In an effort to increase your potential for business process automation, we recently began a series on document management and discussed some of the hidden costs of a paper-based office. This week we will take a closer look at the:
Benefits of Document Management Software
Many companies are implementing a document management and workflow solution to reduce costs AND improve efficiencies. Even the basic document repository systems can help companies significantly reduce the cost of: utilizing, filing, storing, and retrieving documents. Some of the benefits include:
- The ability to automatically capture documents from fax machines, multifunctional devices, and ERP applications.
- Individual security rights giving employees easy access to applicable documents from any workstation, whether in the office or remotely.
- Reduced necessity for on and off site storage space.
- Eradication of paper storage has proven to be a tremendous cost savings, especially for companies who are required to archive records for a predetermined number of years.
However, organizations interested in going beyond a simple document repository and investing in a system with even greater capabilities will be pleased to find these benefits:
- An Output Manager feature which allows documents and reports to be automatically distributed to business partners in the appropriate format and method required by the recipient.
- An electronic workflow system that can be configured to mimic your company’s existing business processes. Based upon certain actions or events, the electronic workflow system can automate business rules and bring control to critical transaction processes.
- Then instead of physically routing hard copy documents throughout a company and its remote locations for approvals, the electronic workflow system can give you the ability to route, annotate and approve documents, providing an audit trail of every action taken.
- This also provides full visibility to the history of a particular document, which supports a company’s efforts in being in step with mandated compliance regulations such as HIPPAA or Sarbanes Oxley.
- Annual audits can be greatly simplified as auditors can be trained in minutes to retrieve a particular document and see who, where and when a document was routed, as well as all of its annotations and approvals along the way.
If you want more information on document management, download our whitepaper: Armed and Paperless: Ten Key Considerations When Selecting a Document Management Solution.
Stay tuned for our next article where we will cover how document management software can be an integral part of your disaster recovery process.