Possibly not one other industry continues to be hit harder through the economy than nonprofits. They’re obtaining a double hit: more clients, less cash. It is not frequently that ADDING a brand new process will lower expenses. However the exception may be the new buzz – document management.
In the simplest definition, document management is the procedure of managing documents along with other types of information for example images from creation to storage to discussing. Additionally, it requires the indexing, storage and retrieval of documents within an organized method.
Non-profits cope with a lot documents. Volunteer applications. Donor records. Worker files. Tax records. Document management purchase itself through better organization, storage reduction and elevated compliance and document security.
Elevated file organization and staff productivity.
Among the greatest hidden costs that non-profits face it’s time it requires to work with paper files. Having a document management system, it can save you profit your office with:
Improved retrieval time – acquiring paper from storage or perhaps an archive is usually slower than electronic retrieval of documentation. Let us take a look at a good example: It requires a $20/hour worker 5 minutes just to walk to some records room, choose a file, act upon it, re-file it, and go back to his desk. Just four files each day, that’s greater than 86 hrs each year spent filing – around $1,700 in wages. At ten files each day, that rockets as much as 216 hrs each year – over five weeks’ time, or $4,300 – and that is only for one worker. A document management system lets users pull-up documents within minutes without ever departing their desks, which eliminates individuals ‘water cooler’ conversations that have a tendency to prolong tasks.
Improved staff productivity – a shorter period spent trying to find documents or looking for the present form of a document. Faster document review and approval cycles, particularly where multiple reviewers and approvers take part in the company process, will also be benefits. Customer support calls are handled with greater speed and precision with access immediately to information. By reduction of processing time organizations can increase the level of transactions and revenue.
“Our document management provides for us rapid accessibility signed documents – volunteer affidavits, interviews, reference checks, Youth Exchange applications, Host Family applications, passports, insurance documents and much more,” described Michael Cloutier, youth director chair for Western States Student Exchange (WESSEX), a non-profit organization made up of 24 Rotary Worldwide Districts.
Improved organization – Document management systems also get rid of the “lost document” cost – time it requires to recreate a document which has been destroyed or misplaced. Some suppliers estimate the price of replacing each lost document at $250.
Decrease in storage needs.
Additionally to organization and productivity, the physical price of filing and storing paper documents grows with time as filing cabinets consume increasingly more valuable office space and off-site storage charges accumulate.
Additional financial savings range from space inside your organization that may be freed through the elimination of most paper documents. With property costs at $15 to $50 or even more per sq . ft . in lots of major cities, converting records rooms into functional office space can help to save huge amounts of cash. In some cases, you might be able to eliminate storage costs for a long time of old records.
Many non-profits have had the ability to add staff or services within the space formerly occupied by filing cabinets.
Reduction in quantity of equipment and office supplies needed.
Document management systems can help you save cash on paper, printer and toner costs. Users don’t have to print paper documents when electronic versions are for sale to use or reuse. It’s also easy to eliminate fax machines and copiers, since documents could be e-mailed out on most document management systems.
Referring to compliance…
Adding document management may also create potential savings. Because of managing their information more proficiently, non-profits could be more forthcoming using their business documents to help with regulatory compliance. This reduces their chance of potential fines and penalties in case of an audit or suit.
And also the redundant off-site storage ensures business continuity when your organization experience any kind of data storage disaster. All the documents which have been put into your document management system (as lengthy because it is web-based) is going to be there in case your office encounters an all natural or man-made disaster.
“We’ve several clients in New Orleans who’d offices which were hit hard by Hurricane Katrina,” described Leslie Haywood, Chief executive officer of eBridge Solutions, an internet-based document management system headquartered in Tampa, Florida. “The records they’d scanned into our document management system survived. Anything else, such as the electronic files on their own computer hard disk drives, was lost.”
Eliminating paper, growing efficiency and reducing supply pricing is benefits that any company may use today. Increasingly compliant and creating a back-up group of documents are hidden benefits that may lead to the long run should audit or disaster strike. As companies everywhere search for methods to do more with less, many non-earnings are discovering that document management can really save them money.
How do you want to categorize each of the documents, so that accessing them would be easy when people are in need of these documents, is a puzzle for few organizations. Nothing to worry as the systematic arrangement of documents would be taken care by document management Singapore.