A recent Gartner Group survey indicated that implementing a document management strategy is in the top ten priorities for CFO's for 2010. What is driving this interest? Why has document management software risen so quickly into the sights of IT professionals?
Paper has been a great way of transmitting and storing information for centuries, but it is not the most durable. What would happen to all of this information if you had a fire, flood or other disaster? If you are like most businesses, the answer is that you would lose it all. The US Bureau of Labor and the Archives & Records Administration in
Washington reports that 93% of businesses fail within a few years of a
major data catastrophe. You are most likely backing up important data that is stored on your computers (aren't you?!), but you don't have a backup for all of that paper.
Document management software provides powerful tools to scan and store this paper, turning it into data that can be backed up with all of the other information on your computer systems. By taking advantage of document imaging systems, you can keep yourself from becoming another statistic.
You have security on your front door and security on your computer systems, but do you have security on your paper? Most organizations don't have any security on their paper systems, and those that do have gone to great expense to make it happen.
Document management software provides a more cost effective and sensible solution to data security than access controlled rooms and closed circuit camera systems. The right document imaging solution allows you to control access to documents at many levels. You can allow read only access, audit every action taken with a document, redact sensitive information and control the ability to print.
With the right tools in place, your paper documents can be scanned, stored and sealed safely away, accessible to only those individuals who need to see them.
A study from Coopers & Lybrand found that professionals spend 10-15% of their day reading important information, but they spend as much as 50% of their time looking for that information. The most highly paid professionals in most organizations spend their valuable time trying to find the information that they need to do their job. A document management system uses a variety of OCR, indexing and storage tools to help your employees track down the information they need in seconds instead of minutes.
Since the fiasco at Enron a few years ago the government has instituted new rules about document retention and access. Regulations like Sarbanes-Oxley, HIPAA, FERPA and many others dictate how paper can be stored, who can see that paper, how long it should be kept and how it should be disposed of.
Document management software provides records management tools, auditing of record disposal, reporting and other functionality to prove compliance. Document management software also gives companies the tools they need to respond quickly and efficiently to audit requests, reducing the cost and hassle associated with having auditors combing through your paper records for days.
With so many compelling issues surrounding document management, now is the perfect time to meet with a document management specialist and begin planning your move today.