Cost Justifying the Scanning of Your Documents
Save time and money by scanning your documents
The value of a document can vary greatly according to its intended function. Typically valuable documents may be design data, contracts, financial transaction records, correspondence, certificates, etc. All of these have a quantifiable associated cost related to their storage, ongoing access and archival.
It is this ‘life-cycle’ management cost of a document, which many companies do not realise, occurs and it can be broken down into a number of areas:
Issue 1 – Access time
Typically an office worker will take 8 Hours per week to locate documents they require. This typically equates to approx £5,000 per annum per person.
How scanning can help? – Scanning your documents enables searches for specific information to be performed in seconds. Even individual words can be searched for which would be impossible across a range of paper documents.
Issue 2 – Risk Management
If a fire, bomb or flood strikes then original documents could be destroyed and take months to reconstruct. In some cases this could have a serious impact to a business.
How scanning can help? – Once documents are scanned they can be stored to cheap and reproducible CD-ROMs which can then be accessed on any PC. A customer service department for example could therefore be up and running again as soon as a PC is available.
Issue 3 – Improved Levels of customer service
Improved customer service can improve your market share and by having all of your clients correspondence and documentation to hand it can reduce call backs and associated charges and admin costs.
How can scanning help? – Customer records can be linked to contact databases and any letter viewed in seconds whilst the customer is on the line. Large reductions in call back costs and improved customer satisfaction therefore occur.
Issue 4 – Sharing Information
Paper based documents can only be shared if they are copied which has both admin and environmental cost implications. These are compounded if documents need to be shared across remote offices.
How can scanning help? – Scanned documents can be emailed or made accessible over a network/internet instantly without copying or the delays associated with courier services.
Issue 5 – Long term preservation
Paper and even microfilm records can become damaged, torn or dog-eared over time. Faxes fade.
How can scanning help? – Once documents are scanned they no longer degrade and they can be copied in seconds onto new media as and when new devices are released in the future. Digital formats can be backwardly read or accessed/transferred at any time giving a high level of ‘futureproofing’
Issue 6 – Misfiling
Every time a paper document is retrieved and then filed there is a small chance that it will not be returned or incorrectly misfiled. Typically 2% of all documents will be misfiled each at a cost of £5.
How can scanning help? – Once scanned documents have been indexed there is no longer the possibility that they will be lost or misfiled.
Issue 7 – Space
Documents can take up a lot of space which cumulatively grows every year. This space is always an overhead and cannot be used for profit production purposes. Cost per sq/ft saved varies.
How can scanning help? – Approx 5 filing cabinets of A4 documents or 3000 drawings can be stored on each CD-ROM which therefore releases space for more productive uses.
ADS have solutions to all of the issues associated with the management of paper documents, the trick is to make all of this simple and easy to use, this is where ADS can help you to achieve a smooth transaction from paper to electronic documents by providing cost effective easy to use solutions.
Imagine being able to instantly locate all of your documentation with one click of the mouse from any existing windows application, well now you can, visit us and book a FREE trial of our new easy to use scanning solution.
Cost Justifying the Scanning of Your Documents
Document Management – Scanning – Storage – Archiving – Destruction – Document Imaging
Searching for documents is costing UK Chartered Accountants a staggering £2 million per day in lost fees, according to independent research released today.
The survey, which was conducted by YouGov, revealed that chartered accountants are wasting valuable time trying to locate documents that have been mis-filed, moved to another location or simply lost, costing businesses dearly.Yet despite this, just one in four accountancy practices have replaced their paper filing with digital document management, making it no surprise that only 3% of operate a paperless office.
With more than 270,000 chartered accountants in the UK, and the survey finding that 83% of them waste up to one hour (worth £88 on average*) of their time per day looking for documents, it is little wonder that this wasted time is costing them £2 million per day.
The survey also revealed that accountants waste more time than looking for documents than other vertical markets, with nearly 26% of their time being wasted, compared to 21% in industries such as construction, legal and insurance.
The root cause of this inefficiency is paper; just 3% of accountancies have 91% or more of their documents saved electronically, even though paper documents can easily be lost or mis-filed due to human error.
With only 3% of survey respondents stating that they don’t believe digital document management would benefit them, the question of why more companies have not yet taken the plunge and become paperless leaps to the fore, particularly considering the growing need to efficiently store and retrieve documents for compliance and audit purposes.
When asked what they would do if they were not wasting time looking for documents, 32% of accountants stated that they would concentrate on administration, compared to other industries, which stated 26%, highlighting the sheer volume of paperwork in the accountancy sector and the need for efficient filing.
Only 26% of accountants stated that they would spend time on business development compared with 31% across all other industries. In addition to this, 20% of accountants said that they would go home on time and 12% said they would spend more time with their team.
“Accountancy practices have to deal with and store huge volumes of documents for both compliance and audit purposes, so it’s not surprising that they are struggling to keep on top of each and every file. But it is shocking to think that chartered accountants are wasting over £2 million just looking for documents,” commented David Morgan, CEO, Invu.
“By simply deploying a document management system, accountants can streamline the management of all documents and records by ensuring that everything is filed electronically and is searchable at the touch of button, saving time as well as improving efficiency and productivity,” says Morgan.
This post was written by Gary Howes and taken from http://www.articlesbase.com/corporate-articles/accountants-document-management-unders-scrutiny-502658.html