Document Management is an ever-changing industry, bust it’s also constantly growing at the same time. It’s no surprise Document Management has quite some history behind, given the fact that the first systems were developed in the early 1980s. Since then, document Management has come a long way. That’s why, many “newbies”, who are already accustomed to using Document Management Systems tend to forget the importance of those systems and how they developed until they reach their current form. Considering all this, we put together a list of 15 Document Management facts everyone should know.
- Companies spend hundreds of dollars each day just to file, track and reproduce lost documents. For each of these tasks, a person or various persons needs to sacrifice their time, which translates into the money a company has to spend in salaries.
- Over 7% of paper document get lost and at least 3% of them are misfiled. This is caused by the “human error” factor, and because various departments and employees work with the same document simultaneously.
- An employee usually spends somewhere between 5% and 15% of their time reading and comprehending documents, but almost 50% of their time just searching for them.
- A paper document is on average copied at least 20 times, because so many people need a copy of their own to consult.
- A corporate user receives on average over 28 MB consisting of email attachments each day from co-workers, superiors and collaborators.
- Corporate users also send and receive over 100 emails daily. Imagine just how much information is sent back and forth without a system to centralize it all.
- Paper document storage usually takes up to 20% of office space.
- Half of the companies who implement a Document Management System report a positive ROI within the first 12 months and two-thirds report a positive ROI within the first 18 months.
- In the US alone, corporations consume annually approximately 70 million tons of paper because they file, copy and replace documents.
- Document Management Systems have as main benefit the increase of staff productivity for as much as 35%.
- The response time, in terms of customer service or staff efficiency is increased by more than 4 times than what it would usually take to retrieve a piece of information in an office that still uses paper documents.
- Document Management affects on a very close level each core business function. The way a business handless document flow has the potential of slowing down every process or to make it more competitive.
- Digital workflows don’t require extensive or expensive training. Most employees that already master basic computer skills are able to learn how to work with a Document Management System very fast.
- Document Management is perfectly applicable to all document types. The era of text files is long gone, since the systems are able to store and archive various file formats, from the most common ones, to those specific to a certain industry, like CAD files, for example.
- Powerful Document Management Systems are easy to integrate with any existing systems. The supplier of your choice should be able to offer full support and cater to your company’s needs.
Considering all this facts, it’s safe to say nowadays it’s simply a complete disadvantage not having a reliable Document Management System, no matter the size of the company. It’s an investment well worth to make, because the benefits are far too obvious.