A burning question persists, how much time do businesses spend handling, processing, and searching for documents? A recent study revealed that 20% of the average workday is devoted to unnecessary document handling.
And 50% of the time, a manual search will fail to turn up the needed document. That’s why businesses are increasingly using Content Management Systems (CMS) as a solution to this often frustrating, expensive and time consuming problem. An effective CMS lets you reduce or even eliminate the labor redundancy that often results from excessive manual document handling. Businesses typically save from $1 to $5 per document and cut overall document related costs by 40% after purchasing a document management system. Half of the businesses in one recent study saw a full return on their investment within six months.
Benefits of implementing a Content Management System
With a Content Management System, information is searchable and securely archived in a central repository for immediate access. The information can also be routed electronically using workflow solutions to greatly reduce the amount of time required to handle each document. The system will automatically route data from one step to the next based on rules set according to the needs of your business. Here is an overview of the benefits you can expect to see by implementing a Content Management System:
● Reduce queue time – Information can be routed electronically using email or workflow eliminating mailing, printing and courier services.
● Minimize duplication – A single copy of a document can be made available to all authorized users regardless of their location.
● Reduce storage and retrieval expense – A single repository reduces the need to store multiple copies while standardized indexing and integration with business applications allows users to instantly access needed documents or other information.
● Improve access to records and information – Authorized users can retrieve documents by department/application or entire business with a single search query.
● Automate business processes – Workflow can be used to move information from one step to another by mapping out all users and decision makers throughout the organization. Business rules based routing can automatically determine needed activity and manage documents such as escalation points and exceptions. Integration with backend solutions can allow data to automatically update business applications, create additional documents or workflows, and communicate with all users.
● Improve customer service – Retained or in-process information can be immediately accessed. Accessed information can be immediately viewed or emailed to the customer from the desktop.
● Improve regulatory compliance – A complete audit trail of access and activity (who, what, when and where). Compliance with Records Retention Schedules can be automated and improved. Incoming documents can be automatically classified and stored in the system.
● Collaboration – All users can access the system simultaneously, scanning, indexing, storing, and retrieving documents in a central repository.
● Increase information security – Documents and information stored in the CMS is protected from unauthorized access by stringent security requirements. Redundancy provides vital records and disaster recovery protections. If hosted on cloud, mirrored servers in other geographic locations on different power grids assures data will be accessible regardless of the interruption. SSL encryption, intrusion testing and 24/7/365 system monitoring ensures secure data storage. These are all added layers of security that are offered if you choose to have your data hosted.
Instant access to data translates to increased transparency and efficiency, and can add significantly to your bottom line. Most important, an ECM solution will provide essential business process improvement that in this fast paced digital demanding world is invaluable.
Some facts provided by Inside Up