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How Online Documentation Software Really Helps Businesses
Posted by
jamesbrown
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in
project management
10 June 2013
·
1,401 views
online collaboration tool online collaboration software online document management
Do you think document management is really important for businesses? The answer is a big “yes”. Apart from clear business benefits, it’s also a regulatory requirement depending on the business you are in. For accounting based businesses, for instance, 8th EU directive and Sarbanes-Oxley acts mandate efficient document management. Document access and control also determines ISO certification for many product and service based businesses.
Online document management helps your business to streamline business processes, enable easier access and sharing files between vendors, staff, clients, and management.
If you keep the prevent FDA regulations and laws aside, how exactly does online documentation help businesses?
Let’s take a look:
Your business has better things to do than manage documents
According to a Price Water House Coopers Study, an average employee spends about 40% of their time managing non-essential documents. IDC estimates that employees spend 20% of their day looking for information in hard-copy physical documents while they don’t find what they are looking for at least 50% of the time.
Online document management software or any online collaboration software used for projects internally can efficiently help businesses cut this time short and radically improve efficiency.
Businesses bleed cash just maintaining documents
According to estimates, it takes about 12 minutes to process a single document. At least 9 minutes out of those 12 are spent in searching, retrieving, and refilling documents. An average office makes about 19 copies of each document, spends $20 on labor to file each document, loses about out of 20 documents, spends $120 searching for misfiled documents, spends at least $250 on recreating a lost document, and drains a whopping $25,000 to a four-drawer file cabinet while it takes $2000 per year to manage that file cabinet.
Online documentation helps you stay organized
Using an efficient online document management system, you can answer information requests quicker and eliminate the need for frequent callbacks. If a customer makes an inbound customer service call, information regarding that customer shows up quick and easy.
If your business has auditing requirements, you can immediately locate necessary documents and highlight relevant information. You drastically cut time in accessing, storing, filing, sorting, and retrieving documents. Finally, you can even enable automation to save even more time and run your business efficiently.
Online document management leads to profitability
How, you might ask? Implementing a document management system already reduces upfront and ongoing costs. Further, an IDC study points to the fact that there’s a discernible Return on Investment within a year of implementation and at least a 5-year ROI of about 404%.
In six months, most businesses see a payback within 6 months. Implementing a document management solution also helps businesses achieve cost savings of about $1 to $5 per document while Gartner estimates that businesses save another 40% on document-related costs.
Strategic benefits accrue
Apart from increased efficiency, better document management, and cost-savings, online document management also leads to side benefits such as reduced overheads, saving on infrastructure such as avoiding complications from regulatory compliance, lower costs for on-site and off-site storage, reassignment of staff to more strategic positions (or elimination of certain staff positions altogether).
Online document management also helps your business leverage lower document handling costs, simplifying business continuity planning, faster project deployment and completion, and avoiding duplication issues.
Using online document management or online file sharing is a strategic initiative for your business, which has payoffs in plenty. How do you leverage technology to your advantage? Do you use a project management, file sharing, or online documentation software for your business?
Online document management helps your business to streamline business processes, enable easier access and sharing files between vendors, staff, clients, and management.
If you keep the prevent FDA regulations and laws aside, how exactly does online documentation help businesses?
Let’s take a look:
Your business has better things to do than manage documents
According to a Price Water House Coopers Study, an average employee spends about 40% of their time managing non-essential documents. IDC estimates that employees spend 20% of their day looking for information in hard-copy physical documents while they don’t find what they are looking for at least 50% of the time.
Online document management software or any online collaboration software used for projects internally can efficiently help businesses cut this time short and radically improve efficiency.
Businesses bleed cash just maintaining documents
According to estimates, it takes about 12 minutes to process a single document. At least 9 minutes out of those 12 are spent in searching, retrieving, and refilling documents. An average office makes about 19 copies of each document, spends $20 on labor to file each document, loses about out of 20 documents, spends $120 searching for misfiled documents, spends at least $250 on recreating a lost document, and drains a whopping $25,000 to a four-drawer file cabinet while it takes $2000 per year to manage that file cabinet.
Online documentation helps you stay organized
Using an efficient online document management system, you can answer information requests quicker and eliminate the need for frequent callbacks. If a customer makes an inbound customer service call, information regarding that customer shows up quick and easy.
If your business has auditing requirements, you can immediately locate necessary documents and highlight relevant information. You drastically cut time in accessing, storing, filing, sorting, and retrieving documents. Finally, you can even enable automation to save even more time and run your business efficiently.
Online document management leads to profitability
How, you might ask? Implementing a document management system already reduces upfront and ongoing costs. Further, an IDC study points to the fact that there’s a discernible Return on Investment within a year of implementation and at least a 5-year ROI of about 404%.
In six months, most businesses see a payback within 6 months. Implementing a document management solution also helps businesses achieve cost savings of about $1 to $5 per document while Gartner estimates that businesses save another 40% on document-related costs.
Strategic benefits accrue
Apart from increased efficiency, better document management, and cost-savings, online document management also leads to side benefits such as reduced overheads, saving on infrastructure such as avoiding complications from regulatory compliance, lower costs for on-site and off-site storage, reassignment of staff to more strategic positions (or elimination of certain staff positions altogether).
Online document management also helps your business leverage lower document handling costs, simplifying business continuity planning, faster project deployment and completion, and avoiding duplication issues.
Using online document management or online file sharing is a strategic initiative for your business, which has payoffs in plenty. How do you leverage technology to your advantage? Do you use a project management, file sharing, or online documentation software for your business?
