Wondering whether a document management system (DMS) can help your business or organisation? In tribute to the 12 days of Christmas, here are 12 facts that might help you decide.
1) Over half of work time is taken up searching for information.
Finding documents can be incredibly time-consuming, especially if storage facilities are located over multiple sites or areas. Reducing the need to physically search for items means that employees can focus on other priorities and become more efficient.
2) A standard filing cabinet with 4 drawers takes up 9 square feet of office space.
Dedicating storage space to documents can be difficult, especially in smaller offices. Freeing up valuable space is a huge advantage of a DMS. Working environments which customers or clients regularly visit can also benefit from a tidier and less cluttered space, one which can be welcoming and visually more attractive to guests.
3) Document storage is virtually unlimited. One terabyte of scanned data is equal to approximately 1,500 four-drawer filing cabinets.
As storage is so vast, the need many companies have to periodically reduce information or archive it in some way is removed, meaning that any time spent on these tasks can be saved. The ability to store so much data is not only space-saving, but there is the vast potential to use many years of stored information for purposes such as the monitoring of behavioural habits and customer trends.
4) 5% of all paper documents are lost.
It is inevitable that physical documents may become lost via being mislaid, damaged or even stolen. Use of a DMS ensures that documentation is safe, and cannot be removed without leaving a clear trail of evidence as to where and when it was accessed.
5) 3% of paper documents are misfiled, which wastes time trying to retrieve the file.
Misfiling can be a big concern, especially for an organisation handling a lot of documents. Human error is present even in the most diligent workforce, and rectifying the impact it can have in terms of locating misfiled items can be time-consuming and cause major disruption. Having a system in which misfiling can be rectified and information found instantly can be an enormous advantage.
6) UK companies waste £20 billion per year on inefficient document management systems.
Having a DMS which works effectively is essential. Services can be tailored and managed to suit individual requirements and preferences, meaning that efficiency can be maximised. Having a method of storing documents which is time-consuming costs not just employee time, but also money. Every minute spent tackling a system that is inefficient is a minute that could be spent on something productive to enhance a business or company.
7) More than 80% of documents are photocopied, scanned or faxed before refiling.
As well as the time spent finding or filing physical documents, the time that goes into other aspects of their management also needs to be looked at. Photocopies, scans, faxes or even taking notes from documents all add up to extra time that could be better spent, and this can be vanquished to the past with use of a DMS.
8) Every 12 seconds, a large business loses a document.
While the loss of some documents may barely make an impact on an organisation, the loss of others may cause serious problems. As their loss might not be discovered immediately but months or even years later, any attempts at locating them could be rendered futile. The regular rate at which large businesses lose documents is alarming. Storing them within a DMS ensures that these losses don’t occur.
9) The average UK office worker uses up to 45 pieces of paper a day – of which two-thirds is waste.
Alongside the obvious financial loss incurred by using so much paper comes the environmental impact. Moving away from using such a large amount, and instead relying on a DMS, can help with both these issues. As customers are ever more concerned about the environment, reducing paper and waste can help to present an organisation as both forward-thinking and conscientious.
10) Heavy fines will be issued to UK businesses if they are not GDPR compliant by 25th May 2018, meaning an appropriate document management system is vital.
With a large component of the incoming General Data Protection Regulation (GDPR) compliance involving the ‘right to be forgotten’, use of DMS can prove a valuable tool. Individuals will be able to request an organisation remove all information it has about them, providing there is no ‘compelling reason’ for it to be retained. Finding all this information in documentation that could have been replicated or is stored in various locations may be challenging. Locating and removing it on a DMS is a much easier process.
11) Several versions of a document can be accessed meaning mistakes can be easily rectified.
As Watermark Technologies’ document management solutions use versioning, it is possible to see the alterations that have been made to a document and go through the iterations. The ability to see who edited what and when can prove incredibly useful in the event of any errors made or any changes that need to be undertaken or removed.
12) Over 2 hours a week are spent handling paper by an average office worker.
In a busy working environment, time is crucial. Anything that can be done to free up time and utilise time in a more constructive manner should be seized immediately, and with the average office worker clocking up so much time handling paper, use of a DMS is an easy way to do so. The amount of time spent updating or altering files can be significantly reduced, with notes added to documents in a matter of seconds.
Contact Watermark Technologies today and take the first step towards a more efficient paperless office.