Costs of Manual Document Management for Your Business

We all know that famous proverb that Martin Luther King Jr. spoke, "You don't have to see the whole staircase, just take the first step." Well, the same applies to business strategies in their finance management too. Your business is losing because of inefficiencies; however, it's time you want to take a step by doing away with the flaws of document management.

The Hidden Costs of Manual Document Management

Many organisations are still using manual methods in handling their documents: papers, printing, and physical storage. On the face value, it is cost-effective; however, there is always a huge hidden cost accumulation, among which are the following:

Increased Labour Costs: Hours and hours are spent searching for and organising documents. A report notes that the average employee spends 1.8 hours a day or 9.3 hours a week searching for information. That could be high-value time.

Storage Costs: File cabinets, storage rooms, and offsite storage solutions occupy valuable space and increase operational costs.

Printing and Stationery Costs: Such regular purchases of paper, ink, etc., as office stationery consume much money.

Risk of Errors and Loss: Wrong or damaged documents result in costly mistakes, compliance violations, or missed business opportunities.

Document Management Systems (DMS)

A Document Management System (DMS) provides a silver bullet for all these challenges. With a DMS, it becomes easier to digitise and automate the document workflow, thereby minimising dependence on manual processes and making it secure and more efficient.

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