Many organizations today still have a paper problem. Depending on where you stand, it could be an overreliance on physical records or spending too much time on otherwise consuming tasks like filing and retrieving documents.
Luckily, investing in the right business records management software can get your business off this paper hamster wheel, freeing up valuable time and resources. Here are a few of these tools to explore.
Cloud-Based Document Management Systems (DMS)
About 80% of business leaders agree that a modern DMS can turn an organization’s document management on its heels. It’s easy to see why.
Imagine your marketing team needs a customer contract from two years ago. Traditionally, this would involve digging through your document storage or emailing various departments, hoping someone has a copy.
With a cloud-based DMS like Google Drive or Microsoft SharePoint, that contract is just a few clicks away. Here’s how this tool can transform your business records management:
Version Control
DMS keeps track of all changes made to a document. This allows you to revert to previous versions if needed.
Remote Access
Cloud-based DMS gives you the flexibility to access your business records from anywhere with an internet connection. This is perfect for remote teams or employees who travel frequently.
Document Capture and Document Scanning
Document capture and scanning tools transform your physical records into digital assets.
Say you run a clinic. Managing paper records isn’t easy. But everything changes with the right healthcare records management solution in place. This tool helps you scan all your charts, insurance forms, and other documents, which you can then upload in one digital location within your DMS software. These are the benefits that come from it:
Enhanced Search and Record Retrieval
Eighty-three percent of employees would go through the painstaking effort of recreating documents if they can’t seem to find the original ones in the company’s database. That’s something a good document capturing and scanning business solution can fix.
Digitized documents become searchable within your DMS or ERP system in seconds using keywords or specific criteria.
Disaster Recovery
Paper documents are vulnerable to damage or loss from fire, floods, or even misplaced files. Digitization promises business continuity by keeping your records safe and secure in the cloud.
Enterprise Resource Planning (ERP)
Your ERP system integrates various departments like finance, HR, and inventory. This creates a single source of truth for your data.
Here’s how an ERP system can change your record keeping for good:
Unified Platform
Financial records, purchase orders, customer information – all these can be stored and managed within the ERP system. This eliminates data silos and ensures departments are working with the same information.
Automated Record Creation
Many ERP systems can automatically generate business records for transactions like sales or employee onboarding. This saves time and reduces the risk of errors.
Advanced Reporting and Analytics
With all your business records in one place, you can easily generate reports and analyze trends. This can provide valuable insights for better decision-making.
Robotic Process Automation (RPA)
Think about a tireless employee who can handle repetitive tasks perfectly – that’s RPA. This tech automates processes using software robots that mimic human actions.
The RPA market stood at about USD$ 3.7 billion in 2022. However, projections show that come 2032, it’ll be worth around USD$ 81.8 billion.
But what is it about this tech that makes it so attractive to businesses? Because it brings the following on board:
Automated Data Entry
Free your employees from tedious tasks like manually entering data from invoices, contracts, or applications into your DMS or ERP system. RPA can handle this efficiently and error-free.
Streamlined Record Classification
RPA can be trained to automatically categorize documents based on specific rules or keywords. This saves valuable time and ensures consistency and accuracy in record organization.
Scalability
As your business grows and the volume of records increases, RPA can easily scale to meet your needs. This can ensure proper records management for years to come.
E-Invoicing
E-invoicing automates the entire invoicing process, transforming how you send, receive, and manage invoices. Here’s why you should embrace e-invoicing for streamlined business record management:
Reduced Costs
Say goodbye to printing, postage, and paper storage expenses. E-invoicing saves you money and is environmentally friendly.
Improved Accuracy
E-invoicing integrates seamlessly with your accounting software, minimizing errors and ensuring data accuracy. E-invoices also create a clear audit trail, making it easier to track invoice history and compliance with regulations.
Automatic Record-Keeping
E-invoices are automatically stored electronically within your accounting system, eliminating the need for physical copies and simplifying record management.
In Closing
Streamlined document management comes with serious benefits to your organization. That’s why you should consider researching the different tools out there and settle on the best for your business needs and budget. This step could transform your document management for good and bring all the advantages on board.