Benefits of Document Management for your ERP Software and More
With 90 percent of business information still existing on paper, consider the consequences of its loss. More than 70 percent of today’s businesses would fail within three weeks if they suffered a catastrophic loss of paper-based records due to fire or flood. Having a document management solution in place with back-up data stored off-site would mitigate these crippling scenarios. And, this safe guard against disasters is just one of many benefits of document management. If you’re still confused about what document management is and want to learn more about it, visit here.
Document management has many benefits. In short, document management saves time, money, and trees. Let’s look a little deeper at some of the common and lesser-known benefits of document management.
- Cost savings. Less paper means less paper, toner, postage, and printer costs. Less paper handling also means less time spent searching, retrieving, filing, re-filing, and delivering documents.
- Process streamlining/ automation. The electronic movement of information offers visibility to all documents at any time with proper security credentials which eliminates lost or misfiled documents. This not only increases the speed in which documents are distributed and approved, but also dramatically reduces shipping and courier costs for companies that have approvers in remote locations. Processes are further streamlined by automating the routing and distribution of all printed documents, reports, and forms in the format desired by the intended recipient.
- Increased speed. Businesses will find processes moving faster once paper is out of the way. This increase in productivity is a sure win for any company.
- Efficiency. With the automation that can come with document management solutions, the quality of work can actually go up because employees can focus on their work instead of on documents needed for it.
- Visibility/ Transparency. Visibility of every file and every step of every process gives employees easy, immediate access to what they need, when they need it. It works in any department and for any process, too. The transparency of these processes will make managing projects less stressful and reduce the number of unknown bottlenecks. Detailed and always-ready access grants vital documents the ability to be handled at any time.
- Consolidation. Consolidating all of your paper documents into a digital repository can de-clutter the office from more than just paper. Removing filing cabinets can free up valuable office space.
- Privacy. Electronic document storage keeps paperwork private. Security permissions can be set per user, dictating whether or not someone has the capability to view, edit, and/or create certain documents.
- Tracking capabilities. A document management system will track who has accessed and edited each file. Should a mistake occur, users can always find out how and when it happened. This tight control over file histories improves document security by making it easy to keep documents in the correct hands.
- Seamless integration with ERP software. Did you know that your Sage software and ERP software can seamlessly integrate with a document management solution to automate accounting processes. This integration allows users to work straight from within the Sage application, allowing users to drill down to original documents. The productivity benefits and cost reductions that come with utilizing document management solutions are a huge benefit in terms of time-effective and error-free reporting.
Who doesn’t want to reduce paper, increase productivity, and integrate their ERP software with a solution to manage files? Contact us here at Mindover Software to learn more about a document management solution we offer, Doc-Link, that can achieve all of the above benefits and help your company to become truly paperless. We are here to help with the process of moving to document management software and with ERP software support in the process of integrating the two.