2009 15 Dec

Electronic Document Management- Why?

Irrespective of a company’s size, most businesses have by now adopted some kind of an electronic document management system, but they usually do not think of it in those terms. As a result, the system is often unfinished ; it may include word processing, spreadsheets and a backup system for storage, but they rely on a number of manual paper document processes, as well. The documents may be distributed in a plenty of ways, either by mail, fax, email or courier. The fact is that most companies already have a “hybrid” document management system consisting of paper and electronic documents which can be overcomplicated and include more costly manual processes than are essential. Any excessive expenses relating to documents are typically considered part of “the cost of doing business”.

Meanwhile, even when a company is equipped with its own IT department, the staff is already working frantically just to keep up with the accelerating speed of business and the currently existing system to deliver it. Basically, all businesses must make an effort to balance their critical part of business with the second and third lines: documents and equipment. When coming to grips with this reality, 3 serious questions should be thought upon :

1. How much do Lines #2 and 3 cost just to uphold the first line of business?
2. How much more will be spent as all IT and document management costs rise?
3. How much more should it cost to increase profits and business with our current system, or with even a better system?

“Full Integration can be reasonably priced “

Again, what would a company’s main objective be in improving their overall enterprise document management systems? The answer, streamline for the lasting and increased profits. Sight of this goal should never be lost. When huge amounts of money and time have been invested in a hybrid structure, it would make sense to think of keeping that initial investment and simply reinvest the returns. Options may be available to retool an already existing system so that it works at the highest possibility. When possible, it could be suggested: be flexible, don’t scrap.

This message is especially significant for companies either facing the regulatory compliance issues to be implemented by the Sarbanes-Oxley Act, or those attempting to manage tons of paper documents inherent to certain industries, for instance lending or insurance. These issues frequently appear to be problems relating solely to document storage, but the actual difficulties may arise from an earlier stage in the document lifecycle. An expert in enterprise document management systems may be able to examine the current systems and diagnose that additional physical or electronic space is not as necessary as a solution implemented in the creation or circulation stages of a document’s life. Thus, while investigating remedies for document management systems or operational streamlining, it may be that you already possess everything you need, but you just haven’t found the right approach or tool to make it all work at maximum ability.