Document Management Software Solutions Benefit Your Business

If you own or operate a business that is considering acquiring document management software or the services of a document management company, then keep reading. This article will discuss document management software and the benefits it provides to businesses of all sizes.

Designed to drive high-volume, high-value transactional processes, document management software is an enterprise-class enterprise content management (ECM) solution that helps organizations meet corporate goals and impose enterprise-wide controls as well as disaster recovery. Businesses large and small use document management software for a number of reasons including the following: its price/performance ratio is easy to cost justify, its configurability and rapid deployment result in lower professional service costs than many competing solutions, and its ease of use minimizes training and business disruption.

Managing content-driven business processes with document management software reduces costs, increases revenue, improves customer service and builds a platform to support governance, risk and compliance initiatives. Combining industry expertise with a flexible and full-featured ECM product suite, this software is the basis of solutions that have improved operational efficiency and yielded the following results:

A publicly owned multi-billion dollar communications company automated accounts payable (AP) processes in its shared services division, increasing early pay discounts by $13 million in the first 10 months, strengthening internal controls and improving their ability to determine exposure and accruals.

A 731-bed teaching hospital and major regional referral site with 13 inpatient and outpatient facilities and 10 community health sites projects a 162% return on investment (ROI) within 3 years from a document management software solution that integrates multiple clinical and business applications while supporting HIPAA compliance.

A $5.2 billion bank with 38 branches increased overall productivity by 50%, improved its ability to comply with regulatory audits, reduced annual costs for document storage by $100,000 a year, reduced labor associated with tracking loan files by approximately $45,000 annually and eliminated $40,000 in microfilm costs - all through document management software.

A top 10 Canadian insurance company with three disparate sites doing business in two different languages improved centralized and regional processes, increasing capacity by 40%, reducing cycle times by 43% and virtually eliminating shipping costs.

A fast-growing Florida county purchased a document management solution for about 40% less than the annual costs associated with manual processing, improving constituent service while saving 235+ hours per week previously spent filing and retrieving documents.

One of the country's most prestigious universities processes 4,000 more admissions applications than it did before using document management software in less time and with 40% less data entry.

As part of a Sarbanes-Oxley compliance initiative, the financial subsidiary of a publicly owned global marketing and communications power house has automated much of the complex testing of leasing agreements to ensure adherence to financial guidelines, reducing cycle times from three days to three hours and labor requirements from as many as five full-time employees to a single half-time employee.

Document management software solutions deliver the desired results because this technology is implemented in conjunction with an understanding of business needs across industries and departments.