Investing in a Document Management system makes a lot of sense for large companies whose administrative loads are notably heavy. But what about small businesses? DM systems can be just as beneficial to them, with several areas of the bottom line achieving boosts that are just as impressive and valuable.
Generally, capacity is most closely associated with the need for a DM system, with the number of invoices, contracts, receipts, proposals and the host of other document types typically handled by a busy company contributing to the overall workload.
With both regulatory and practical requirements on businesses to safely store all of these documents, it is not possible for large companies to file all of its paperwork on site. A reliable document management, therefore, has become essential.
Because smaller businesses handle a lower number of documents, there is less to store, less space needed to do so and fewer to retrieve. So, a high-quality document management system is surely not necessary.
In fact, the immediate benefits from a reliable, user-friendly, high-quality DM system is exactly what small businesses need too.
5 Reasons DM Systems Are Just As Relevant For Small Businesses
It’s easy to recognize the needs of a business now, but it’s also important to consider what needs it will have in the future. While an enterprise might have a few employees and clients in March 2019, what kind of operation will it have in March 2021? As the list of clients grows, so too does the volume of documents (whether electronic or hard-copy) that needs to be stored and retrieved, like invoices, receipts, legal certificates, insurance documents and contracts. Investing in a DM system allows you to more quickly and reliably store all this data, even as the client list grows.
By definition, small business has a small workforce to call upon to get everything done – usually not enough to manage the array of data accumulated through normal operation. Larger firms can dedicate a department to handle everything, but that kind of costly investment is not practical for a small company. But because an automatic document management system saves, stores, updates and retrieves in seconds, it removes the need for a large team. Most importantly, the acute pressure that would otherwise be placed on staff is lifted, drastically reducing the risk of irritating human error.
In a 2013 study by M-FILES, it was estimated that IT professionals spend half their time searching for documents, while an IDC survey revealed that knowledge workers spend about 30% of their working day (2.5 hours) searching for information. Either way, productivity levels are severely hurt. Document management systems allow you to save documents using more accurate metadata and multiple tags. As a result, document retrieval becomes faster and easier.
DM systems allow salespeople to submit important sales documents in minutes while on the road. Authorized personnel can be given the necessary password and username to enter the system, where they can complete a templated form with all of the necessary client details. It means a variety of sales documents – from orders and invoices to receipts and pricing information – can be completed in real-time, boosting efficiency in the process.
Cutting costs are central to achieving a more profitable business, but often a small business is already working on a tight budget. Investment in a document management system can help to significantly reduce the overall costs of operation. This is accomplished through a combination of time saved in retrieval, the reduction in errors and misfiling, and the ability to retrieve vital documents quickly.
Kefron DM is our out of the box Document Management solution which securely captures and hosts digital images and documents with the ability to extract data enabling faster access to your documentation for easier processing and record keeping. To find out more, click here.