our business most likely has a lot of documents throughout that are very important, whether they’re invoices in the accounting department, purchase orders, data or receipts. If these were to go missing or were damaged, you could lose thousands of dollars of wasted time having to reproduce or search for these documents. With all the technological advances, there truly isn’t any reason that documents should be kept strictly in paper form. Another option is by implementing a document management solution.
What is Document Management?
Document management systems will capture your paper documents, whether through scanning, emailing, faxing or barcodes, and store them in a secure cloud. This will allow users who have been granted access the ability to search through the documents and find what they need. Further, a document management system can integrate with your ERP and store all documents directly from the application. Further, a document management system will allow you to automate the delivery of outbound documents, such as invoices.
Who Needs Document Management?
Most companies can benefit from a document management solution. By optimizing your current ERP system by adding a document management application, less time is wasted searching for documents and there is less risk that one will go missing or damaged. These are four common indicators a business is need of document management:
Large Quantity of Invoices
If your company is processing a large amount of invoices, around 1000 a month, that a document management system would come in handy. With the workflows that exist in the system, the invoice approval process is streamlined and creates transparency throughout the accounting department.
A company that has multiple locations, or remote working employees, are probably wasting a lot of money if documents are mostly paper. Moving paper documents from one location to another also has the added risk of an important document going missing. Employees will be more efficient in their work if they have all the documents needed on hand through their computer, tablet or smartphone.
Off-Site Storage Facilities
Keeping documents in an off-site storage facility simply doesn’t make sense as the only location to store them. Time is wasted in the search for each document needed, money is wasted traveling to the facility and employees are taking longer to get their tasks done. A document management system could save a company using an off-site storage facility a lot of money.
Highly Regulated Industries
Any company that is in a highly regulated industry such as healthcare, food and beverage manufacturing, aviation or many others knows that there are requirements when storing documents. A document management system keeps them under tight security, while providing easy search access.