Document management plays a fundamental role in the control of the information in your business. The effectiveness of your document management system can influence business processes and your overall bottom line.
In the modern business climate, the organization of growing volumes of information and commitment to manage it can be daunting. From reducing risk, improving employee efficiencies to compliant protocols, outsourcing document management to a professional record management provider can address several business priorities. Here are the top 5 reasons why outsourcing document management is smart for business:
5 Benefits of Outsourcing Document Management for Business:
1. Mitigates Risk
Outsourcing your document management to professionals helps to alleviate risk by ensuring your company complies with government regulations. Privacy laws surrounding personal information and identity theft vary from region to region, making it challenging to keep up with new guidelines.
By working with a trusted vendor that provides document management software designed with compliance in mind, your private documents are stored and compliant with government regulations and retention requirements. No matter where you’re operating from, your documents never leave the system. Rather than emailing or printing records, they can be retrieved securely with monitored user access levels.
2. Reduces Paper Pile-up
Regardless of a company’s size, most businesses have one thing in common – paper usage. While many of us hope to become a paperless office one day, the reality is that our society isn’t quite there. According to Stastica.com, U.S. usage of paper and board was 77.4 million tons in 2015. With the average company producing massive amounts of documents regularly, onsite records storage uses prime office real estate that could be dedicated to revenue-oriented operations,
Furthermore, paper clutter creates a disorganized business infrastructure. What if a client visit requires immediate access to a specific record, but you can’t find it? Or your organization receives a surprise audit, and the necessary information is mislocated? Not only does this increase employee stress, but it also increases customer dissatisfaction. Outsource document management to a provider with digitization services and up-to-date scanning technologies, turning your physical records into accessible digital files.
3. Chain-of-Custody Protocols
In-house document management solutions involve the transport of paper records from offsite storage facilities to be scanned at a secondary location. After the imaging process, all physical files must be safely re-filed. Every step of the document management process can compromise privacy and present opportunities for misplacement or improperly filed records.
Chain-of-custody protocols provide an audit trail that helps you avoid unnecessary compliance penalties or litigation. With an outsourced document management provider, your information is stored, scanned, retrieved/re-filed, and securely shredded throughout its lifecycle with documented processes, reducing privacy risk.
4. Improves Employee Efficiency
Employees can spend countless hours filing, searching for documents, scanning or shredding papers. Each of these tasks can be daunting and reduce productivity. Research from a McKinsey and Company that 61% of workers’ time is spent on emails or searches for pertinent business information.
So what’s the solution? By implementing a document management solution with secure document storage and scan-on-demand services, you can empower your staff to spend their time more efficiently with instant access to pertinent information.
5. A Hybrid Storage Solution
Every business has unique challenges when it comes to the requirement of document management. Whether you need long-term record retention or the digitization of legacy archives, converting every file at once may not be a feasible option.
A great alternative is to partner with a qualified outsourced document management provider with off-site storage vaults to store paper files in a climate-controlled setting, while also scanning them on demand. This hybrid storage solution provides employees access to digital data in a timely, secure manner while saving your business valuable office space.