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Why Companies Should Use an Electronic Document Management System

In today’s business world, paperwork can be too much. This is because each paper needs someone to file it, room for storage as well as someone to do recovery on multiple events. When you are speaking about thousands and even millions of pages of paper, this is often a very time-consuming and a very costly task. The costs mount up quickly, in the form of wages for employees who are in charge of filing and retrieving documents, as well as warehousing space required to place the massive quantities of paper files.

I addition to this, it is an ongoing task, requiring the time of countless employees. This is time which could be utilized performing the jobs they have expertise in. The opportunity cost of a paper filing system in inclusive but not limited to time wastage, reduced efficiency, and wastage of space. Therefore, use a paper filing system affects efficacy of a company negatively.

The benefits of an Electronic Document Management System (EDMS) are many. With an EDMS, you will be in a position to scan all the paper documents, and then throw them away, or if your overly skeptical about discarding them, you can save them in some offsite storage at which you might not need to retrieve them again. Every one of your files will be undoubtedly stored electronically and be accessible instantaneously by any computer within your office any time you need it. You can now relax since there will be no cases of displaced documents.
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The first cost of transforming to an EDMS is usually high, which keeps folks from trying it out. This cost consists of the time and money it takes to scan all the company’s paperwork into the system. An organization can hire a scanning bureau to scan all the files for them to save time rather than employing a worker, who is likely to be less effective. Regardless of the selected method, first-year cost could be significant, but these costs get offset within the next few years.
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Another route that a lot of businesses take is to skip scanning their old files into the EDMS but to begin scanning their current files as they come in. This allows the firm to avoid a large portion of the original costs, while still enjoying the advantages of the electronic data storage. As time passes and starts to enjoy electronic filing, they are going to convert their old files into electronic form, letting them spread this cost over several months or years.

Once a corporation is entirely paperless and utilizing an EDMS, their efficacy is considerably increased. These benefits can be reaped almost immediately as the company starts getting more businesses and making more profits.

If this is not enough to convince you, then this will do so. The company is not in danger of having vital documents stolen, lost or destroyed due to some unexpected conditions, including Hurricane Katrina that destroyed hundreds of the paper records of businesses. So nothing will be lost since the EDMS can backup your files offsite, plus its protection attributes will prevent unauthorized people from obtaining the records, a job that is quite hard with a paper submitting program.