Reasons Why Businesses Need Electronic Document Management
Our software can integrate with virtually any Windows® or HTML-based application, allowing an organization to maximize the use of its current business systems and leverage existing technology investments to their fullest extent. Our hyper-flexible integrator tool seamlessly links our software with an organization's existing business system(s) to automatically link scanned documents, emails, faxes, and digital files to records within the source application and file them into a centralized content repository - all with little or no human intervention. All content can then be retrieved with a single mouse click - without ever having to exit the source application.
By storing all content in one centralized content repository, an organization's documents, unstructured data, electronic files, and digital content are always in the proper place at all times, permitting valuable staff time to be refocused towards income-producing tasks instead of chasing paper.
HIPAA, the Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley (SOX), the I.T. Infrastructure Library (ITIL®), SEC Rule 17(a)-4, and the revised Federal Rules of Civil Procedure (FRCP). The list of laws, rules, regulations and Best Practices with which organizations need to comply just seems to keep growing. Content security has always been important, but in light of recent legislation it has escalated to the critical level. In addition to privacy, security, and audit capabilities, regulations now require formal content retention policies and mandate specific retention periods.
Source One utilizes state-of-the-art technology to ensure that your content is secure and that the enterprise has the tools it needs to be compliant with new security and content retention legislation. Managing the organization's regulatory compliance and retention policies are a breeze with our software. Business owners, managers, and directors have enough things to worry about. Wondering whether their content management policies are secure and compliant should not be part of them.
Vanishing Floor Space:
Eliminate bulky file cabinets. Free up valuable floor space. These are two readily-apparent benefits of implementing our solution. But before simply dismissing these benefits as "obvious" - take a minute to quantify just how much your organization is wasting on the real estate that is devoted to your paper files:
A typical lateral file cabinet occupies approximately 6 square feet of floor space. If a small- to medium-sized business (SMB) has just 20 of these filing cabinets in its office, it is wasting 120 square feet of office space, simply to maintain archaic paper files.
Now, take that 120 square feet of wasted space and multiply it by an average office rental rate of $20 per square foot. This example SMB is literally throwing away $2,500 per year. `
But that represents only the hard costs that can be eliminated by implementing our solution. What about the lost opportunity cost? One hundred twenty square feet is the size of an average private office. What if this example SMB could re-purpose that reclaimed space to house an additional salesperson, attorney, or other revenue-generating employee? Suddenly the $2,500 in cost savings pale in comparison to the tens or hundreds of thousands of dollars in additional revenue that could be generated by an additional income producing employee.
Unstructured data stored in unmanaged repositories across multiple platforms with no documentation of their contents and no cohesive policy for retention or destruction. Unfortunately, this is precisely the state of email, document, and content storage for most businesses today.
Recent amendments to the Federal Rules of Civil Procedures (FRCP) mandate that, in the event of litigation, an organization must be able to identify any and all documents, digital files, or electronically-stored information that may be relevant to the matter at hand. Not only that, but counsel for both sides must meet within a specified period of time to disclose in what format(s) the relevant documents and data are stored and how they will be produced.
In the unfortunate event of litigation, how prepared are you to be able to identify, locate, and produce all documents, digital files, and electronically-stored information that may be relevant to the matter at hand? With a document or content management solution and a properly managed policy, this task would be rapid and straightforward, ensuring that your organization is in compliance with the FRCP amendments and potentially saving tens of thousands of dollars in eDiscovery costs.
Runaway Distribution Costs:
How much does your organization spend each year on copying, printing, faxing, mailing, and courier costs? Independent research firms estimate that a typical service-oriented business spends between 3 and 5 percent of commission revenues on document duplication and distribution alone. Our software makes it so easy to retrieve, manage, and distribute business documents through electronic channels that an organization can immediately see a dramatic reduction in copying, printing, and distribution costs. This cost reduction is dramatic and rapid. Our users have reported a decrease in reproduction costs (copy paper, toner, etc.) of 75% within the first 12 months of use, and another decrease in distribution costs (postage & courier costs) of between 66% and 75% during that same initial 12-month period. But the hard cost savings don't stop with just reproduction and distribution costs. Organizations spend a tremendous amount of money every year on filing supplies - labels, folders, etc. One 20-employee office recently reported spending between $12,000 and $13,000 last year alone in just file folders and filing supplies - 100% of which could be eliminated simply by implementing our document management system.
Lost or Misplaced Files:
Lost or temporarily misplaced files are an unfortunate reality for organizations that still rely on paper-based records for their day-to-day operations. A file may be in the proper filing cabinet - maybe not. It may be on someone else's desk - maybe not. It may be in an account manager's back seat, because he/she took it home last night to work on it - maybe not. It may be filed away - but tucked within another file - somewhere that it will not be found until someone stumbles across it, entirely by accident.
Lost files can be extremely expensive to re-create. According to a recent study conducted by the Association of Record Managers and Administrators, the reconstruction of a lost file can cost anywhere from $150-$300 or more. This time and labor that could be better spent on income-producing or mission-critical task- not wasted recreating a lost file.
