Peelle Technologies Document Scanning and Document Management Services Campbell, CA
197 East Hamilton Avenue
Campbell, CA 95008
Phone: 800.233.5006
Peelle Technologies Document Scanning and Document Management Services Campbell, CA

4 Ways to Enhance Your Bottom Line with Electronic Document Management Technologies

It's no secret that the economy malaise that currently exists has resulted in businesses being forced to let employees go or even close their doors. Every expense is scrutinized. A recent survey by AIIM (The Enterprise Content Management Association) shows that expenditures are down across the following areas: travel, headcount, marketing, technology and training.

 

In this business cycle of cut backs, businesses should be cautious to not go too far there are investments that can actually improve your bottom line. This is especially true when it comes to electronic document management technology purchases. Relatively affordable electronic document management technologies can provide a business with efficiency gains that can contribute to your cash flow and deliver immediate cost savings. If the economy has convinced you to put your electronic document management plans on hold, you may want to rethink your position. An investment in the right electronic document management solution can provide your organization with the payback to help you avoid further budget cuts in the future. We'll outline 4 ways here:

 

1. Electronic Document Management Avoids Wasting Money and Time Looking for Information on Unorganized Files

A Coopers & Lybrand study shows that:

  • Nearly 8% of all paper documents get lost or misfiled.
  • Companies spend $20 in labor to file a paper document, $120 in labor to find a misfiled document, and $220 in labor to recreate a lost document.
  • A typical worker spends anywhere from 30 minutes to 2 hours per day searching for missing or misfiled documents.

Apply these statistics to your business and you may be quite surprised by the amount of time and money your organization is wasting on document search and retrieval. Document images are not only much cheaper to store and locate than paper, but they are also easier to locate when stored in an electronic document management system.

 

An electronic document management system enables your organization to index digital documents based on your organizational needs. You'll enable your knowledge workers to search for documents based on this index criteria (e.g. customer number, customer name, date, invoice number) or key words. Once your digital document images are indexed and in the electronic document management system, they can be accessed from a computer workstation by anyone at anytime instantly.

 

A properly implemented electronic document management system will save your organization thousands of labor hours by improving the efficiency and productivity of your employees. Furthermore, immediate access to your electronic documents can have a positive impact on customer satisfaction. Think of the aggravation you could save your clients if you could immediately address their inquiries from information contained within an electronic document management system rather than placing them on hold to search a paper file or returning their call after you've had a chance to locate the documents in question.

 

2. Electronic Document Management Reduces Paper-Related Costs

Has your organization collectively thought about how much paper costs you per year? This expense goes beyond your monthly copy paper and toner bill. It also includes the office space and off-site storage rental space you use to store records (e.g. invoices, claims) and the labor expenses to file each document appropriately. Postage and shipping costs also add up as your organization transports documents from one office to another. These overall costs can be quite substantial for many organizations.

 

Even implementing a basic electronic document management solution can put your organization on a path of digitizing your paper documents and reducing the costs associated with managing paper. For example, by combining a document scanning service with your electronic document management solution, you can free yourself from paper document storage expenses. Having the ability to send document images via email or provide access to an electronic document management image repository via a corporate network can save big on document postage and shipping.

 

The amount of paper your company deals with will dictate the significance of the electronic document management investment you will be required to make. For example, if your business is document-intensive (e.g. insurance claims company), it will probably require more robust high-volume production scanning hardware and an enterprise-level electronic document management software suite. However, most businesses with average document volumes can make a relatively modest electronic document management investment and satisfy their document imaging needs. There are many departmental, desktop electronic document management software suites available that are easy-to-implement and easy-to-use.

 

No matter what your document volumes, you can reduce your costs and accelerate ROI by focusing on applying an electronic document management solution to a department with the most document-intensive processes first. Once you receive an ROI from this initial implementation, you can use a portion of the returns to fund expansion of the solution throughout your organization. Oftentimes, the ROI you receive from the reduction of paper-related expenses alone is enough to justify the entire project.

 

3. Electronic Document Management Automates Manual Business Processes

By adding additional software modules to an electronic document management system, such as data capture and workflow, your organization can further enhance the ROI of the overall solution. Many document-intensive processes (e.g. invoice or claims processing) require a lot of manual labor (e.g. manually keying data into a mainframe database or line-of-business application such as accounting, CRM or ERP). Some documents might need to be shipped throughout an organization for executive approval or further processing. Processing this information manually requires either temporary labor or full-time employees. It's expensive, slow and prone to error because it is easy for an employee to accidentally miskey a customer name or number or misplace a document on their desk.

 

Supplementing your electronic document management system with automated data capture software as part of your electronic document management initiative can cut your labor costs by reducing your dependence on manual data entry. Data capture technologies such as optical character recognition (OCR) and intelligent character recognition (ICR) can automatically locate, recognize, and extract information from a document image and convert it to digital data that can be leveraged by other systems. In other words, human labor is only required to verify the accuracy of the information extracted not the actual data entry process itself. You save a significant amount of labor costs and also reduce instances of error. Faster document processing means improved cash flow and an increased ability to capitalize on accounts payable incentives such as early payment discounts.

 

Automated workflow combined with an electronic document management system allows a business to program the path electronic documents should take through an organization based on key business rules. The software controls the document routing process and audit trails are kept that can inform you where all documents are currently located in the workflow. Automated reminders can be sent from the electronic document management system to users to reduce instances of document traffic jams.

 

4. Electronic Document Management Keeps You In Compliance

A Recession and tight budgets don't excuse your organization from the government or industry regulations with which you may be forced to comply (e.g. Sarbanes-Oxley, HIPAA, SEC 17a-4). While none of these regulations mandate that an organization invest in electronic document management technologies, they all strict requirements on document management, document retrieval time and record. An electronic document management system can make it easier for you to comply with the document-related requirements imposed by these regulations and protect you from hefty fines as a result of noncompliance. The insurance electronic document management systems provide can be all the motivation you need to make a technology investment.

 

Conclusion

These are four of the primary ways electronic document management technologies can help your organization increase business efficiencies and cut operating costs. Realizing the benefits and electronic document management system can provide has never been more critical than it is in today's tough economy. Even though the ROI for electronic document management solutions are real and well-documented, you may still squirm at the thought of an up-front technology investment. Don't let this obstacle dismantle your electronic document management plans. You can control your capital expenditures by looking into document hosted-based options.

 

For example, if you have large volumes of documents to convert, you may want to consider outsourcing the document scanning and indexing of these records to a service bureau like Peelle Tech. Peelle Tech has document hosting options that provide your electronic document management system as a Software as a Service (SaaS), pay-as-you-go monthly fee structure. Peelle Tech is an experienced California electronic document management value-added reseller (VAR) and can work with you to determine what type of solution will best fit your business needs.

 

Contact Peelle Tech, a San Francisco and Sacramento electronic document management provider, at (800) 233-5006 or sales@peelletech.com for more information.

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Peelle Technologies is a leading provider of document scanning, document conversion, document imaging, document management, microfilm scanning, microfilm conversion, microfiche conversion services and software products. Our document scanning, microfilm scanning and other document management services are provided in the San Jose, San Francisco, Bay Area, Silicon Valley, Oakland, Napa, Monterey, Sonoma, Visalia, Stockton, Modesto areas of Northern California. Our other products and services are available across the United States.