Benefits of Document Management in Vendor Management Solutions

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Benefits of Document Management

Documents, whether electronic or paper, are an essential component of just about any enterprise. Managing business information, sometimes from several sources, can be a challenging task.

Depending on the nature of your company, a document management solution that captures, stores, and retrieves both paper and electronic documents can provide many key benefits to your organization.

Document Management Increases Efficiency

Uncovering operational solutions that increase efficiency and improve employee performance often begins document management. Document management involves digitizing, organizing, and storing files. The process makes it easier to find, share, track, and save all documents and streamline offices processes and filing systems.

There are many Benefits of a Document Management Systems

  1. Reduced Storage Space
  2. Enhanced Security
  3. Improved Regulatory Compliance
  4. Easier Retrieval
  5. Better Collaboration
  6. Better Backup and Disaster Recovery
  7. And the “Intangibles”

Commercial property costs are increasing and so is the expense to store paper documents. A software-based document management solution that can reduce the need for file cabinets, boxes and storage bins is a valuable asset to any enterprise. Documents that have to be kept as hard copies can often be stored in less expensive locations, such as an offsite warehouse or vault. 

Document Management Provides Enhanced Security

Document security is vital to many enterprises. A document repository provides better control over sensitive documents. Access to documents can be controlled at the folder level. Also, a document repository leaves an audit trail of who has viewed a document, when it was accessed, and how it may have been modified. Managed documents are highly traceable and can be tagged to allow for automated alerts.

  1. Improved Regulatory Compliance

Compliance Requirements for certain documents can be quite complex. Non-conformance can lead to fines, revoked licenses, and in some cases criminal liability. Federal and state regulatory regulations such as Sarbanes Oxley and HIPAA mandate strict security and privacy guidelines. Document Management reduces the risk of non-compliance. Records retention schedules, for example, can be automated, and new documents can be more easily classified and stored.

  1. Easier Retrieval

Searching for and retrieving documents can be very time consuming – and we all know time is money.

A recent report published by PWC illustrates the magnitude of this problem.

  • Organizations spend $20 in labor to file a document, $120 in labor to find a misfiled document and $220 in labor to reproduce a lost document.
  • 5% of all documents get lost; 3% of the remainder get misfiled.
  • Professionals spend 5 to 15% of their time reading information, and up to 50% of their time looking for it.

A document management solution, specific for your enterprise, can be a powerful, time-saving tool. With a document management solution files can be retrieved from anywhere at any time as long as there is an internet connection. 

  1. Better Collaboration

With document management, information sharing and collaboration can be a lot easier. Documents captured from different sources can be accessed from multiple locations. Electronic imaging makes sharing documents over a network via email or the Internet possible. It provides greater visibility to business processes and can allow for better workflow monitoring. 

  1. Better Backup and Disaster Recovery

Any document management solution should include a data backup and disaster recovery plan. With digital archiving as a backup, paper documents are protected from fire and flood and other disasters.

Also, because imaged documents are centrally stored they cannot be lost or misplaced after viewing. Documents are less likely to be misfiled, and if so they are easier to locate with cross-indexing. Documents can be digitized and archived at their point of entry into the system.

Just a few of the intangible benefits of a document management system include: 

  1. Flexibility
  2. Competitiveness
  3. Improved client relations
  4. Peace of mind

Time is valuable, and time saved is a definite benefit of Document Management that often translates directly into increased productivity. Faster and more efficient document retrieval can boost staff morale and increase client satisfaction. 

VENDOR MANAGEMENT SOLUTIONS

Our Vendor Management Solution (VMS) is a discipline that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks…while gaining increased visibility and value from their vendors. Through LIMITLESS’s on-line software overall vendor management, as well as – vendor expense management, is accomplished by giving you absolute visibility into your vendors and spend. No matter what the vendor or type of service they provide – companies can have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.

If you have questions about any of our VMS benefits contact us today at 866-504-4050 or email LIMITLESS at info@limitlesstechnology.com to learn more about our Vendor Management Solutions.