Companies all around the globe are legally required to keep records of their business activities. Document retention requirements vary depending on document types and business sectors, but one thing that all of them have in common is substantial financial fines and/or legal risks in the absence of appropriate records.
Even though we see a global trend of minimizing the usage of paper and switching to digital document management systems, managing physical files still remains as a major headache for many organizations. These are the top five trends we see in 2020:
Due to the sheer volume of records processed by businesses on daily basis, ensuring security across the enterprise has become a priority and pain point for many organizations. You don’t want important records to be accessible to everyone in the company, especially without an audit trail in place.
It’s all about technology
Implementing software in document management has been a trend for a while now, but it is an absolute necessity in 2020. Old school journal keeping to track documents is just not cutting it anymore. Web-based document management allows for scalability for businesses of any size.
Depending on your business sector, you may have quite a large volume of physical documents accumulated in your office space. As years go by, piled up documents can become a major hidden cost driver for many companies, simply because having an infrastructure to maintain a high quality records management operation is expensive. Outsourcing document management-related services has shown to provide substantial cost savings to many companies, as tasks are outsourced to industry specialists, and valuable office space is freed up.
One way to increase efficiency in document management is to optimize the operations in a way that employees are able to access the needed files fast, easy and accurately. Research has shown that for some employees, searching for documents can take up to 2.5 hours per day, which is more than one workday every week.
Is your current document management system growing with your business? Outdated systems and methods can create bottlenecks when your company is growing.
Get in touch and find out how Dasta can help your enterprise keep up with industry standards, or request a callback on our website.