How an electronic file management software can help you save costs
Minimize recurring expenses and equipment costs
An electronic file management software is a software system used to import, store and manage electronic documents and images of paper documents.
- Managing paper based documents can be quite time consuming.
- It also demands a lot of physical effort on the part of employees, who may need to do several rounds of the document storage room every day.
- Even if the files are stored in small cabinets at your desk, you may need to pull out the correct folder, flip through scores of sheets, refer to the document you were looking for and file back the document and put the folder away where it was.
- Repeated several times in a day, this process can add up to several hours every week.
- An electronic file management system helps you scan all that paper and dispose of it (except documents required to be in paper form by law or by your organization’s policy).
- Digitizing the files makes them permanent, easier to back up and far more convenient to manage.
- Eliminate loss of files
Managing large volumes of paper based documents day in and day out can make one error prone. A study by Pricewaterhouse Cooper* reveals that the average organization loses 1 out of 20 documents. It takes $120 in labor searching for each lost document and wastes 25 hours in labor recreating each lost document. But when paper based documents are digitized, they are stored in databases on your computer or network. become easy to search, especially if you use document management software.
- Eliminate misfiling
You may take care to not lose a document, but as filing paper manually can make one error prone, it does increase the chances of misfiling a document. Imagine filing the document in the wrong folder that is stored in a four-drawer cabinet that is just one of several such cabinets! Retracing that document could add up to several hours of wasted labor – which translates into costs. An electronic file management software saves you that cost as files can be organized systematically in a range of ways. This means no matter where you have stored the file in your file management system, all it takes to find it is a quick search.
- Reduce recurring costs of office supplies
Creating and copying paper based documents and taking printouts liberally for circulation, amounts to huge paper consumption levels. Add to it the cost of cartridges, boxes, folders, pins and clips etc. All these are items of recurring expenditure. Once you digitize your paper archive and all incoming documents and create all new documents in digital formats, these recurring expenses will drop dramatically. The added benefit is that you also eliminate the capital expenses of buying new cabinets, printers and copiers that perpetuate your dependence on paper.
- Release cash
Once you have fully adopted an electronic file management system, you can sell old, obsolete printers and copiers that are no longer needed. That’s because the document management software would have made these machines redundant. Selling them unblocks cash and releases it back into your business.
- Improve employee productivity and customer service
An electronic file management software system helps organize documents in various ways. So your employees can find files fast and save time. They can accomplish more work in the given amount of time. Also, in customer facing situations, as employees find files quickly and deliver prompt service, chances of escalations occurring are minimized (e.g. at the help desk, front office etc.). Slow service portrays an image an unprofessional workforce. But quick response using automated processes reflects positively on the image of your organization.
- Built-in scanning capabilities
- Multiple ways to organize documents
- Quick, Advanced and Saved search help find files in seconds
- Document level access control and other security features
- Secure collaboration for reviewing and modifying documents
- Track document versions
- Automatic routing of documents for review, approval etc.
- Maintain an audit trail of user actions performed
- Easy online backup of documents.
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