- An average employee spends 50% of his time searching for a file.
- An average employee spends about a total of 18 minutes every day just to locate documents.
- A medium scale industry with around 200 employees loses on approximately INR 2.9L every month due to unorganized document flow.
How confident are you about the productivity or effectiveness of your current Document Management System? What if we tell you that over 21% of your productivity is going for a toss on an everyday basis just because of document mishandlings or lack of serious concern regarding streamlining your document workflow?
If your employees are spending time doing things that could be streamlined through a document management system, you are losing money every minute.
Searching for documents is a time-squandering exercise
Here’s an interesting stat. An average employee spends 50% of his time searching for a file and about a total of 18 minutes every day to locate them. While 18 minutes may look less threatening but a collective time for a company of 200 employees spending as much time equally would amount to a massive amount of unconstructive work every day. Do we gauge the threat now?
If the average turnover of the company is INR 3,00,000/day, each employee’s contribution to the loss of the gross turnover would be INR 56/day, which amounts to INR 11,250/day from 200 employees, which further amounts to INR 2,92,000/month(considering 26 working days). The amount of money splurged would easily cover a fair share of factory expense and the maintenance team would still be left with some money for the housekeeping staff salaries and office stationaries.
Let us take a look at some of the most important document management system statistics to have a wider perspective on the subject.
More than 75% of business owners prefer accessing files remotely
One of the reasons the cloud-based document storage is important is because it provides the flexibility that can help the team manage documents from wherever they want. The cloud-based DMS allows multiple workers to work on the same document simultaneously. Vital records can be shared, managed and organized in accordance with the plan of action.
E Signature reduces the turnaround time by more than 80%
E signature means having the signing process automated by giving the digital signing rights to clients and members responsible for the approval process. The time from the submission of a process to the completion of the process drastically reduces by 80%. A whole lot of time can be saved by digitizing every aspect of the document cycle.
More than 90% of the workers collaborate over documents via email
Every information the team accesses nearly reaches them in the form of a document of some kind. The workers or respondents rely on emails to share and manage documents. These documents are prioritized with a smart document automation platform. These documents can be stored, tracked, retrieved and managed while having centralized access, making the streamlining of the documents a preferred choice for more than 90% of the employees.
More than 7% of all the paper documents get lost
Managing paper documents is a daunting task, for it is marred with various kinds of challenges. Compliance and regulatory audit are essential practices for organizations that are adhered to state and federal regulations. If hard copy records go missing, it is difficult to retrieve it back. Moreover, you could be subject to a heavy penalty. You could even lose your professional reputation and licenses, let alone penalty. To be able to dodge the predicament, you need to convert your physical archive into a digital central repository. Doing so will eliminate the risk of losing important documents and can help you acquire a secure and effective way of managing the documents.
The aforementioned data does not even unravel the complete picture. There is a lot more an enterprise can potentially lose on if it does not seriously adopt the wiser way.
How can Greenbox, a multidimensional DMS, help you counter your document challenges?
Greenbox, a remarkably unique electronic cabinet, is a document management system with an advanced integrated business process management system. It is a DMS that, from tracking the document version history to sharing and collaborating over it, helps you transform your physical data into a digital repository. Greenbox empowers the users with a variety of features like unlimited folders and subfolders, powerful search, universal content search, Solr OCR/text search inside an image, document versioning, and restoration, granular access control, and advanced document control feature, document approval workflow and smart handling of metadata. The system takes care of complete safety and confidentiality of the documents and is designed to simplify the otherwise complicated operations.
Greenbox (in a nutshell) helps you
- Experience advanced document search.
- Greenbox accepts every file type.
- Upload plenty of documents in one go.
- Maintain multiple copies of a document with version control.
- Collaborate, share and work on a document with your team.
- Initiate a document first or a form first workflow.
- Get audit and log activity of every action.
- Selectively allow or deny access to a document.
- Set frequency-based reminders for yourself and your team.
- Capture, retrieve and approve documents from mobile.
- Store your data on the cloud, private cloud or on-premise.