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How to Cut Costs with Document Imaging Services

July 18, 2017

How to Cut Costs with Document Imaging Services

Statistics show that 92 percent of business information is being kept in manila folders, and 80 percent of technical data is kept on paper or microfilm. The average business document is copied 19 times. And the number of paper files that businesses need to manage doubles every three to five years. Fully half of the average office worker’s day is spent shuffling paper. If you eliminate paper, you can eliminate this kind of waste.

By implementing digital document imaging you can migrate customers to a paperless office. Paper production and management costs money, and there are much more efficient ways to handle business information. Here are just a few reasons how you save by establishing an with a document imaging process:

  • Savings in materials costs – Companies can reduce their hard copy costs (i.e. paper, copiers, and multifunction printers) by 30 percent, and reduce carbon emissions by as much as 60 percent. Using digital document management saves money and the environment at the same time.
  • Saving in staff time – Time wasted running to the printer, filing papers, and locating lost paperwork is eliminated with document imaging. And then there is the saving on IT resources; on average 10 percent of IT staff time is spent managing printers and print services.
  • Better business process management – Using document imaging means better document processing and retrieval, and better business optimization. In-house document imaging services implement a document workflow that ensures proper processing and storage of business documents, including routing for review and version control. In general, it provides ROI by streamlining paper processes and shortening the time required for business decisions.
  • Better document security – Using an in-house document imaging service means your business-critical paperwork is more secure. Enterprise data storage can be used to handle document storage, or the company can adopt a cloud-based storage strategy for greater flexibility, remote access, and lower costs. Using cloud-based storage means documents are safely stored off-site, so in the event of flood, fire, earthquake, or natural disaster you won’t lose anything.
  • Better document accessibility – By adopting a centralized document storage strategy, such as cloud storage, you can access documents from anywhere. This makes it easy to share information with coworkers in other office locations and even partners and customers quickly and efficiently, without having to rely on fax machines or couriers.
  • Saving space – Digitizing your business documents saves on storage space. Consider that 15,000 sheets of paper fill the average file cabinet drawer, a lateral file drawer holds 22,000 sheets of paper, and a standard size Banker’s box can store up to 3,500 sheets of paper. All of that paper can be eliminated with digital storage. Office space is usually the second highest business expense after payroll, and if you can eliminate file cabinets and storage boxes you can save a substantial amount of wasted office space.
  • Eliminating document duplication – If every document is duplicated an average of 19 times that’s an incredible waste of time and resources, and it can lead to document management rapidly getting out of control. If you have a report or plan that needs to be referred to frequently then version control becomes important so people don’t refer to outdated information. By centralizing document management you have one repository with one version of each of your business-critical documents – no errant copies.
  • Better document tracking – More than 7 percent of all business documents are lost and 3 percent are misfiled. That means workers waste time hunting down lost paperwork. With document imaging all documents are tracked and stored for retrieval at any time.
  • Regulatory compliance – If you are in a regulated industry then you need to track and secure all your documents. Financial institutions that are overseen by FINRA. Medical offices need to conform to HIPAA regulations and need to keep careful track of all records. These regulators require that documents be archived so they can be retrieved on short notice in the event of an audit. Failure to produce the right documentation can cost a company millions of dollars in fines. With document imaging, all documents are organized, categorized, and archived so that e-discovery and document retrieval is never a problem.

There are other advantages as well, but any one of the reasons cited here would be sufficient to justify the cost-saving benefits of document imaging. Is there one compelling reason for document imaging that you use when talking to customers? What’s the best reason you can think of digitizing document management?