How can document management decrease costs?

The true measure of a document management workflow solution is how much less work it requires of you.

You may ask, how can document management decrease costs?

There are measurable cost savings that result when you implement a digital solution. Here are the top three ways you will save on operational costs by adopting a document management system.

1. STORAGE – Do you have stacks of cabinets or a converted closet for file storage? According to a recent report from Loopnet.com, the average office space in Washington DC cost $45.36 per square foot. In a typical office, the normal ratio of stored files to floor space is 1 cubic foot of stored records per square foot. So my question is, how much are you paying to store files? Many businesses are saving money by converting paper-based processes to a secure digital document management system and reducing their office space. Safely retrieve your records when you need them with a simple keyword search, ensuring 24/7 visibility of your stored files. Implementing a document management system and reducing or repurposing your office space will improved workflow and reduce costs.
2. PRINTING COSTS – With a digital workflow, copying. printing and filing paper documents are a thing of the past. An original digital version of the file is stored in the systems centralized storage space, making it available to all authorized users. You’ll notice that you’ll spend less time at the printer while saving money on paper and supplies.
3. TIME MANAGEMENT – In a study by Price Waterhouse, several paralegals were asked to search through 10,000 documents by one author, written within one time frame, on one topic. It took them 67 hours to find 15 documents. The same search, using document management technology, found 20 documents in 4.5 seconds. No more time wasted searching through drawers of files. Type your search term into the document management system and easily retrieve your results. If your organization still relies on paper-based processes, you’re most likely spending too much on basic operational costs. Implementing an electronic document management system allows companies to reduce costs, improve service, increase productivity, and meet regulatory requirements.