But what if that file contained a critical document that was needed to avert a lawsuit? Now the $150-$300 in reconstruction costs could mushroom into tens or hundreds of thousands of dollars in damages. And it could all have been averted, if the organization had not lost that one critical document.
By making our software a critical part of its IT infrastructure - and following a properly implemented content management policy - an organization never has to worry about lost or misfiled documents, electronic files, or digital content again.
Inadequate Disaster Recovery:
Network backups can only do so much. In order to be included, the network must know where to find the electronic files - which can be problematic when files are stored in disparate locations including multiple workstation hard drives. In addition, it is physically impossible for a network backup to include physical records or paper files. By including our software in its overall disaster recovery plan, an organization is protected on all fronts. All documents and unstructured data are stored in one centralized and indexed repository, and there are no more paper files left to lose.
Inefficient Workflow Procedures:
Disparate and inefficient workflows are the bane of any organization's existence. When multiple employees perform the same functions following different processes - an organization is exposed to not only severe productivity leaks, but potential legal liability arising from errors, omissions, and possible fines resulting from non-compliant practices.
By implementing our software and establishing standardized workflow routing, an organization can streamline its client servicing functions, improve its decision-making abilities by providing instant access to the necessary documents and records, monitor its day-to-day procedures to ensure regulatory compliance, and even increase its cash flow by using standardized workflows to take advantage of accounts payable discounts, to maximize
receivables collections, and to re-allocate valuable staff resources towards income-generating activities instead of chasing paper.
Improve Customer Service:
Answer client questions as they come in. Respond to customer requests while the customer is still on the phone. Send out copies of client documents so quickly that the client receives the document before even hanging up the phone. The lightning-fast content retrieval built into our systems make all of this not only possible - but routine.
The business marketplace is getting more competitive every day. Having to return a call after an employee "finds the file" gives clients a reason to look elsewhere. The improved customer service that the software delivers allow an organization to provide, instead gives the client one more reason to stay.
Content Security Concerns:
Document and content security has always been important to an organization, but in light of recent legislation and Best Practices such as HIPAA, GLBA, SOX and ITIL®, it has escalated to the critical level. In addition to just being sound business practice, these regulations (and anticipated new legislation) now require formal content security policies and subject an organization to sizeable fines and penalties for non-compliance.
We utilize state-of-the-art technology to ensure that an organization's content is secure, and that the enterprise has the tools it needs to be compliant with the ever-increasing list of rules, regulations, and legislation with which businesses must now comply.
Multi-level security permissions can be applied to documents, records, or files to ensure both security and regulatory compliance. With our system a company can rest assured that all of its digital content and documents are organized and secure - easily accessible to those who need it, and isolated from those who don't.
Content Scattered Across Network:
Unstructured data stored in unmanaged repositories across multiple platforms with no documentation of their contents and no cohesive policy for retention or destruction. In addition to the countless legal exposures that may exist in this scenario, the electronic discovery costs arising from just one lawsuit could bankrupt an organization. Yet this is precisely the state of email, document, and content storage for most businesses today.
Our system is an integral part of an organization's policy for managing unstructured data. By committing all email messages, faxes, scanned documents, electronic files, and digital content to one centralized and catalogued repository, an organization is able to control its content - fully aware of what data exists, where it is stored, and when it should be
purged - thus mitigating potential legal exposures and reducing discovery costs in the unfortunate even of litigation.
ITIL Compliance Concerns:
An IT department is a place where huge sums of money can be saved or lost in record time. The sheer volume of structured and unstructured information is growing at an exponential pace - and recent legislation imposes significant penalties on companies that are unable to effectively manage these resources. Never before has it been more critical to manage, leverage, and secure your organization's digital content. With the content management suite, a company can rest assured that all of its digital content and documents are organized and secure - and can be fully compliant with the Best Practices mandated by the I.T. Infrastructure Library (ITIL®).
It is no secret that organizations are using more and more disparate applications to accomplish day-to-day tasks. The problem with disparate or composite applications is that the change management and deployment processes can be an absolute nightmare to manage. Simply tracking which version of what software application an employee, workgroup, or department is using can be bad enough - not to mention the additional complications that come with managing the integration between these applications. Any change to one or more of these applications can result in errors that permeate throughout the entire deployment, which can be difficult if not impossible to pinpoint. Recent and anticipated legislation requiring compliance is further complicating these tasks. Software vendors are responding to the need, releasing updates and newer versions of their applications in order to provide some level of compliance - but this adds yet another layer to an already precarious process of maintaining complete and accurate documentation on deployed versions and software inter-operability.
When implemented in conjunction with BMC's ITSM® or Service Desk Express®, gives an organization the tools it needs to manage the entire provisioning process. The aggregation and deployment of composite applications can be streamlined and automated - allowing a company to monitor and document all of its code, content and configuration changes. Complete versioning tools allow an organization to stay on top of the constant task of updating applications - and rollback features allow the IT department to revert to a prior build or load set should the need arise. Tasks can even be synchronized and managed across testing, staging, and production environments. Best of all, the entire change management and deployment processes can be 100% ITIL®-compliant, as the organization will have a completely documented audit trail of every change to every application across all environments.