What is Document Management?

For far too long, many companies have allowed poorly managed information to hold them back. The average employee spends 30 to 40% of their time looking through email, paper documents, shared hard disks and filing cabinets trying to find information they need to complete their tasks.

What if all those wasted hours could instead go toward making your company more competitive? No wonder forward-looking companies and organizations are turning to digital documents and enterprise content management to gain an edge in the global marketplace.

We call this “The Digital Document Advantage”, which provides 4 Key Advantages:

1. Without effective enterprise content management, an employee spends an average of 18 minutes searching for a document.

Upgrading your current paper-based filing system to a digital solution gives your employees streamlined access to business documents and – in addition – provides for a smooth and rapid information flow. Instead of searching for documents, your staff is free to focus on higher-level tasks and making good decisions that boost your bottom line.

2. Paper accumulates annually at a rate of 22 percent for the average business, which means it doubles in volume every 3.3 years.

Creating and storing paper documents is expensive. A four-drawer file cabinet takes up lots of floor space and costs around €500 per year; maintaining a dozen of these cabinets would require hiring an additional employee. Switching to a digital document management system delivers real savings on document storage, as well as copying, printing, shipping and personnel.

3. At any given moment, up to 5 percent of an organization’s files are currently lost or mislaid.

A document management system helps you control access to sensitive information and enforce security measures. The system also helps ensure compliance with industry and governmental regulations by automating your financial records management and retention processes.

4. If their paper-based records were destroyed in a natural disaster, 7 out 10 businesses would fail within 3 weeks.

In addition, document management makes sure that you continue to operate your business even in an event of a fire or flood. Documents can be easily replicated and stored off-line or in the cloud as a perfect disaster recovery solution.

Digital document management offers far more than a way to replace cumbersome paper with digital files. It’s a comprehensive system that converts your company’s documents — email, invoices, contracts and other documents — into valuable resources and business intelligence insights.

Solutions which handle and manage various types of documents digitally go by many different names, such as “enterprise content management,” “document management” and “records management.” Regardless of the chosen label, we at Kirmitsis find it helpful to think of 4 main elements which are at the core of any solution.

1. Capturing and organizing documents

The first element of digital document management is locating and capturing your company’s documents, whether it’s in physical paper or digital format, and organizing it in a coherent, efficient way.

2. Providing access and transparency

Using a consistent method and central depository for storing all documents greatly improves access to important business information, driving efficiency gains in virtually every process.

3. Streamlining collaboration on shared documents

Digital document management allows your employees to read, share and modify the same document, without the confusion of multiple versions.

4. Creating a consistent document management infrastructure

A centralized document depository integrates smoothly with your existing applications such as email, accounting, enterprise resource planning (ERP) and customer relationship management (CRM) platforms, resulting in streamlined operations.