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No Document Management System? Know these 5 Pitfalls for Your Organization

Business operations come with tons of data and record management load. Companies that operate in multiple nationalities have to deal with heavy loads of paperwork and digital information assets. Having a proper document management system, thus, becomes a necessity.
If you have one at place or you utilize a professional Document Management Service, your organization might be on the line to achieve informational superiority and productivity.But, if you donít have a document management system in place, we have a few good reasons as to why you should immediately get one.

Below listed are the pitfalls that your organization might fall into if you do not have a document & record management system in place!

1.Information Gets Lost Every time

Dealing with tons of paper has been a tedious task to undertake for almost all the active businesses. In the first half of 2017 alone, around 2 Billion records were either lost or stolen worldwide. This number puts in a serious need for a document curation system, which is only possible with the right document management system. If an organization is sloppy in managing its documents, it can lose highly valuable business information and audit data without any traces. Now that is something that can cost a company even millions of Dollars!

2.Productivity Literally Halts!

If an organizations claims to have an edge in its domain over other competitors, it must really have a terrific information management system. The reason? Staff and employees often get loaded with the additional work of managing the digital records, storing them, and accessing them when required. This process in turns halts the productivity of the employees which otherwise would have been put to use for the business interest. Moreover, sensitive documents are always accessible to everyone, including those with malicious intents, and human error in document handling cannot be ruled out. An advanced document management system overrides these obstacles and gives the employees a productivity boost.

3.Litigation & Compliance Issues

This one is a serious pitfall for the organizations lacking in an effective document management system. Record management and data security are now mandatory operations for almost all the businesses operating globally in the wake of new GDPR guidelines. Document management is not just essential to comply with the law, but also for litigation support if the need arises. There might be business and accounting records, personnel & client data that might be required by an organization to produce as an evidence before the legal authorities in case of a dispute. Failing to produce records and data during litigation can cost a company a lot of money along with an irreversible dent on its reputation. This holds true for the routine audit as well.

4.Information Accessibility

Imagine trying to find a specific document from a chaotic digital document archive that is not sorted in any way! It is like finding a needle in the haystack. Now, imagine if the document was related to the personal data of an employee, client, or any business stakeholder. A missed document or data if not produced on time when required by the business can slow down things immensely. Moreover, the possibility of identity theft is always there. Thus, an efficient document management system is required through which the important information can be accessed precisely on time.

5.Storage Space

Every square feet matters, especially amidst the soaring real-estate costs. Unorganized document loads can easily eat up space. It begins with one cabinet and then spreads to multiple rooms which otherwise can be used for placing useful assets without procuring/renting more space. If you have a streamlined system for curating your business records, this shall never become a problem again.

As the world is powering its development from tons of information, it is only the matter of storing and accessing it at the speed of thought. Every organization, big or small, must have a dedicated document management system. If it is too tedious, partnering with a record management service provider can prove to be more productive and efficient for you.

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