3 Reasons Why You Should Look into Digital Records Management

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How do you manage valuable company records?

A typical office has a dedicated room where important business files are stored, neatly arranged in boxes, folders and envelopes. Many office workers have had several trips to this room, but it is unlikely anyone’s favorite spot.

But does this filing system effectively help manage the ever-growing number of paper works?

Easing the Overwhelming Paper Burden

Imagine if you can get rid of all these papers but still get quick access to important documents through a smart gadget or device smaller than a notebook. It may have been unthinkable a few decades ago but with most current transactions done electronically; this innovation is never that far off.

For example, if you’re running a lending business, would you choose paper-based loan transactions over a trusted loan servicing software? Innovative business owners would obviously choose the latter while the traditional bunch remains leery of anything virtual. Who do you think made the smart choice?

To harness, if not maximize, the benefits of technology, we need to keep an open mind. Thus, it’s worthwhile looking into the benefits of digital records management before ignoring this alternative altogether.

  1. Increased Efficiency

If company records are in electronic formats, it would be easier to create, receive, maintain, use, and dispose them. This transition can also reduce problems with duplicate records. With electronic files, correcting entries would be faster and easier than the manual systems. Think of the increased productivity your company will enjoy by simply going digital.

  1. Reduced Costs

Save on office supplies and products with virtual forms and portable electronic document formats. No need to buy expensive file cabinets, drawers, or file boxes saving your company precious office space. The room previously allotted for files can serve other functions – perhaps a new meeting room or an executive’s office. Most conventional business owners worry about the cost of setting up digital system of records management but it is more often than not, less expensive than expected.

  1. Improved Security

Cloud computing technology gives businesses stable and reliable back–up system and services. Not only is access fast and easy, it’s also secure. For instance, natural calamities such as earthquake or fire can bury or burn traditional paper-based files while digital records remain safe. Having a back-up (i.e. database) is also beneficial to businesses during audits and other instant requests for records. Data corruption or loss is virtually easier to avoid with digital management system as opposed to conventional methods of file management.

These are just few of the compelling reasons why replacing paper-based or manual records management system with a digital system will pay off. A complete switch to digital records management system can inevitably revolutionize how businesses operate.

We see a few entrepreneurs slowly riding the digital wave while other business owners cling to old, inefficient methods.

Privacy, up-front costs and other concerns make some people reluctant to embrace change. But it won’t be long before they do. The potential productivity improvement digitizing office records provide far outweighs any risks or excuses. Thus, it’s an upgrade that undoubtedly deserves thoughtful consideration.

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