Top 5 ways document management reduces operational costs

By Key Digital

06 Apr 2021

money.jpg

CFOs and CIOs looking for ways to reduce costs and maximise productivity already know that a good document management pays for itself in a matter of months. Digital document management (sometimes called “enterprise content management” or ECM) cuts man-hours and therefore costs by automating workflows and eliminating time-consuming manual tasks.

In ROI research studying the cost benefits of investing in document management, Nucleus Research found returns of $8.55 (£6.20) per every dollar spent by small and medium-sized businesses (SMBs). Their report reveals the key benefits and best practices for SMBs to start saving on every dollar and win back employees’ time. Five ways to save on operational costs

1. Storage costs

Switching from paper-based processes to digital document management means you no longer need to pay to store and maintain hard copies of your business records on or off site.

2. Copying and printing costs

Digital document management eliminates the need to print and file paper documents. And in today’s remote working environment – digital files can be shared securely and instantly – that’s what we all need – not printed copies. With a document management system, everything from correspondence and emails to invoices and contracts are stored in digital format. A current copy of these electronic documents is archived in the system’s centralised repository, where it’s available to all authorised users. Version control ensures that everyone is working on a single, up-to-date document. The result? Your employees save time and your company saves money on printing, supplies and equipment.

3. Staff time

Employees spend less time storing, retrieving and sharing documents. Tasks that took minutes or hours with a manual, paper-based system take seconds with a digital document management system. This is a huge plus for HR departments, for example… They can streamline recruitment; automate all onboarding tasks; secure employee files in an encrypted repository to satisfy privacy and regulatory requirements; and monitor their performance appraisal timelines. HR staff can also eliminate redundant data capture by using web forms to capture employee data.

4. Business process costs

Automated workflows streamline business processes in accounting, sales, customer services, HR and other departments. Optimising these workflows leads to faster payment collection, lower purchasing costs, higher customer satisfaction and increased employee retention.

5. Security and disaster recovery costs

Backing up your documents is a breeze when you use cloud-based solutions. Document management systems protect business-critical information with document and communication encryption; separation of customer data from system data; and secure data storage. Multiple instances of data redundancy to ensure data can be restored even if the active system becomes unavailable. Even mobile users have secure access to necessary data.

In addition, with robust logging and analytics capabilities, organisations have a record of who accessed, changed or removed a document and when. Consider these five ways digital document management reduces costs. There’s a great opportunity to improve the bottom line and implement efficient processes to ensure that your company is agile and responsive to the changing business environment.

Click here to download our free ebook 'Going Paperless in 90 Days'

Latest news

1

Construction begins on new Civil Service office building in Talbot Gateway Alan McBride Muse Will Town Defence Infrastructure Organisation Jennifer Chard Defence Business Services Cllr Lynn Williams Blackpool Council Garry Bowker Vinci

Construction begins on new Civil Service office building in Talbot Gateway

20 May 2025

2

Skiddle raises over £750,000 for charities Skiddle cheque presentation to Alder Hey Hospital

Skiddle raises over £750,000 for charities

20 May 2025

3

Former Victorian Hotel approved for residential conversion The site

Former Victorian Hotel approved for residential conversion

19 May 2025

4

REVOLUTION PARK: Work starts on Darwen’s new home of advanced manufacturing Oliver Webber, Tracy Clavell-Bate and Tim Webber from Barnfield Group with Cllr Phil Riley, second from right, Leader of Blackburn with Darwen Council

REVOLUTION PARK: Work starts on Darwen’s new home of advanced manufacturing

19 May 2025

5

Two Cuckoo Gins named winners in The Gin Guide Awards 2025 Mark Long

Two Cuckoo Gins named winners in The Gin Guide Awards 2025

19 May 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200pxtrident 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Amber River True Bearing quarterly investment seminar
LBV Hub Seminars
22 May 2025 - 22 May 2025

Amber River True Bearing quarterly investment seminar

Cottons Hotel & Spa , Knutsford, WA16 0SU

16:00 - 18:00

The Business Network Central & East Lancashire
LBV Hub Networking
22 May 2025 - 22 May 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Preston Freelancer Meet-Up: May
Freelancer Meet-Up May.png.png
LBV Hub Networking
22 May 2025 - 22 May 2025

Preston Freelancer Meet-Up: May

society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Liverpool Business Expo 2025
https---cdn.evbuc.com-images-881365363-4862066883-1-original.20241023-085714.jpeg.jpg
LBV Hub Awards
23 May 2025 - 23 May 2025

Liverpool Business Expo 2025

Aintree Racecourse , Liverpool , L9 5AS

09:00 - 15:00

Advantage: AI – A Workshop for Business Leaders – May 29
Artboard 15.png.png
LBV Hub Seminars
29 May 2025 - 29 May 2025

Advantage: AI – A Workshop for Business Leaders – May 29

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin