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HomeResource7 Figures That Will Make You Reconsider Your Document Management Plan

7 Figures That Will Make You Reconsider Your Document Management Plan

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You need well-crafted document management system. It is vital for your team’s success and productivity. It impacts directly your business, vendors and customers’ privacy and security. Take into consideration your existing file management practices. It includes creating invoices, managing proposals, sales documents, legal documents and contracts. Outdated document management system and Lack of Version Control will mean losing precious money. It also leads to vulnerable critical data as well as wasting valuable time.

Related Post: Best Document Management Software for Your Small Business

7 figures to reconsider Document Management Plan

1. 83% employees recreate lost/missing documents. Huge productivity loss might result from manual document management. 83% employees are likely to recreate documents if they are unable to trace the same on their company’s network. Often, employees need checklists or documents on demand. They are likely to recreate them if unable to trace them and use it in their local database. But this will lead to losing precious time and money especially if document exists, but is not correctly filed. Hence, all key documents should be centralized.

2. 80% employees seek cloud-based file sharing. Cloud document storage is vital these days as remote work is on the rise. 80% employees prefer their employers to access documents via cloud services. Sharing Cloud-based files ensures employees’ inboxes are not flooded with emails. Document handling is also organized among collaborators while reducing Compliance Risks. If a particular document is accessed by many people, a central hub is to be created allowing everyone to view real-time version.

3. 52% small businesses face challenge in understanding app deficiencies. How to operate, integrate cloud-based apps is still a major confusion among small businesses. 51% enterprises and 52% SMBs find it tough to understand app deficiencies. It is considered to be a major cloud migration challenge. Lacking clarity on cloud-based app function, not many SMB is likely to switch onto Cloud-based systems. Adequate steps should be taken to prevent Security Breaches.

Document Management

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4. 97% companies carry out minimal document processes while 72% combine digital and paper-based processes. Companies will lose precious time as teams introduce changes to old document versions. This is because of companies do not have streamlined, comprehensive digital document process and Lack of Version Control. Thus, on using paper versions, fast-moving companies fail to maintain higher productivity levels.

5. 32% company budgets for cloud security. Cybercriminals, hackers and Security Breaches should be kept at bay. Companies have been investing huge in this regard. 32% business budgets are allocated towards enhancing cyber security. It also includes cloud data encryption. Confidential information should be protected at all cost. Entrepreneurs need to consult with qualified security experts and understand risks involved in cloud-based document management systems. Accordingly, appropriate response is suggested to ensure client and company information is safe.

6. 35% CIOs (Chief Information Officers) consider cloud technology to be their top investments. CIOs understand the value that document management solution has on the organization. The figure aligns clearly with document management market’s anticipated growth. By 2029, industry is likely to cross $16.42 billion. Compliance Risks is expected to be taken care of.

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7. Document turnaround time can be reduced significantly by opting out of manual signing process. E-signatures enhance close rates by over 5%. Faster turnaround results in teams closing more deals. Signing process automation allows digital signature by prospects or clients. It should be made interactive. They should be allowed to choose a font style and color as it adds personal touch. No additional steps should be present like scanning and printing, thus ensuring efficient contract signing by document recipients.

About document management system

Document Management Plan is a process or system designed to track, capture and store vital electronic documents. A company might require maintaining different types of documents like digital images, word processing files and PDFs.

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