The Schedule, storing paper documents in a typical four-drawer file cabinet can cost over $2000. Transforming a storage room into additional office space is a better use of office real estate. Be aware that in some cases it may necessary to legally keep original hard copies of documents for compliance reasons. If you’re not sure, speak with your attorney.
4. Digitization is Sustainable – The average office worker uses 10,000 sheets of paper annually. Thousands of tons of recyclables end up in landfills every year. Digitization reduces waste!
5. Easier Compliance – Today, many businesses face regulatory compliance issues. Going digital makes compliance easier. It’s easier to provide more security and you’re less likely to lose important documents.
It might seem challenging to implement a digital document management solution, but it doesn’t have to be! Contact us today and let us show you all of the benefits a digital document solution can provide your business.
Digital document management can improve your team’s productivity, streamline business processes, improve operational efficiency, make compliance easier, and save you money in the process!