Time to rethink your document strategy

With so much to manage in today’s fast-paced business environment, it can be a challenge to find the time to step back and reconsider some of your company’s strategies. But many of these “strategies”—like document management—are more long-ingrained habits rather than thoughtful approaches. Consider the following questions to help you determine whether it is time for a change.

Why isn’t it working? 

Professionals report that the two biggest problems they face are not being able to find documents and version control. Yet going “paperless” without a true strategy for managing, coordinating, and backing up your documents is risky. Almost half of U.S. professionals say they have lost important electronic documents or information, with hard drive failure accounting for 70 percent of those losses. You need a comprehensive document strategy that will minimise risk and maximise benefits.

What is it costing you? 

Estimates suggest that employees spend about 20 percent of their time searching for paper documents! If you have ten employees earning $50,000 in salary plus benefits each, you’re spending enough for two full-time employees—some $100,000—just to track down paper each year. You’ll spend $122 to find a single lost document.

How does it affect employees?

Eighty-three percent of employees feel that outdated document systems impede their success and productivity, with one in three believing that it holds back their career advancement. In fact, a whopping 69 percent of U.S. professionals said they would change jobs even if the only benefit was dramatically less paperwork!

Has the time come? 

In the transition to digital, documents are lagging behind other content and media types—64 percent of photos and 57 percent of music are digital, yet only 41 percent of documents. However, employees are ready to modernise, with 62 percent of professionals expecting new technologies to transform their work environment in the next year, and more than four in five employees agreeing that going paper-free is fast, easy, and saves time.

Many companies’ document strategies are costly, time-wasting endeavours that distract from value-adding work and frustrate employees. If you want your company to thrive in the digital age, it’s time to look into systemised electronic document management. 

Contact us today about implementing a smart document management strategy for your office.