How much money does your company spend managing paper every year? Most people do not have an answer to this question, or know how to reach one. Of course, paper related expenses vary by company, however the costs of managing paper are quite expensive. Individual companies need to distinguish their current costs of handling paper files to fully comprehend the benefits of implementing a document management solution. Let’s take a look below at 4 of the most frequently asked questions surrounding paper management costs.
So, you may have heard about the new GlobalSearch® 4.5 from Square 9 Softworks, and how it’s making its mark as the next-generation, web-based solution for enterprise content management (ECM). Sounds great, right? Well, you may still be wondering what makes this release so important.
To start, it’s important to recognize that innovative software never stays still. Beyond the newest features and functionality, it’s essential to keep your software - and your business - up to speed with regular GlobalSearch updates. Version 4.5 marks exceptional significance because it extends your document management initiatives to the powerful platform of the modern browser.
Your business deals with documents on a constant basis. Without technology in place, organizing the different types of files and contact points for written communication can be intense. You might have paper contracts, email and attachments, faxes, and web forms all integral to the same client or customer file. This is where capture automation becomes effective in streamlining your productivity and organizational ability.
As businesses move towards automated document management and begin to adopt software to remedy their paper-based problems, many will initially feel overwhelmed or discouraged. With many years of paper-based processes, businesses often feel that going against the grain may be too difficult of an undertaking. However, taking the first steps toward automated document management comes in many forms. Some of which can be easily implemented internally.
The agriculture sector is a unique industry due to its strategic importance for both consumers and the economy. According to the United States Department of Agriculture (USDA), the rise in agricultural productivity from the early 1980s to today has been the single most important source of economic growth in the U.S. farm sector. Yet, as a result of this expansion in production, agricultural organizations are experiencing growing pains internally, especially in establishing efficient document processing.
Enterprise Content Management (ECM) has been a longtime proven necessity for businesses looking to establish more efficient document processes. Also known as document management, ECM has evolved overtime, and continues to do so as a number of new trends have emerged. But behind each new development is the same theme - taking the comfortability of the desktop to the web.
Recognizing and managing uncontrolled information is an overwhelming challenge for businesses today. A recent AIIM study found that 81% of organizations understand the impact that mismanaged data has on employees, specifically remote workers. Yet they fail to implement an effective solution to tackle this process inefficiency. Data inconsistencies caused by uncontrolled information leads to unreliable business intelligence, which is both expensive and time-consuming to correct.
Human Resources (HR), a multi-billion dollar industry, handles all employee-related processes that include screening, recruiting, management, and administration of employee records. As a department, Human Resources manages a variety of paperwork, from on-boarding documents to employee benefit files, and even termination records. According to LinkedIn, managing HR paperwork costs an average $300 per employee annually. For an organization of just 100 employees, this equates to a $30,000 recurring cost. This is in addition to the aggravation of inefficient manual processing from repetitive data entry on multiple forms, to staying on top of performance reviews, and upholding HIPAA compliance.
Accounts Payable (AP) departments are responsible for making payments owed by a company to its suppliers. Being that every company has bills to pay, AP processes are critical to revenue management. But there are many challenges to paper-based accounting practices that can negatively impact a company’s profitability, including time-consuming invoice approval, error-prone data entry, and missed payments. However, AP tasks are essentially universal and highly repeatable, which can be greatly improved with digital process automation.
Is your non-profit organization cluttered with volunteer applications, donor records, board member files and tax returns? Increase your file organization and staff productivity with a structured yet customizable document management solution, built to reward storage reductions, improve workflow and provide immediate access to volunteer-related information. In return, this drastically shortens document retrieval times to ensure a smooth donation process. Document management software can also help non-profits to increase compliance and document security, while decreasing office supplies and equipment costs.