Boosting Document Management System ROI Through Smart Investment

Making an investment that allows you to reduce daily expenses can prove a very valuable benefit to your business and significantly improve your document management system ROI. This holds true whether you’re installing new software to manage your home power usage or installing solar panels on your roof to be environmentally friendly.

Choosing the correct document management system for your company’s needs will help you eliminate delays and boost production while saving time and money.

By electronically storing papers in a compliant manner, a document management system will save considerable office space while also providing data security. You’ll get faster, more consistent business processes with increased visibility and traceability by automating paper and manual-based procedures. These advantages can be applied to sales, marketing and lots of business function inside your company.

Below, take a look at where a document system management starts to pay for itself:

1. Document Storage
2. Sales Process Workflow
3. Sales & Delivery Documents
4. Customer Experience
5. Digitizing

How long does it take to find a document if you can’t remember where it has been saved?

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1. Document Storage and Document Management System ROI

Many collaborative jobs include document processing, and using a document management system to increase efficiency has a substantial influence on your company’s bottom line.

Your accounts payable department, for example, processes 150 invoices every day with three minutes  spent storing each in a paper-based system. Also, you have ten existing invoices to retrieve, each taking five minutes. That’s over 6.5 hours per week!!

An effective document management system will cut the time it takes to save or retrieve a document down to roughly 30 seconds. Your company could save 100 hours each month in the scenario above. Furthermore, when you examine the average wage for personnel in your accounts payable department, it’s evident that a document management system can provide a large return on investment.

2. Sales Process Workflow and Document Management System ROI

Before closing a deal, salespeople often go through numerous iterations of presentations for a prospect or customer. If your sales team uses Microsoft Word, for example, they will go for the most recent version of the proposal. Then make changes to the document, save it with a new file name, and email it to the customer. This time-consuming procedure diverts salespeople’s attention from their primary goal of selling your company’s goods and services.

If your sales staff needs to create three to five variations of an offer to complete a deal, and each modification takes 15 minutes on average, the time adds up rapidly. Finding the most recent document is easy with a document management solution. Version control features in a DMS preserve modified documents as new versions and give a document history, ensuring that everyone is working on the most recent version.

3. Sales & Delivery Documents

When your organisation delivers a product to a customer, the customer signs a receipt to acknowledge receipt. In a typical day, the driver may deliver 10 to 20 orders. They will turn in those delivery tickets at the end of the day or week if you’re using a paper-based system. The accounting team in the main office then evaluates these tickets, compares them to the purchase order, and issues invoices.

Checking delivery tickets, searching for the correct contract or purchase order, creating the invoice, and putting all papers together in a file for storage takes a long time in a paper-based procedure. This process is greatly simplified by using a document management system, which saves both time and money. Furthermore, employing a mobile device such as a tablet allows the driver to scan or capture delivery tickets and upload them to the main office after each delivery, allowing bills to be sent out faster and improving cash flow.

4. Customer Experience

You may need to follow up on up to 10% of the invoices you process. Perhaps a vendor contacts you to inform you that you paid the incorrect amount, or a consumer inquires as to why a discount was not applied to their invoice. In a paper-based system, an employee must locate and review the invoice. It takes time even if they’re just strolling into the next room to get a binder. After that, an employee may need to call the customer to settle the issue before resubmitting the invoice.

It’s common to spend 15 or 20 minutes responding to a single request using a paper-based technique. Replacing it with a document management system reduces retrieval time to seconds and allows staff to fix issues without leaving the phone, allowing your company to quickly earn a significant return on investment.

Customer satisfaction and retention improve as a result of the improved customer experience. As your customer retention rates improve, you’ll see these advantages.

5. Digitizing

Processing and indexing paper invoices electronically is a smart approach to save time and money if your organisation gets them on paper. Even if you’ve already scanned in paper documents, your employees will need to record numerous pieces of information, like the supplier’s name, amount, invoice number, and date. Because bills differ from one company to the next, you can’t just create a template that searches for specific information in predefined regions of the document. Manually entering this information takes an average of 1.5 minutes each invoice.

Intelligent Indexing trains the document management system to capture the data you require from an invoice automatically. Every capture improves the tool’s speed, accuracy, and reliability because machine learning technology remembers each document and your indexing choices. Intelligent Indexing scans for the important terms your business requires and converts them into organised, indexed data that is useable and searchable, even if invoices, contracts, and many other documents start out on paper.

Intelligent Indexing assists businesses of all sizes in processing documents that cannot be standardised, such as incoming bills and delivery tickets that vary by provider. Documents you receive often will be indexed appropriately, saving you time: instead of spending multiple hours each day keying in data, an employee utilising a document management system may do so in less than 30 minutes.

So, what’s next?

Companies invest in a document management system for a variety of reasons, including reducing tiresome, manual activities and managing a growing workload.
If you want to capture significant ROI with your solution, while speeding up your business process and saving time that can be better spent on other tasks, get in touch with the Docutec team now for more information.
A quick phone call to Docutec on 0818 337012 or an email to hello@docutec.ie will get that ball rolling. We’re on standby, waiting for your call.

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We do more than just Document Management Systems

As part of the Cantec Group, Docutec are the leading printer suppliers Ireland has that sell products such as business printers, Canon multifunction printers, office photocopier printers, large format printers, office printers, document scanners and high volume printers.

Some of our other services include printer lease, secure print, managed print services and office automation tools.

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