Whether you’re a small or large-scale business operator, you have a lot resting on your hands, making tracking what’s going on financially within your organisation much more challenging. Almost every waking moment involves the exchange of cash for goods/services, and if you’re not careful, it can be too easy to fall into the trap of overspending.
No matter how tight a ship you may run, there are always areas where your business can reduce costs. While some of the most popular might be by modernising your marketing efforts or reducing supply expenses – don’t overlook more minor business aspects like your document management process!
Today’s fast-paced business environment calls for the effective management of documents to maintain productivity, streamline processes, and reduce costs. However, many organisations must rely on updated paper-based systems or disorganised digital file storage, leading to inefficiencies and unnecessary expenses.
But how can better document management help your business reduce unnecessary costs? In this article, we explore how implementing a proper document management system can help companies to cut overall costs and improve operational efficiency.
From improving your business’s security without the need for traditional (and sometimes costly!) security features to reducing the need for storage solutions using a PDF compressor or cloud storage systems – keep reading to find out more.
Reduced Storage Costs
After the tumultuous few years the Covid-19 pandemic threw at the business world, many organisations were forced to digitise many of their processes to continue their day-to-day operations uninterrupted. One of the most significant changes arising from this predicament was implementing document management systems for an utterly digitised document management process.
They proved so beneficial that they are still used in our post-pandemic business world. By digitising documents and transitioning to electronic workflows, businesses can reap several benefits from significantly reducing the need for physical paper, minimised storage costs and many more. Additional charges such as paper purchases, printer maintenance, ink or toner cartridges, and file storage supplies are also reduced.
Moreover, a proper document management system eliminates the need for physical storage space, such as filing cabinets or off-site storage facilities. This can be reduced further using clever tools like a PDF compressor from Smallpdf, which can shrink your electronic files, enabling you to store them all in one place and creating more space in your cloud storage system.
Whether you’d like to convert a PDF into a different format or shrink it down into a more shareable/storable size, consider visiting their website to discover their twenty-plus PDF tools, request a free trial, look at their pricing, and learn how their tools could help your business cut down on storage/paper costs today.
Enhanced Time and Labour Efficiency
Nothing is more annoying (or time-wasting!) than pawing through the files on your computer, trying to find that one file you need to complete your task. A proper document management system ensures that all document-related processes are streamlined, increasing efficiency and reducing labour costs.
With everything in order, employees spend less time searching for documents since they’re all in one place. In the event of confusion, stray files can be easily located using search functionalities or indexed metadata.
Automated workflows and document routing within a document management system can also significantly reduce manual handling and repetitive tasks. Plus, documents are easier to edit since they’re kept in one safe, secure place preventing unauthorised access/editing.
With a proper document management system, businesses can save valuable employee time by automating approvals, notifications, and document version control, allowing them to focus on more strategic and value-added activities.
More Streamlined Collaboration/Communication
Effective collaboration and communication are considered must-haves when running a business, as they’re essential for driving productivity and reducing costs within a business. A document management system can help companies and employees streamline their collaboration/communication efforts by providing a centralised platform for teams to collaborate on documents, share feedback, and track changes in real-time.
With 25% and 40% of the UK population working from home, the need for more streamlined collaboration/communication within businesses has been highlighted. Since employees can no longer communicate face-to-face (in some cases), it has called for the implementation of digital tools, like communication platforms etc., to eliminate communication errors.
These tools have minimised the need for back-and-forth emails, printing multiple copies of documents, or dealing with version control issues is eliminated whether working in-office or at home. By enabling simultaneous access to records, team members can collaborate more efficiently, leading to faster decision-making, reduced errors, and improved project timelines.
Enhanced Security Measures
As a business owner, you should be aware of the potential threats your business faces and put ample measures in place to ensure your company is never harmed. One of the most significant threats businesses face is data loss or breach, which puts sensitive information about your customers, employees etc., at risk.
Thankfully, having a proper document management system offers robust security features that protect sensitive information from unauthorised access and potential data breaches. These systems enable businesses to define access controls, ensuring only authorised personnel can view, edit, or delete specific documents.
Proper security measures reduce the risk of information theft, loss, or accidental damage. Plus, some of the best document management systems often provide comprehensive audit trails, allowing businesses to track document activities, monitor user actions, and maintain compliance with regulatory requirements – making potential threats easier to identify.
Improved Disaster Recovery
Natural disasters, hardware failures, employee errors, or other unforeseen events can pose significant risks to businesses that rely on physical documents or on-premises servers for storage. Scrambling to restore these if lost can pose a substantial threat to your business due to the amount of time, effort and resources wasted – plus, it doesn’t fare so well with customers either!
Implementing a document management system (as well as relevant business insurance!) with robust backup and disaster recovery capabilities helps ensure business continuity. By storing documents securely in the cloud or through regular backup processes, businesses can recover critical documents quickly and minimise downtime in the event of a disaster. This helps protect valuable information, maintain customer trust, and reduce the financial impact of potential disruptions.