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Benefits of Storing Documents Digitally Using an eDMS
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Data is an important asset for any company or office. Data storage is a key component in the modern world, especially for record-keeping. Policies, records, and other frequently used files are to be easily accessible. The older the company, the larger is the volume of records and the more data you’ll be storing. Are you someone who relies on the traditional method of paper files and storing them in physical cabinets at your office?
Let us see whether the age-old system requires a revamp or not.
Physical document storage is perhaps the most inefficient method in modern times. Why? Let us analyze the concerns with physical storage on two levels: Macro-level and Micro level.
Physical Storage: Macro Level Concerns
A few concerns with physical storage at the macrolevel are listed below:-
- Paper-based storage results in filing cabinets, piled up all over the office.
- It costs more than you think to store physical documents. Besides the creation of paper documents, it costs more money to maintain them, sort, and dispose of them.
- It is difficult to assimilate, find out who has seen or read documents or files.
- It is a tough job to track a record's complete movements.
- There is no control over document duplication. Different versions of the same document could be made and circulated with biased or malicious intent.
- Physical transfer of files allows multiple copies to exist in disparate places.
- Physical file storage may also open up a chance to expose sensitive data to unauthorized personnel.
- Data stored on papers is precious. It might help you to analyze your budget, the expenses, customers’ demands etc. But how effective are these papers in the effective utilization of the data? Does this data make your tasks simple and efficient?
- You may use different racks and cabinets to store paper files separately according to their category. If you need to retrieve a tax record dated ten years back, just imagine the amount of time you are going to spend searching for the document. The time spent in file search by large organizations would be multifold as compared to smaller offices. Even then as your business grows and you cover each calendar year, the number of papers and documents pile up.
This brings us to the micro-level concerns regarding the physical storage of your office documents and files.
Physical Storage: Micro-Level Concerns
If you are in-charge of files and record keeping please ask yourself the following questions:-
- How would you recover files in case of a contingency like fire, flood, or other disaster that destroys your valuable documents?
- Do you have enough room to store ten years of records or files?
- Is it worth enough and cost-effective to continue with the paper filing system? Please consider the time, effort and space you invest in this.
- Are you able to find relevant files quickly when they are required?
If you are not able to come up with satisfying answers to the above questions, it is time for you to change your traditional paper filing system to digital data storage. Undoubtedly, the way ahead is digitizing your documents and storing them digitally using electronic document management systems.
Way Ahead: Digitising Documents
Digitizing your documents is an essential step in this ultra modern century. In order to phase out manual-based file sending, receiving, storing and retrieving inefficiencies, you may upgrade from physical paper filing to digital storage.
How can you store data digitally?
There are two ways to store your digital documents.
One way is to set up on-premise servers (hardware storage) and store entire data in them. It will not take up space like the large filing cabinets you had to use for storing physical documents earlier. With digital documents, you can save space, reduce costs and bring better regulatory compliance. Digital documents are more safe and secure than conventional paper documents.
Therefore the best way to store data electronically is by hiring a service provider who can securely store your data as cloud storage. In both cloud and hardware storage methods the company data is stored and kept on servers. Then what is the difference? The big difference relies on the location of the servers where the data is stored. On-premise servers will be at your company location whereas with cloud storage your data will be stored securely on servers at a different location. Therefore with cloud storage, you don't use up the physical space of your company for storing digital documents.
The cloud service providers are then responsible for your documents, their storage, retrieval, maintenance and security of the system. Digital Solutions providers like ePillars can help you with efficient electronic document management systems that can be integrated with the most popular digital signatures including DocuSign.
Advantages of Electronic Data Storage
There are many advantages of electronic data storage. A few of them are listed below:-
- Digital documents are exponentially safer than paper documents. How? Digital data is protected with Encryption. Individual files can be protected with passwords. It is also possible to set access rights to individuals for more data security.
- Easy access to data: Storing information digitally lets us track data more easily. With digital storage, it is just a matter of seconds to locate a particular file or record.
- Electronic data is much more accessible than paper files.
- Data storage scales to your needs. Since the most precious data is at your fingertips, data analysis is quicker. This helps business owners to make crucial decisions fast and accurately.
- Mitigating the cost factor of maintaining those records physically.
- Electronic data allows better visibility.
- With digital storage, there is no fear of loss of data due to natural calamities like, fire, flood etc.
- Digital data frees up your physical space.
Before You Go
If you’re tired of living with the costs and risks of storing your paper documents, upgrade to digital data storage with a document management solution like the one provided by ePillars. Our Document Management System (DMS) by Docuware that is secured by electronic signatures from DocuSign would be the optimal solution for your business. Our DMS offers intelligent indexing that helps you in storing and searching a document pretty fast. Our solutions provide seamless document workflows and task management. DMS from ePillars possesses pre-built integrations with scan and capture functionalities.
No more clunky, outdated filing cabinets! Get ready to enjoy the perks of a paperless office. Contact us today and book your slot for a free trial and demo. Call us at +971 4 326 3939 or write to us at info@epillars.com.
