How much time and money can a Document Management System save?

An electronic document management system saves a lot of time, money, and effort which is why it is more recommended than traditional paper-based managing and storing of files or documents.

How much will you save on paper?

Each year, the world produces 300 million tons of paper. In the U.S. alone, although they only cover 5% of the world's population, the country and its citizens are responsible for 30% of global paper usage.?The table below shows the number of papers produced worldwide:

(Source: The World Counts )

Estimates suggest anywhere from?4 billion trees to 8 billion trees?are used for producing paper every year. This has a devastating effect on the environment. By implementing an electronic document management system, organizations can save, 20.7 million tons of paper would be saved, which would be 55 to 110 million trees each year in the US alone.

Moreover, storing of paper documents is costly. In U.S. alone, businesses waste $8 billion just by managing paper documents and files. Money is also wasted on filing documents, misplacing documents, and reproducing lost documents. The cost ranges from $20 to $220 per document. Just look at some of the KPIs given below:

(Source Crop Magazine )

Additionally, storing of paper documents also has the following challenges:

·???????File management chaos and inconsistencies

·???????Tracking different versions of the paper files

·???????Tracking audit trails and communication on file during compliance audits

·???????Paper files getting damaged with time, etc.

With these issues, your company is losing money. It is estimated that a company loses $20,000 a year due to document issues. (Source: Finances Online )

How much will you save on time and salary?

According to a study by AWV , a regular-sized company can save time spent in manual file sharing by up to 80% when using Document Management Systems.

So a regular-sized company can save $49,600 each year on salary alone by implementing an electronic document management system.

So, is it profitable to implement an electronic document management system as part of your company’s strategy to implement an ECM environment?

Definitely yes. Here are some important statistics to prove that document management is profitable.

• 40% reduction in document-related costs when using document management systems.
• 404% return on investment (ROI) over five years of using document management systems
• 10% reduction in overall operational expense for document processing
• 30% fewer errors when using document management systems
• $1 to $5 saved per document

With these benefits, it's no surprise that many businesses are adopting DMS to stay competitive in today's fast-paced digital world.

I’d welcome the opportunity to introduce myself… and discuss how we help clients gain clarity… and build a roadmap… to move from a traditional paper-based documentation system to an ECM … in today’s fast-paced digital environment.

?? If you are open to a different perspective to streamlining your organizational data and content, schedule your COMPLIMENTARY session - email me:?[email protected] ?