With many organizations operating remotely, more and more large companies are taking on file sharing services and document management software to run their business. Digitization of customer account data, financial records, and internal information is the answer to the inconvenience of working from home. These businesses are discovering the greater need for file management software.
With a file management system, businesses can handle multiple tasks at one time, integrate every single team member (whether remote or all in one place), and secure important files and documents that are essential to their day-to-day activities. They’re also able to collect all of their documents into one place, track project progression, and easily sync up with email, social media platforms, and other integrations they utilize.
In a time when being digital is essential, file management software is allowing businesses to transfer their documents from paper to computer to mobile, simply. File sharing keeps everyone up to date, as well as ahead of the curve.
Does File Management Fit My Budget?
First and foremost, file management and content management applications are an investment. It is a solution that will require funding over time. Given the high return on investment and the amount of time, energy, and resources it saves in the long run, the cost is absolutely justified.
Research from Coopers and Lybrand shows that employees waste 20 to 40% of their time at work looking for documents, manually. A study by AIIM found that when employees have remote access to company documents, efficiency rises 20 to 25%. Additionally, a report from IDC divulged that the typical enterprise, which has 1,000 workers, throws away $2.5 to $3.5 million per year looking for non-existing information, not being able to locate existing information, and reproducing information that simply cannot be found.
Decision-Makers and Planning for Costs
Enterprise content management (ECM) software and file sharing software costs vary depending on the needs of each business. The CFO or CIO of a business decides what features should be included in the software. They round out the company’s spending budget by taking into account the cost of physical equipment (such as servers, scanners, and computers), along with working hours required for installation. The CFO or CIO also tracks what their current processes are costing the company, allowing them to visualize what an investment in ECM software could end up saving them.
Determining the ROI of file sharing software for your business is no easy task. Enterprise content management and document management systems are complicated machines with an endless array of moving parts and intricate components. To make a firm conclusion, your business must ensure that all variables are accurately captured and that new technology costs are diligently recorded. Soon, calculating the ROI of your file management software will become no more elaborate than an equation; dividing the cumulative total after tax cash flow by the initial investment you’ve made.
Finding a File Management Service Provider During COVID-19
The best path for implementing ECM software is to find a provider that will work with your business’ resources to find you the best possible solution, customizing it to fit your needs. Neither settling for a generic file sharing software nor trying to find the time to build one yourself are going to be as favorable to a large business.
Since there are so many aspects to ECM, one software provider may not meet all your needs. Sometimes, companies that offer software team up with re-sellers and partners to ensure that you have all the physical equipment, technology, and training required to get started. From imaging software and equipment, to a direct focus on management and collaboration.
Using Vendors to Shoulder the Legwork
Collaborate with international resellers who have strategic partnerships instead of doing all the research yourself. Just make sure the resellers you’re working with have extensive experience in the areas you need help with or are looking to improve. Look for a reseller that has won awards of excellence, has the proper certifications, and offers great technical support.
The file management software execution process can certainly not be done overnight. A change that big has many steps and will take much of your time. However, the advantages greatly outweigh the effort you’ll undoubtedly put in towards bringing your business to that next level. In these unique times, it cannot be stressed enough how vital it is to have digital access to remote files. The team collaboration, secure file sharing, and business process management enabled by a quality file management solution will make the difference between weathering the storm and being weathered by it.
A version of this article was published as Finding Cost Effective Content Management During Quarantine on May 8th, 2020.