7 Figures That Will Make You Reconsider Your Document Management Plan

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 An outdated document management plan and Lack of Version Control will mean losing precious money.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

7 figures to reconsider Document Management Plan

1. 83% of employees recreate lost/missing documents. Huge productivity loss might result from manual document management. 83% of 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 more likely to recreate them if they are unable to trace them and use it in their local database. All key documents should be correctly filed to avoid losing precious time and money. Hence, we should centralize them.

2. 80% of employees seek cloud-based file sharing. Cloud document storage is vital these days as remote work is on the rise. 80% of 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 the real-time version.

3. 52% of small businesses face challenges in understanding app deficiencies. Small businesses continue to experience confusion over operating and integrating cloud-based apps. 51% of enterprises and 52% SMBs find it tough to understand app deficiencies. A major cloud migration challenge is considered to be this. This is a major challenge in cloud migration. Lacking clarity on cloud-based app functions, not many SMBs is likely to switch to cloud-based systems. We need to take adequate steps to prevent Security Breaches.

4. 97% of 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 processes and a Lack of Version Control. Thus, by using paper versions, fast-moving companies fail to maintain higher productivity levels.

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

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

7. By opting out of the manual signing process, document turnaround times can be significantly reduced. Faster turnaround results in teams closing more deals. Signing process automation allows digital signatures by prospects and clients. They should be allowed to make it interactive. They can choose a font style and color to add a personal touch. No additional steps should be presented such as scanning and printing, thus ensuring efficient contract signing by document recipients.

About the document management system

A 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.