What do you use as your Document Management? What is the average time you spend searching for a specific document? Or better yet, how much money do you pay third party advisers to retrieve documents that you can’t find (lawyers, accountants, consultants, etc.)? This becomes even more expensive when a business owner considers selling their company and taking part in a due-diligence process.
Rethinking Your Document Management Strategy?
Leveraging folders in your email or just basic folders on your desktop as your document management system should make you very nervous. Some research on the topic shows professionals spend 50% of their time searching for information. Shockingly, some employees take an average of 18 minutes to locate a document. Consequently, these numbers reflect real inefficiencies that inhibit the full performance of employees and hurt a company’s bottom line.
Sending a document to someone via email?
Searching your inbox for a file someone had sent you? Maybe it was yesterday and maybe it was a month ago?
Desktop searching for a specific document on your desktop using the search option or just opening every folder you can find?
So, if you’ve done any of these things recently, you’re not alone. Employees habitually use email to store and transmit documents, sacrificing the accessibility, security, and traceability that more modern document management solutions provide.
How Much Is Your Data Worth To You?
The average employee receives six attachments a day. This translates to 30 documents received a week and 120 documents received every month per employee! What is the location of those documents? Let’s say that you receive 120 documents per month (to say the least). It takes you 18 minutes to locate each document. Therefore, you will spend 36 hours just searching for these documents.
So, this isn’t a very effective document management strategy, right? At least not a long-term one.
Finally, if employees rely on email or desktop folders, what happens if those employees go on vacation or leave the company? How will those documents be accessed? In conclusion, if every one of a company’s documents is not properly filed and tracked, it can lead to serious (and avoidable) problems for the organization.
Furthermore, Radar is the modern document management or document repository software that overcomes these obstacles and enables you to fully dedicate your working hours to doing what you know best – your job. Please click here to learn more about Radar.