As the CEO of your company, you’ve most likely heard the buzz about electronic Document Management. Your CFO and director of finance may already be on board. By citing reasons like improved productivity, reduced lag time, and lower costs, accounting departments show they have long recognized the benefits of replacing paper-based systems with streamlined digital workflows.
Why Document Management Matters
If you’re not sure what role Document Management should have across your organization, take a look at our list of key advantages.
1. Increased Productivity
At the risk of using a worn out cliche, time is still money. Document Management makes it possible to create, index, and access documents at speeds that were impossible even just a decade ago. If increasing business agility is one of your goals, it’s easy to see how Document Management can help you attain it.
2. Reduced Costs
By processing payments faster, your company can take advantage of early payment discounts offered by suppliers. When deployed across your organization, the savings could be significant.
3. Improved Business Relationships
You know how important timely payment is to your business processes; your vendors appreciate the same consideration. Document Management can provide the automation you need to speed up the payment process. You’ll see a dramatic decrease in lost invoices, payment errors, and late fees. The result is an improved relationship with your vital suppliers.
4. Improved Compliance
With paper-based systems, audits and compliance can be nothing short of a nightmare. Document Management not only shortens audit times, but it also provides the critical information auditors are seeking to prove that your company has met compliance regulations.
5. Disaster Recovery
Those rooms full of filing cabinets and cardboard bankers boxes are a disaster waiting to happen. Replacing those vulnerable systems with digital Document Management is critical to protecting one of your company’s most valuable resources—your collective knowledge.
To learn more ways Document Management can help your organization succeed, contact us at C.A. Reding today!