On average, an employee of a company spends 50% of their time searching for a document. 7.5 percent of all documents get lost and 3 percent of the remainder get misfiled.
Companies do spend $20 in labor for filing a document, $120 in labor for finding a misfiled document, and $220 for regenerating the lost document.
Why companies relying too much on the traditional processes in an era of artificial intelligence (A.I), 3D advanced printing, and digitized documentation?
The company must use the Enterprise Document Management System (EDMS) which helps in collecting, processing, and storing business documents in a single platform seamlessly.
Ready to go for a paperless environment? Click on the relevant subleaders below to jump to that section, alternatively scroll down to read all about digital Enterprise Document Management systems.
An Enterprise Document Management System (EDMS) is a solution that consists of a combination of various tools that help in managing, capturing, storing, retrieving, and dispositioning of records and information assets of the organization.
In Simple words, EDMS helps companies in managing their paper documentation seamlessly with the use of modern tech tools and saves time, money, resources, and increases work efficiency.
Note: The below mentioned are the common benefits of EDMS, which may vary from different software to software.
Seamless access to records and information: The authorized person can search any document across the organization by a single search query.
Reduce queue time: The information can be sent using email, helping in eliminating the mailing, transportation activities.
Minimize duplication: A single copy of a document is used across the entire company among authorized persons.
Reduce storage and retrieval expenses: A single repository created with standardized indexing and integration with business applications that allow authorized persons to access the information.
Share information with external entities: The authorized external user can have access to the documents of the organization.
Security: Documents and information stored in the EDMS protect from unwanted strangers. It helps in providing backups of important records & protects from duplicated copies.
Improved Regulatory Compliance: EDMS helps in reducing the risk of non-compliance with the feature of records retention schedules. Which easily automates, and helps in storing and classifying new documents.
Read More: In-depth guide on document signing software (Infographic).
Enterprise Document Management System (EDMS) can cater to any organization with a hectic document workflow.
EDMS makes the management of your business documents a breeze and saves a lot of time for the employees. Result in better work efficiency.
In such a competitive market, solutions like EDMS can help companies to increase overall development and growth.