in: Company News
Are you wasting valuable time and money searching for documents pertinent to managing your business? If so, you’re not alone. Recent research has shown that business professionals spend an average of 50% of their time searching for the information they need to make informed decisions and carry out important business tasks and activities. On average, it takes 18 minutes to locate each document. If you are searching for multiple documents each day, that’s a substantial amount of time wasted. No wonder businesses are suffering from poor productivity!
So, how much lost productivity are we actually talking about? Every year, companies lose $14,000 worth of productivity per worker due to the inability to find the information and data needed to perform a job correctly. Most of these searches are performed manually, meaning the majority of companies are using outdated filing and document management systems. With today’s technological advances, there’s no excuse for relying on a manual filing system. There’s simply too much time, money, and effort wrapped up in a system with so little return.
The True Cost of Relying on a Paper-Based Filing System
Going paperless impacts more than just the environment. While the environmental impacts of using less paper are certainly astounding, going paperless has an even bigger impact within your business. Take a look at some key facts and figures related to the cost of using paper in the office:
- Companies spend roughly $25,000 to fill a typical four-drawer filing cabinet, and $2,000 to maintain it annually. (IDC Canada)
- In the United States, companies spend $20 on labor costs in order to file a document, $120 on the labor required to find a misfiled document, and $220 to reproduce a lost document. (Delphi Group)
- For every document lost, companies pay 6 times the value of the original document once they are done searching.
- If a company needs to reproduce a lost document, they pay 11 times the value of the original document once all is said and done.
- Over its life-span, a single sheet of paper costs an average of $30. (IDC Canada)
Is maintaining a paper-based system worth the costs you put in each year? For companies struggling to break even and meet profit goals, the answer is no.
Simplifying Document Management with Sage 300 ERP
Many companies are turning to electronic document management solutions to improve their efficiency and simplify the task of locating and storing important documents and information. This not only reduces the amount of time spent searching for documents, but it also reduces the costs associated with document searches and maintaining the paper itself. When 90% of all office tasks still revolve around the gathering and distribution of documents, moving to an electronic system is not only smart, it’s absolutely necessary.
Many of our clients are unaware that Sage 300 ERP (formerly Sage Accpac) contains specific document management features within the system designed to help them store and locate the documents they need as quickly and efficiently as possible. When paired with a specialized document management solution, such as Doc-Link, Sage 300 ERP can help you achieve your goals of managing your documents with ease. Take a look at the benefits of using Document Management for Sage 300 ERP:
- Improved workflow
- Easy document retrieval
- Improved communication within the office
- Faster approvals
- Reduced paper-related costs
- Increased efficiency and productivity due to archived files
- Reduced labor costs
- More office space
- Enhanced document security
If you’d like to learn more about Document Management for Sage 300 ERP, contact us today. Our Sage 300 ERP and document management experts will be more than happy to discuss your unique situation and fit you with the right solution.