A great amount of medium to large scale enterprises possessing large on-site file records are seeing the increasing need to go paperless with document digitization. Long gone are the days where documents were kept in rolls and rolls of files cabinets from year to year. The buildup of decades of these documents is no longer an appealing option for businesses anymore for the reason that physical storage of files, though advantageous to some extent, leads to increases in cost, consumes lots of space and is difficult to maintain.
Even with the advantages taken into consideration, there are just too many risks in keeping physical business documents, and there are only a few ways to truly preserve them. With the advancement in technology and the invent of cloud storage, businesses stand to experience great benefits from securely storing documents off-site and converting them to digital documents using cutting-edge techniques.
If you see the need for your business to employ a more efficient record management system, then you need to go paperless with document digitization. The following information below will get you started on the right track.
Meaning of Document Digitization
Digitization is the process of transforming manual paper-based files into computerized ones. The analog data is transformed into a digital version that can be accessed by a computer or other digital device. The common uses of digitization for business documents involve scanning and photographing business papers before converting them into a digital version.
According to The Paperless Project, “US businesses spend over $120 billion annually on printed forms, the majority of which become obsolete within three months.”
Not only are there costs associated with producing and maintaining these documents, but there are also considerable costs associated with mismanaging them.
The report also stated that large organizations lose a document every 12 seconds, costing $350-$700 each, and even misfiling a document costs a company an average of $125.
Benefits of Digitizing Your Business Documents
There are tremendous benefits of embracing the paperless system but companies are not making the shift fast enough. Some reasons for this might be the comfort and familiarity of physically operating management file systems based on old habit.
According to Forbes, some known reasons why companies are not embracing the paperless office structure are due to the uncertainty various organizations are faced with. Some are paralyzed by fear of the unknown and failure. Important digitization initiatives may be pushed to the back burner due to competing demands for IT funding. Instead of reengineering existing paper-laden processes to improve efficiency and save money, companies may choose to invest resources in developing new apps that they anticipate will generate new revenue streams.
While some of these reasons are excusable, there are proven ways that can help companies efficiently and effortlessly migrate into the paperless office system. Artificial intelligence and e-signature technologies are making the transition and procedure easier and more productive than ever before. With these technologies in place and with the help of a professional, companies can proceed to reap the profound benefits of document digitization.
Listed below are few of the benefits you will experience from managing a paperless office:
- Ability and ease of maintaining digital backups of all important papers, including leases, financial accounts, contracts, and agreements.
- Reduction in operational costs
- Save storage space and efficiently reducing office clutter
- Reduction in time-consuming processes, such as extensive manual review
- Improved document control and increased access to files (no more rummaging through paper or digital folders for a file)
- More precise reporting
- Increased Security of data and confidential information
- Prevent documents from being misplaced or, even worse, destroyed.
- Ease of compliance or reporting tracking
- Eliminating manual data entry, which is prone to errors, and more.
How to Properly Implement Document Digitization
Knowing the right approach and important tools to use will help your business to avoid mistakes commonly made by first timers in digitization. We have made it easy for you with the following highlights;
Determine the best solution for your business
Transitioning to a paperless system can be accomplished in one of two ways. One option is to digitize existing paper documents. The other option is to avoid using paper altogether. A greater percentage of businesses will likely use both but it’s important to critically access both options and make choices based on what your business truly need.
Use the right Technology
Businesses and individuals can use a variety of document digitization technologies. Scanners, cameras, and mobile scanning apps are just a few items to think about buying to ensure you obtain high-quality digital copies in the formats you need.
New artificial intelligence technologies can now speed up the processing of these documents and the data they contain, bringing paperless transformation to a whole new level. For example, AI software can recognize that a document is an invoice and route it to accounts payable. More powerful AI technologies are capable of pulling data from within documents for automated processing.
Use an acceptable File Management Software for maintenance and security
After digitizing the documents, it is important to store them in a secure environment or platform that can guarantee ease of access, security and automation. There are cloud base Digital Asset Management (DAM) software like Monday.com that can effectively give you the ability to decentralize your data, provide simple to complex paperless automation and also provide a high level of security.
In addition, you can also create interactive PDF forms that can be accessed across several devices on some of these platforms. With the help of e-signature technology, your employees can sign each document from any location they are.
Why You Should Consider Outsourcing
Transiting from paper to a paperless is quite a tedious experience for a number of businesses, especially the ones in possession of large documents to capture. Subsequently, they must also consider long term management and maintenance of the data that was digitized.
However, you do not need to worry too much since there are now experts and professionals who can do the job for you with the most modern tools and platforms available. While you focus on your business, professionals such as Max-Migold Limited can assist with a smooth transition.
We help businesses go paperless with document digitization. Our methods are seamless and help with easy reference, retrieval, and long-term storage. We also provide maintenance and a scalable document management system for a contracted period. On demand training of staff for this service is also available. Schedule a consultation with the CEO, Paul Erubami on how to begin the process today.