Business growth is intrinsically linked to efficiency. The ability to do more with less is the key to getting ahead in saturated markets. However, one of the areas that many businesses struggle to streamline is document management. Administrative tasks such as filing, data retrieval, form management, and even creating the workflows for administrative work take up so much time. Switching to electronic document management solutions – centralized, digital ways to access data and documents – could be your business’s biggest step toward improved efficiency. Let’s take a look.
The Burden of Manual Document Management
All businesses, regardless of what industry they’re a part of, have to deal with paperwork. That paperwork might be largely digital, but every firm has to handle:
- Receipts and invoices
- Payslips and other HR documents
- Deliveries and returns
- Financial reporting
- Creating, storing, and moving documents
- Updating knowledge bases
- Creating customer accounts
If, to do any of these tasks, you have to access multiple systems or wait for access to be granted, you’re losing time that you could be spending on business-critical tasks. In fact, experts suggest that small businesses lose at least 10 hours each week on document management tasks that could be better streamlined.
The impact of a high administrative burden isn’t just seen in lost time. Employees who are constantly dealing with high levels of admin are at higher risk of burnout than their colleagues. Forbes refers to administrative tasks as “invisible work” that can wear team members down. While they recommend auditing and redistributing admin tasks, there could be a better way to work.
Electronic Document Management Solutions Explained
Electronic document management solutions (EDMS) are systems, tools, and processes that bring all your documents together in a centralized repository. Rather than constantly opening and closing unrelated systems, folders, and apps, you can log into a single system to access any document.
An EDMS takes data and documentation from numerous sources, from your accounting services to your HR systems. It creates a simple way to connect to these disparate data sources, using advanced tools to collate and store data from across your organization.
Implementing EDMS usually requires an audit of your current data storage solutions. You may need to work with an expert partner to convert paper documents to digitized files. Doing so ensures that physical paper documents that can easily become damaged or lost are stored securely for as long as needed. Digitizing paper files also helps you work toward your digital transformation goals.
The next steps will usually involve converting unstructured data into usable formats and shifting documents to centralized locations. This may mean manually importing data in the first instance, but once files are where they need to be, they can be accessed quickly without the need to open multiple apps.
Once in place, your EDMS makes it easy to apply version control to documents that change regularly. You can see at a glance who has been accessing particular files and apply access controls as needed to keep sensitive data secure. There may even be the ability to create reports on commonly used files and security concerns, such as failed access attempts. You can use these to work with IT and admin leads or your managed service provider (MSP) to improve and streamline data governance processes.
The Primary Benefits of Electronic Document Management Solutions
Proper document management is the key to improved efficiency and compliance. When you work more efficiently, you can speak to more clients or customers, complete tasks faster, and make more profit.
Here are just a few of the main benefits of investing in EDMS:
- Meet data protection and other regulatory requirements: Correct document storage is essential to ensure you meet state, federal, and global regulations on data protection. Many U.S. businesses are beholden to the GDPR, for example, so ensuring you store customer and employee data securely and for the right amount of time is essential. Electronic document management solutions allow you to comply with regulations more easily by providing a central yet secure location for sensitive data.
- Work faster and smarter: Access to the right documentation at the right time cuts admin time and gets tasks done faster. Employees can respond to client and partner queries at an accelerated rate, shifting to new tasks more quickly. Productivity goes up, promoting business growth.
- Improve employee morale: Employees who don’t need to spend as much time on tedious administrative tasks are happier and more engaged in their roles. They have time to focus on tasks that matter to them and to the business. Most employees feel job satisfaction when they’re making a positive impact, which is difficult to achieve while stuck dealing with the manual handling of documents.
- Reduced error rates: Accurate version control means that colleagues are more likely to use the correct documents for processes and workflows. This reduces error rate and the need for rework, which, again, improves overall efficiency across the organization.
Processes that determine how documents are stored can also reduce human error. Creating fixed protocols for file naming and version control creates consistency and avoids multiple documents that follow different formatting conventions.
Choosing a Partner for Document Management Success
Setting up EDMS isn’t something that’s easy for small businesses to do alone. Thankfully, you can work with an expert partner to digitize and centralize documents. What should you look out for when sourcing your EDMS partner?
- A company with local knowledge and experience working with companies just like yours
- A focus on customer service
- Expert knowledge of EDMS and other document management solutions
- A firm that can offer other office-based solutions, such as managed print services, to help save money on hardware and peripherals
Here at Metro Sales Inc, we offer the highest level of service plus an in-depth knowledge of how to create document management services that work for your business. We’re proud to have clients across Burnsville, Twin Cities, Fargo, Duluth, and St. Cloud, and we’re ready to help you level up your organization. Contact Metro Sales, Inc. and discover how we can make your business more efficient by streamlining your documentation processes.