Paperless policy management benefits the environment, and it can also benefit your organization.
Document management software such as PowerDMS simplifies the process of creating, updating, and filing documents.
It cuts costs and reduces the time and energy required to effectively manage policies and other important documents.
Here are just a few of the ways paperless policy management software can benefit your organization:
Paper-based document management systems come with a lot of risks and hassles. Statistics show that around 3% of company documents get misfiled, and 7% go missing.
Paper documents can also easily get damaged or destroyed.
A catastrophic event such as a fire or flood is hard to recover from in any case. But if all your company’s documents and records are paper-based, such an event could cause your organization to go under.
Paperless policy management, on the other hand, provides a central, secure location for all your organization’s documents.
With PowerDMS’s cloud storage, you can securely access documents by logging in from any device. Your important records are safe, even if something were to happen to your office space or computers.
Paperless policy management means less paper and printing. And, in turn, less waste and less harm to the environment.
Each PowerDMS customer saves an average of 325,000 pieces of paper by switching to paperless policy management software. That’s almost 40 trees per customer.
Along with being bad for the environment, printing is expensive.
According to The Paperless Project, U.S. companies spend more than $120 billion a year on printed forms, most of which are outdated within three months.
Along with the cost of paper, ink, and other printing supplies, paper file storage can also be expensive.
Experts estimate that a four-draw file cabinet takes up to 9 square feet of office space, which may add up to roughly $1,500 each year in rent.
Plus, companies that produce high volumes of paperwork may need to hire additional administrative personnel just to help maintain files.
Lost or misfiled documents can eat up valuable man hours. It’s estimated that every misfiled document costs $125, and a lost document can cost more than $350 in man hours to replace.
A paperless policy management may seem like a large investment up front, but it can save your organization thousands of dollars in the long run.
On average, PowerDMS customers have saved $9,775. All told, PowerDMS customers have saved almost $25 million in paper and printing costs alone.
Simplify how employees access crucial information
An IDC report found that the average employee spends roughly 30% of their time looking for information. That takes away from the time that employee spends doing their job. It makes it harder for them to quickly address customer questions or needs.
Paperless policy management makes it incredibly simple for employees to find the information they need.
Employees can securely access policies and procedures from any device – inside or outside the office.
Policy management software also makes it easy to review and update policies. Company leaders can collaborate on documents, and administrators have full version control to see who has viewed and edited each document.
They can also set up workflows to simplify the approval process.
Once a document is finalized, administrators can distribute it to all employees with the just the click of a button.
They can make sure employees only see the most up-to-date version, and gather employee signatures to make sure everyone has read and acknowledged the document.
Especially in highly regulated industries, paper policy management can bring up many compliance issues.
Employees may not be able to find the proper procedure and end up skipping a crucial step.
Important deadlines for certifications or record retention may get overlooked. Employees may be unaware of important industry standards or regulations.
Paperless policy management helps your organization stay in compliance by ensuring your documents are up-to-date, and employees have the information they need.
A document management system can ensure that all employees sign off on policies. In systems such as PowerDMS, administrators can even track changes in industry regulations, and set up automatic reminders for important deadlines.
Where to begin
Going paperless can feel like an overwhelming prospect.
It’s true that there will be an adjustment period – your company likely won’t go completely paperless overnight.
But paperless policy management is a worthwhile investment in the long run. And you can start that process today by moving your company’s most important policies and documents into a policy management software.
PowerDMS’s policy management software can help your organization cut costs, reduce waste, and streamline document management. It’s time to invest in your company’s future by implementing paperless policy management.
Paper is one of three types of policy management systems. Digital tools like PowerDMS are another. Learn more about the three types, as well their pros and cons.