It’s hard to imagine in this age of technology that so many business still keep important documents on paper. However, in all reality 90% of companies have all their critical business information in paper form only. This creates huge time inefficiencies and leaves open holes for disaster in a business. Using a document management solution with your ERP system can combat these issues, saving your company time, money and offering you peace of mind.
The reasons for integrating a document management solution with your ERP system are simple. It can only enhance your ERP usage and business process, making you more organized and efficient. Here are the four main reasons you should be using a document management solution with your ERP.
The U.S. Department of Labor reports that 1 in 4 businesses will suffer a catastrophic loss. If your business suffered from a flood or fire, would your critical business data be safe or would those endless amounts of paper perish? Using a document management solution converts all of those paper documents, keeping them safely stored online in the case of a catastrophe. It is estimated that 70% of businesses would fail if they lost their business records due to a fire or flood, are you willing to take those chances?
It can be difficult to realize how much time and money is spent searching for documents in the office, but the numbers are astounding. According to Gartner research, it takes 18 minutes on average to search for and locate one document. That can add up to $14,000 worth of productivity lost. If all the important documents, especially those used on a daily basis, were kept online, it would take only seconds to type in what you’re searching for.
On top of lost time and money from searching for a document, it also costs a lot when documents simply go missing. This is easy to do when an employee uses a file and doesn’t put it back. It costs $120 to find a misfiled document and $220 to reproduce a lost document. Whereas, when employees access documents online, they will stay put and don’t run the risk of simply disappearing.
This is simply an added bonus to all the other benefits you will reap when adding a document management solution to your ERP system. The average office worker is responsible for 200 pounds of paper every year and if we cut back by just 10% of paper usage it would be like taking 280,000 cars of the road. Not only will you be saving yourself money, but you’ll be making an impact on the environment as well.
A lot of the statistics around using paper based methods are scary. Between running the risk of your business failing or having to spend an upwards of $200 every time a document goes missing, paper based methods of organization will run your business dry. Using a document management system with your ERP system will enhance your ERP experience by keeping all your data in one spot that can easily integrate.
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