Documents are generated every day with an ever increasing pace. Every document that gets generated brings about some sort of liability for the organization.
A few examples of the types of paper and digital content that gets created:
- Legal documents
- Human resources related documents
- Financial reports
- Scanned Documents
- Correspondences with customers, vendors and partners
Time spent searching for documents
Studies show that in most corporate environments, employees spend a significant amount of their time trying to find information they need in their daily routines. Time spent searching for documents, re-creating documents that already exist and shuffling through unstructured information account for billions of dollars of wasted time in the US alone. In fact, most organizations do not effectively track their corporate documents or realize the vast number of documents they create in their businesses.
95% of corporate information exists on paper
Paper based documents constitute a huge amount of corporate memory. Paper based documents are hard to reach and find, especially those stored off-site. Digitizing paper documents and creating electronic documents can greatly improve accesibility of vital information.
Documents are lost and misfiled everyday
Lost and misfiled documents account for a huge loss for companies. When documents are lost or misfiled, knowledge workers spend their valuable time searching for these. They usually end up re-writing the document rather than continuing to search for it.
This causes duplicate copies of the same document with slight differences causing confusion as to which version is to be used.
Cost of creating and re-creating lost documents
According to research, companies spend $20 in labor to file a document, $120 in labor to find a misfiled document, and $220 in labor to reproduce a lost document.
Investing in a document management system to eliminate paper based problems is something every organization should consider carefully.
For a list of detailed benefits, please visit Top Ten Benefits of Document Management Systems - An Executive Overview page.
infoRouter provides a highly scalable and open architecture environment that is web based.
To learn more about infoRouter, please visit Top Ten reasons to use infoRouter - An Executive Overview.