Why Document Management? It's simply not optional
Why do we need Document Management at all?
SoftAge has been a member of PRISM International for several years now. PRISM International (Professional Records & Information Services Management) is the not-for-profit trade association for the commercial document management industry. This industry is made up of outsourcing partners of PRISM that provide their clients with physical and digital information protection, access, retention, storage, and disposal. PRISM writes:
Information has always been an organization's central resource. Without it, the modern organization simply could not function. Business records are operational-and sometimes strategic-assets. They have economic, legal, fiscal, risk-management, and competitive values. Many organizations, however, lack effective policies and procedures for systematic control of their recorded information. As a result, they keep some records too long, spend too much to store them, waste time looking for misplaced information, risk penalties for non-compliance with recordkeeping regulations, risk a public-relations nightmare, and fail to protect mission-critical information from harm. Narratives about such document management problems form the backbone of the field's experience with organizations that lack document management. Common examples include:
- Paperwork is the largest overhead expense in any organization,
- Active files typically grow at a rate of about 25% annually,
- Managers spend an average of 4 weeks a year searching for or waiting on misfiled, mislabeled, untracked, or "lost" information,
- Office workers can waste up to two hours a day looking for misplaced paperwork,
- 90% of records, once filed, are never referred to again,
- 95% of references are to records less than 3 years old,
- Two thirds of records in organizations without records management may be removed from offices and either destroyed as being obsolete or transferred to lower-cost offsite facilities,
- At any given time, between 3 and 5 percent of an organization's files are lost or misplaced,
- The average cost of recreating a one-page document is $180,
- Companies typically misfile 2% to 7% of their paper and electronic records,
- Computer users spend 7.5% of their time on a PC looking for files,
- 67% of data loss is directly related to user blunders, making them 30 times more menacing than viruses and the leading cause of data loss,
- 30% of paperwork is useless and could be eliminated; and 37% of photocopies made are unnecessary, and Large organizations lose a document every 12 seconds,
The creation, storage, retrieval, use, and destruction (or permanent archival retention) of information of all types and in all media is an increasingly difficult challenge for business and government organizations. Despite the application of information technologies, the mounting rise of "paperwork" requirements continues to accelerate. In today's corporate volatile environment, document management is simply not optional. In fact, document management works all day, every day, for every unit, in those organizations that adopt a comprehensive document management program.
Documents are central to the work of all organized entities. They sustain the work of the organization, yet they are, to an extent, a drain on its resources as well. What is often not well understood is that documents are as much a resource-intense feature of operations as are employees, facilities, and equipment. In fact, some estimate that about 90 percent of all white-collar activities focus on information-related activities (e. g, creating, storing, retrieving, distributing). Clearly, considerable expense is required for this activity, and document management works to keep all aspects of these functions as economical as possible. Documents should earn their keep, and document management makes sure they do.
Document management - also called "records management" - is the systematic application of management principles - chiefly control - to the recorded information needed and used in the normal course of an organization's business. Documents record transactions and, in some cases, may be legally required as evidence of each transaction. Transactional documents include orderings, schedules, receipts, notification, loans, and contracts, and many other types.
By implementing a consistent, organization-wide and upper-management supported document management program, an organization seeks to
- Conform to statutory requirements for information retention,
- Provide itself appropriate evidence of transactions to defend itself in litigation or audit,
- Leverage information assets into meaningful competitive intelligence and market research data,
- Minimize jeopardy during the discovery phase of litigation, Provide for the continuity of the organization during a disaster, and Assist in controlling costs through the timely disposition of information.
Implementing Document Management
Studies conducted by Doculabs and others have shown trhat more than 50% of the document management implementations end up in failure. These are projects that either go over-budget, over-time, or worst of all, achieved adoption rates that are dismally low. The reason for this seems to be that these organizations still take a tactical view of document management, where it is clearly a strategic activity and of great importance to any organization. This results in the any one of the following:
- Underestimated process and organizational issues
- Lack of adequate training of the user staff
- Set up of poor procedures and enforcement methods resulting in uneven usage
- Internal politics causing project derailment
- Content migration underestimation
- Scope creep
- Metadata or taxonomy problems
What's in it for you?
