Is your system for document management outdated? Here are some statistics that will make you reconsider your current system.
Maybe your close rates aren’t where you think they should be. You have a great product, a refined marketing strategy, talented salespeople -- what’s missing?
Take a look at the way you currently create and manage your sales documents, including collateral, proposals, and invoices. The answer might be in this system.
Here are some statistics that will likely make you rethink your document management strategy.
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1. Document Challenges Account for 21.3 Percent Productivity Loss
It’s true, a global survey of workers and IT professionals in 2012 by IDC revealed a big productivity obstruction: challenges managing documents.
Whether recipients can’t open documents sent to them or your team members can’t locate the documents they need, these little things are all adding up to a big loss in productivity. Instead, adopt an integrated system which allows your team to create, send, store, and manage all documents within the same platform.
2. 92% of “Knowledge Workers” Collaborate Over Documents Using Email
Harris Interactive surveyed 1,004 employed adults ages 18 or older, who use computers and share files at their jobs, in August 2014 on behalf of Perforce. These respondents, defined as “knowledge workers,” rely on email to edit and share documents. Yet, this is a cumbersome process because these email conversations pour into the same inbox as hundreds of other emails, making it harder to keep track of who has done what with each document and how to prioritize.
Streamline both internal and external document collaboration, using a smart document automation platform. Many of these platforms are equipped with advanced technology, which allows your team and prospects or partners to comment directly on documents, to address concerns. The platform can track all comments and alert the appropriate people when action is needed.
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3. 83% of Knowledge Workers Lose Time to Versioning Issues, Every Day
Harris Interactive’s survey also found versioning issues waste a lot of time. For example, if Bob makes changes to a document and sends it to everyone, but not everyone sees the new version in time, those team members will continue work based on an outdated version, which ultimately means they’ll need to redo some of their work.
Build and send documents using a cloud-based platform that tracks and saves all changes automatically. You and your team will be able to see who makes changes, when, and access previous versions.
4. Professionals Spend 50% of Their Time Searching for Information and Take an Average of 18 Minutes to Locate Each Document
A poor document storage system could cost you a lot of lost time, a 2013 report by M-Files ECM solutions found. Teams need a better way to store and locate documents.
Documents shouldn’t be confined to a single computer or server. Use a cloud storage solution that enables your team to access, edit, share and save documents from anywhere at any time, even while out of the office. Not only that, many cloud storage solutions have built-in search capabilities, which can help everyone on the team locate the document they seek faster.
5. 77%t of Business Owners Want to Be Able to Access Files Remotely
In January 2013, Intuit surveyed 750 Australian small business owners and discovered software offered great flexibility in helping them run their business.
Again, the flexibility of cloud-based document storage can help a team collaborate easily on-the-go because not everyone needs to be in a specific place at a specific time to share documents. Not only that, on a cloud-based platform, multiple people can work on the same document simultaneously -- the team can knock out projects together quickly and efficiently.
6. E-Signatures Save an Estimated $20 per Document
Ombud’s July 2013 research revealed how much money organizations can save, simply by switching to an e-sign process. If you think about how many documents you create and send every month, that $20 per document adds up quickly.
Going paperless means more than eliminating paper expenses alone. It also means no more expensive ink cartridges and unpredictable printer breakdowns, followed by pricey repair appointments. Switching to digital signatures also means faster approvals, which may otherwise hold back workflow.
7. E-Signatures Reduce Turnaround Times by 80%
Ombud’s research also found taking the pen and paper out of the signing process can significantly reduce document turnaround time. Of course, a faster turnaround time means your team can close more deals.
Automate the signing process by allowing clients or prospects to sign digitally. Make it interactive, allowing them to choose a color and font style, adding their personal touch. Without extra steps, like printing and scanning, document recipients can sign faster and with ease.
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You can save your team time, by digitizing all aspects of the document cycle, from creating to finalizing. If projects are running a little slow, think about how new document management technology might help your team get back on track.
Looking for a document management system for your business? Check out our best picks for document management software.
Does your team need a new document management strategy? What aspects of your workflow need improving? Share in the comments below.