A mature Workflow & ECM system is actually a complete network of integrated components designed for your specific business processes. Whether you can’t find your documents, are looking to create a disaster recovery plan or need assistance with regulations and compliancy, a business process management system can help your business save time and money.
When you are ready, discover the 7 things to look for when choosing a provider and view our free ECM Buyer’s Kit.
What a Workflow Management solution can do for your business:
Of course you do; every business does.
Yet, many underestimate the resources associated with improper content management. Searching for lost documents, recreating information that already exists, these are hidden costs negatively affecting the bottom line. Significant time and money can be saved through utilizing a content management system which will organize information into a centralized repository for quick and easy access with dynamic linking and comprehensive search functionality.
Save Money
A company with 1,000 employees can expect more than $5 million in annual salary costs to go down the drain because of the time wasted looking for information and not finding it.*
Reduce papers costs and storage expenses for significant monthly saving’s.
One manufacturing company saw $100,000 savings in the first year of using iSynergy based on cutting labor hardware costs.
Save Time
Executives waste six weeks per year searching for lost documents.*
Standardize and automate business processes to remove manual tasks, effectively increasing efficiency.
The Antigua Group took a 3 day document driven business process and reduced it to 24 hours.
*Sources: According to research at IDC, FastCompany Magazine
You are not alone…
Employees spend an average of 1.76 hours daily looking for information, and 3 hours a week recreating documents that cannot be found.
A day in the life of the average worker:
You recognized that there is a problem-that is the first step. The next step is to decide what to do about it, and that is where we can help.
A content management system can organize and store all your sources of information: PDF, Excel Spreadsheet, JPEG Images, Email and more. It is more than just a digital holding cell though; it manages your information and delivers it with the click of a button. It integrates unstructured data with structured documents to empower a centralized repository that can effectively manage, store and deliver your critical business information.
Every business is different, which results in a variety of document types, file extensions and an array of issues that are specific to each individual company. This is why one-size-fits-all software usually fails. Your business is not generic; your business solutions shouldn’t be either.
Sources: IDC, NYTimes.com
All organizations are held to some level of compliancy whether it is through governmental regulations, industry standards, or simply competitive measures. The compliancy aspect generally creates the fastest document management customers because organizations can be threatened with severe fines and potential imprisonment if they do not meet standards in a timely manner.
5 Wall Street firms were fined $8.25 million by the SEC for improperly storing e-mail communications.
All Public Companies
Sarbanes-Oxley 404: Monitoring of the process involved in producing and changing financial records.
Sarbanes-Oxley 409: Disclose information on material changes in the financial condition or operations of the issuer on a rapid and current basis.
Financial Industry
SEC 17a-4: Store Electronic Records on non-rewritable, non-erasable format. Records retention; ability to capture, store and manage correspondence/ communications regarding business transactions
Check 21: The law facilitates check truncation by creating a new negotiable instrument called a substitute check, which would permit banks to truncate original checks, to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks.
IRS Rev. Proc. 97-22: Provides guidance to taxpayers that maintain books and records by using an electronic storage system that either images their hardcopy (paper) books and records, or transfers their computerized books and records, to an electronic storage media.
Gramm-Leach Bliley Act: Requires financial services companies to implement safeguards for customers’ current and legacy information.
Healthcare Industry
HIPAA: Protects “Individually identifiable health information” that is, any data identified by name, social security, address or birth date whether it is electronic, paper or oral. Also requires patient notification of privacy policies.
21 CFR 11: Defines the recommendations for managing audit trails, access control and electronic records retrieval for Healthcare providers and pharmacies.
Education
FERPA: The Family Educational Rights and Privacy Act is a Federal law that protects the privacy of student education records.
Government
Government Paperwork Elimination Act: Requires federal agencies to accept electronic information and transactions. It also requires that they maintain electronic records.
What would your company do if it lost all its records? AIIM defines “information disaster” as any sudden event that results in the loss of records essential to the continued operation of an organization. It may come in the form of natural disasters such as a flood or tornado, but can also result from a security breach or server failure.
Preparation through education is less costly than learning through tragedy.
The Facts
Although most SMB’s experience an average of 6 outages a year, 1/2 have no disaster recovery plan.
FEMA has stated that 40-60% of small businesses never re-open after a data disaster.
Of those that do, 2 out of 5 will go under without a Disaster Recovery Plan.
A content management system can backup, protect and restore your information securely and reliably. Get started today by downloading our Buyers Kit.
Source: Gartner, FEMA, InformationWeek, AIIM