Here are 10 QUESTIONS that you should be asking of any Document Management service
Before choosing a professional to handle your company's information management needs, ask these important questions
- Can I access information 24 hours a day, seven days a week, 365 days a year?
- Are your employees required to sign confidentiality agreements?
- Do you allow employees to smoke on the premises? What measures do you take to protect information in the event of a fire?
- Can I review and photocopy documents onsite? How large is the client viewing area? Are there any time or volume limits?
- Are your magnetic media storage facilities and transportation vehicles climate controlled?
- What is your normal turnaround time for pickup and delivery? Are emergency delivery services available?
- What security measures control access to the building and ensure my confidential information is protected?
- What type of inventory tracking system do you have in place?
- Does your facility have measures in place to protect my company's information against damage from natural disasters, such as earthquakes and flood?
- If my information needs to be destroyed, what's the process?
Why Go Offsite?
The business of document management continues to become increasingly complex as new technologies emerge and companies change the way they do business. That's why it's important to consider new and better ways to manage your company's information.
SoftAge can help you lower your operating costs, improve employee productivity, create more value from information assets, and protect your business from the risks of litigation, audit and disaster. SoftAge specializes in information management services, and will work with you to create a program that meets your needs and allows you to manage your business records and information more effectively.
Ensure your information remains safe and confidential... As your document management partner, we understand how important information is to your business. It requires confidential handling and secure storage. We offer both.
Once you specify who can access your records, we will take the appropriate steps to provide those employees with as much or as little access as you desire. Authorization lists and physical security systems help ensure that your instructions are followed and your information is protected.
CLIMATE CONTROLLED ENVIRONMENT
Some information requires special climate controls that can be costly and difficult to implement. If you so desire, we can set up climate-controlled document management services for you. Our special climate-controlled environments provide complete protection - saving you time, money and aggravation.
PROTECTION AGAINST DISASTERS
Fires, earthquakes and floods can virtually wipe out years of important and confidential information. Prolonged power outages and loss of internet connectivity can rob your business of needed cash flow. Your business can't afford those losses. Our facilities are designed with these concerns in mind to provide you with the ultimate protection.
Should the worst happen, a comprehensive disaster plan can help you move quickly to recover important information. We can help you develop a disaster plan that prepares you for a full recovery. SoftAge offers more than storage facilities. We offer a variety of professional services, including pickup, delivery, inventory, retrieval, storage, imaging, data archiving, business continuity and destruction. Our goal: to make your information easy to access and easy to use.
We know that business today takes place around the clock. That's why we offer document management services 24 hours a day, 7 days a week, 365 days a year.
DELIVERY AND PICK UP SERVICE
We provide the vehicles and manpower needed to pick up and deliver your information. Whether standard timing, a rush job or an emergency, we'll make sure you get your information on time.
SPECIAL MEDIA SERVICE
SoftAge provides special services to handle and store all different types of media, including film, disks, cartridges, drives and special services like e-vaulting, server co-location and digital archiving. We can help you utilize and manage emerging technologies and new types of media.
Conserving resources and cutting costs are amongst the most important activities in corporations today. We know you need all the help you can get, so why not start with your document management operation. With SoftAge on your team, you can accomplish both. We provide a professionally trained staff, available around the clock, to manage all of your information needs. Meanwhile, your staff can focus on core business issues. If you are considering using your expensive office space to store information or thinking about tying up your assets in a special warehouse and expensive storage equipment, let us manage that information for you. We will save costs for you and, of course, we are the experts in smart document lifecycle management solutions.
Document Process Management
- Document Pickup
- Document Audit and Verification
- Tracking through GPS-enabled mobile application
- Data Capture & ICR, OCR, OMR
- Secure Disposal
KYC and Address Verification
- Aadhaar-based e-KYC verification
- Physical KYC verification at client location
- Centers set up for e-KYC verification