Your document management system is critical to your team’s productivity, directly impacting the security and privacy of your business, customers and vendors.
Consider your current file management practices, including how you create invoices and handle sales documents, proposals, contracts and other legal documents. If your document management system is outdated, you could be losing money, leaving critical data vulnerable and wasting your team’s valuable time.
We’ll explore some eye-opening statistics that underscore the importance of a comprehensive document management system. You may decide it’s time to choose a document management system that better meets your current needs.
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These document management statistics show how crucial effective and modern document management is for your company.
With the rise of remote work and the move away from physically printing, copying, filing and manipulating documents, cloud document storage has become essential. In fact, McAfee reports that 80% of the employees surveyed want their employers to make documents available via cloud services.
Cloud-based file sharing also reduces the influx of emails to employees’ inboxes and organizes document handling among collaborators. When many hands touch a document, it’s essential to have a central hub where everyone sees a real-time version.
Manual document management can lead to massive productivity losses. For example, M-Files found that 83% of employees will recreate documents if they can’t find them on the company network. Employees often need documents or checklists on demand; if they can’t find them, they’ll recreate them for their local database. This is a waste of time and, ultimately, money when the document already exists but isn’t filed correctly. Businesses must make a habit of centralizing all key documents.
According to a Forrester report commissioned by Adobe, a staggering 97% of organizations had minimal or no digital document processes, and 72% used a mix of paper-based and digital processes. Without comprehensive, streamlined digital document processes, companies lose critical time when team members apply changes to outdated document versions. There’s no way fast-moving organizations can maintain high productivity levels when using paper document versions.
There is still much confusion about how cloud-based apps operate, what they can and can’t do, and how to integrate them into daily operations. In fact, according to a Flexera report, 52% of SMBs and 51% of enterprises say understanding app deficiencies is a top cloud migration challenge.
When there’s a lack of clarity about how cloud-based apps function, business leaders may be less likely to move to cloud-based document management systems.
Chief information officers (CIOs) see the value a document management solution can have on a company. In a KMPG survey, 35% of CIOs cited cloud technologies as one of their top three most important tech investments.
This figure aligns with the anticipated growth of the document management market: According to Fortune Business Insights, the industry is expected to reach $16.42 billion by 2029.
Organizations are spending more to keep their information out of the hands of hackers and other cybercriminals. Netwrix found that 32% of business cybersecurity budgets are being allocated to cloud security, including cloud data encryption. As more companies realize the risk to their document database, they’ll do what’s necessary to secure their confidential information.
Business owners should consult with security experts to understand the risks of cloud-based document management systems and respond accordingly to keep both the company and its clients’ information safe.
Taking the pen and paper out of the signing process can significantly reduce document turnaround time, thus improving close rates by more than 5%, according to SignNow. A faster turnaround means your team can close more deals.
Automate the signing process by allowing clients or prospects to sign digitally. Make it interactive; let them choose a color and font style to add a personal touch. Without extra steps, like printing and scanning, document recipients can sign contracts more efficiently.
Document management is any system or process designed to capture, track and store electronic documents. There are many documents a company may need to manage, including PDFs, word processing files and digital images. Many organizations use document scanners to scan paper documents, such as contracts for central access and easy viewing.
Your document management software should be intuitive, budget-friendly, secure and collaborative. To help businesses find the right solution, we reviewed the best document management software and made recommendations based on ease of use, scalability and security. Here are some of our top picks:
Mikita Mikado contributed to the writing and reporting in this article.