The Hidden Costs of Information Mismanagement


It happens even to the best of us. A document gets misplaced, and you spend hours looking for it, but to no avail. Now this situation isn’t a major issue if the document isn’t business-critical or client sensitive. But what if it’s that one document a team needs to get started on a time-sensitive project? Or worse still, a profitable contract that is due for renewal with a client?

In addition to the impact of not finding the information you need, there is the hidden cost to your business in the time spent trying to find the document. 

7.5% OF ALL DOCUMENTS GET LOST

According to research from PricewaterhouseCoopers, on the time and money spent on paper in today’s typical organisation: 

  • 7.5 percent of all documents get lost; 3 percent of the remainder get misfiled. 
  • Professionals spend 5-15 percent of their time reading information, and up to 50 percent of their time looking for it. 

If you take the average hourly rate for employees in your business, it will range anywhere from $35 – $200 per hour, losing even 2 hours per week looking for a document (contract, invoice, sales order) is a significant loss to the business that can be easily avoided.

Having a robust and secure document management system in place is essential for any company to control the flow of information. The right tool allows you to manage and track documentation easily and efficiently, without loss of data.

Aside from helping keep trees upright to protect the environment from health and economic hazards such as pollution, landslides and flooding; employing a cloud-based document management software solution comes with a host of advantages.

 

1 . COMPLIANCE

a DM solution tracks the entire life cycle of every document that comes into your business, keeping an auditable history of this document..

 

2. REPOSITORY

Cloud-based document management systems serve as a central repository for all your important documents that can subsequently be accessed, viewed, edited and shared with colleagues. No more wasting hours upon hours of precious time frantically looking through stacks of folders to find a single document.

 

3. INTEGRATION

API’s and integrations allow seamless information flow between your businesscritical applications (Outlook, accounting systems, ERP, CRM etc) and your document management system.

 

4. MOBILE

Cloud based DMS afford users the ability to access files and documents anywhere, anytime, regardless of device used. Which is particularly beneficial when collaborating on projects with team members who are on the go or located remotely.

 

5. VERSION CONTROL

With tags, categories, subcategories and metadata to track your documents, they can be easily searchable regardless of file name changes or multiple edits through collaboration.

 

6. INCREASED EFFICENCY

Remove the time spent looking for information, and you immediately start to boost efficiency across your organisation.

 

7. COLLABORATION

With a DMS, users get to collaborate on documents with colleagues regardless of their location. They control who they share with, and
documents can be shared through links published on the web if required. They can also be sent as password-protected files or via a
portal to external stakeholders. With the audit trail functionality, you track who has viewed or edited certain files or documents.