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What is electronic document management and why is it important

CEO at Everbestlab LLC

In contemporary era, nobody likes dealing with paperwork. That’s especially the case when you have just set up a business and there are a hundred and one things to do. Document management could probably be be the least of your concerns, but if it isn’t done properly it may lead to a number of problems for your business further down the line. Now is the time to get the planning right and put in place best practice processes that will support your company’s growth.

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We take a closer look at why electronic records management is vital for your start-up business:

1. It’s highly efficient

Having a good electronic document management system will improve both internal efficiency and your overall business competiveness. There’s nothing more distracting or frustrating than having piles of physical documents and files lying around. And not being able to find what you need could ultimately harm your reputation. An Electronic Document Management System (EDMS) will ensure records aren’t lost, and help you get any information or data you need quickly and reliably.

2. It’s cost effective

Saving money wherever possible is key for any start-up, and storing documents electronically is a cost effective way to manage all your records. Manual document management is a time consuming back office process and you’d be much better placed freeing up internal resources and costly staff time. Reallocate them instead on more important and productive tasks that will help strengthen and build your business. There are also costs associated with physical storage, particularly as a fast growing business will generate a plethora of files. Switching to digital storage will allow you to cost effectively manage expansion needs.

3. You Control the document flow

Electronic document management has special feature namely document flow. When a new document enters into the system, it is then tracked, respective departments and their employees are assigned to the documents. This means highly productive workplace, where business document oprations function at ease. The system will also allow the status and currect department a document is involved, which enables to manageement to stay on track and make decisions accordingly.

4. It protects your business

Finally, an EDMS is the safest way to store documents and files. There have been a number of high profile data breaches in recent years, and your business needs to protect sensitive financial information and trusted customer details with a secure system. It also has the added value of providing an offsite backup, in case of any disaster in the office which could destroy both physical and electronic files at your premises. Electronic records management is a vital asset for the administrative function of any company, large or small. If you haven’t got a process in place yet, it makes good business sense to set one up as soon as possible. Find out more about Kefron’s Electronic Document Management System solution here.