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Why a digital document management solution is affordable and cost-effective for your business?

Document management system

We’ve all seen initiatives like #gopaperless and #godigital. Green business practices and adopting digital document management solutions are the norms for best practices in today’s global economy — especially during COVID.

While digital document management solutions are becoming commonplace business solutions for companies worldwide, why are document management systems (DMS) crucial for everyday business processes, and how affordable and cost-effective these document management systems are? 

Affordable Document Management System

Cloud-based software is typically charged on a subscription basis. For most document management software, the price ranges from $15 to $200 a month per user, depending on the complexity of the solution. 

CoreData is perceived as an affordable and cost-efficient DMS solution because its pricing is incredibly flexible and very simple. In most cases, we spend time talking with our clients to understand their needs well and offer them tailor-made offers that fit their requirements and budget. This transparent process where clients, in the end, get a cost breakdown and understand how we came up with the offer and what they are paying is what makes them trustful and confident to choose CoreData.

Now let’s take a look at how implementing a DMS can save you time and money in all areas of your business.

Physical document storage, print & copy costs are unnecessary nowadays

Reallocate money from storage and print expenses to value-added expenditures  

Document storage

Having business documentation physically tied to physical office locations creates workflow constraints for employees — especially with so much of the workforce working remotely. Also, all that time spent dealing with physical documents could be used for focusing more on revenue-generating projects rather than on copying, printing, and storing to filing cabinets.

In today’s working environment, employees need instant access to contracts, files, and more to maintain productivity — a digital workplace solution can facilitate this while a brick-and-mortar office can’t. Why not reallocate that money into other areas of your business to accommodate growth, especially when a DMS doesn’t require extra square footage for your existing business plan?

Efficiency and productivity costs

A DMS offers convenient document retrieval, secure document sharing, and storage

Efficiency and productivity costs are more challenging to measure than other expenses. Suppose you see your employees walking back and forth with printed papers from the printing room to filing cabinets or leaving papers at their colleagues’ or managers’ desks for a review before the documents get sent to clients for signatures. In that case, there’s room to make your business more productive and efficient. What’s more, misfiled documents are a huge problem and can turn an office upside down when looking for misplaced documents.

With a DMS, correspondence, emails, invoices, and contracts are stored digitally. A DMS makes it much faster and easier to find any document you need. Imagine you have a client on the phone and need to put them on hold to check their order or contract somewhere in your paper-based filing system. What if you could pull up the document on your screen and answer the client’s question immediately? Not to mention you don’t have to worry about if the client can wait or if you can’t find the needed document instantly.

Your employees’ time is an asset. You need to enable their efficiency on time-consuming tasks and work processes by avoiding the hassle of physical document retrieval from the workplace. 

How much do your business processes cost?

Improve your business workflow

Automated workflows

Have you ever experienced challenges getting faster payment collection? Do you want to improve customer satisfaction? What about increasing employee retention? While companies ask these questions perennially, there is an all-in-one solution. Implementing a DMS enables your team to organize their documents in digital workspaces around projects, clients, cases, and tasks while answering all of the above concerns.

Consider it this way: implementing automated workflows streamlines accounting, sales, customer service, and HR business processes. By streamlining these processes, you’ll enjoy faster payment collection, lowered purchase costs, and higher customer satisfaction.

Security and disaster recovery costs

Don’t spend extra when you don’t need to

The General Data Protection Regulation (GDPR) holds businesses legally responsible for protecting customer and employee data. Furthermore, companies are responsible for handling personal data and ensuring that any data processed is done securely. Additionally, firms must have measures in place to avoid unauthorized data access or accidental loss. 

Backing physical paper files is often overlooked until it’s too late.

With a digital DMS, you don’t have to worry about losing your documents to theft, natural disasters, fires, or floods — all of your documents are securely stored in the cloud. Also, you don’t have to spend time or money on disaster recovery options for your paper archives and physical file system. When you implement a DMS, its digital workspace has its own backup system, and it securely protects and archives your business data and documents electronically.

Implementing a DMS is easier than you think

Making a decision about investing and implementing a DMS in your company revolves around striking the perfect balance between cost, security, and productivity. That balance also depends on an individual company’s needs and priorities. One thing is certain: you’ll acquire more and more documents as your company grows. So why wouldn’t you help your business become more efficient now while scaling for the future? 

Our Customer Success team at CoreData will happily guide and help you evaluate the cost-benefit analyses for your own business. We’d be happy to get started with case studies and more to show you how easy it is to work in the CoreData digital workspace.

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