Originally published on December 28, 2022.
Every business owner has the same question: How can I save money without sacrificing too much? You want to reduce costs, but you also want to keep the same quality and efficiency that you’ve always had. Well, what if you could save money and not only keep quality and efficiency but improve them? If you have the right content management platform, you can do just that.
Content management platforms are great news for industry leaders because they reduce mistakes, thus lowering costs and providing more productivity at the same time. Digital document management is a way to store, organize, and work with your documents without needing a physical copy. It combines a variety of tools and strategies that take over the tedious parts of office work.
After automating these time-consuming tasks, most companies see a jump in revenue as well as customer and employee satisfaction. Many also notice a boost in employee morale as employees get to shift focus to deeper, more creative tasks.
Want to get a closer look at how content management can save you money? Here are the four leading ways to cut costs with a content management system.
1. Streamline Business Processes
The right content management platform allows you to streamline your business processes while reducing the required work hours to get tasks done. This reduces employee burnout and helps your company get more tasks finished during the day—and a more productive day means fewer company costs.
You probably have more opportunities for new business processes than you realize. In fact, almost every department in your organization has daily procedures that can be automated. Accounting, HR, sales, and customer service staff find that digital document management lightens their load and reduces operational costs. Digital document platforms allow them to send invoices, requisitions, signature requests, and more with just the click of a button. At the same time, they can receive payments more quickly.
The increased speed and automation can lead to better client satisfaction. As you automate certain business processes, you give your team members more time to interact with your clients and address their needs more mindfully.
2. Enhance Security
When you switch from physical documents to a digital content management platform, you’ll have much better document security, and more secure documents save you money. Case in point: the average cost of a data breach in the U.S. totaled a whopping $9.48 million in 2023, and those averages soar even higher for healthcare and financial institutions.
Physical documents just don’t have the same protections that digital documents can have under the right platform. Consider the backup process, for example. You already know that backing up physical documents is an enormous pain, but did you also know that it’s a major security risk? The more copies you have of sensitive documents, the more likely it becomes that they will be misplaced or fall into the wrong hands. This is an especially big concern if your organization has to follow any kind of regulatory compliance. The loss of these documents could put your company in legal and financial trouble, adding even more expenses.
A document management platform can help you mitigate that risk. It will secure and back up all your essential documents automatically, meaning that your company is protected in case of a natural disaster or security breach. No more losing sleep wondering whether or not you’ve backed up any necessary documents, and you’ll save money by not spending thousands (or millions) on recovery from a breach.
Additionally, you’ll get to make sure that the right people have access to your files at the right time without the need for physical storage or security. You can set strict access limits, and your platform can track which accounts have accessed which documents.
3. Reduce Paper Costs
When business owners switch to a digital system, they’re often surprised at just how much money they end up saving on paper and printing costs.
One sheet of paper seems so insignificant that it’s easy to forget how much paper costs accumulate. However, some estimates claim that the average company spends over $725 per employee on paper and printing every year. If you have 100 employees, that’s nearly $75,000 in paper costs alone!
To prevent paper from hampering your bottom line, employ a document management platform for a paperless office. When you shift from paper to digital document management, there’s no more need to create paper copies of documents. Instead, you securely hold onto a digital master copy, which is available to any authorized user who requires it.
4. Increase Productivity and Collaboration
In a typical paper-based company, staff members spend 1.8 hours every day looking for information. Not only do those hours cost the company payroll dollars, but they also impact staff member morale. A document management platform relieves this burden, turning those hours of frustrating work into seconds and clicks of a button. Also, a digital system increases interdepartmental efficiency by decreasing the time it takes for files to move from one person to another.
Employee satisfaction is a big deal. The more employee satisfaction you have, the less you’ll have to deal with employee turnover. Since it can cost 1.5 to 2 times a worker’s salary to replace them, there’s potential for enormous savings. Plus, a positive work environment is also a productive work environment. A good digital document management platform can boost team member satisfaction, and that satisfaction can have positive ramifications across the entire business.
Save Now with the Right Content Management Platform
Of course, all of these potential savings depend on you finding the right platform. It’s not enough to have just any digital document system. You’ll need one that can offset the initial document management platform cost and help your company thrive. The best content management platforms are scalable, flexible, and extremely secure. A document management platform is an investment in the future of your company. Not only will it keep your company relevant in a constantly changing world, but ultimately it will lower your operational costs.
Want to learn more? We can help you here at Vasion. Our content management platform is designed to help businesses like yours stay up to date and efficient. Get in touch with us now for more information.