Electronic document delivery makes it easy, fast, and safe to store and share information online. Replace old paper data with NatPay’s Doculivery.
The average business spends approximately $20,000 per year on unnecessary document-related costs which can be easily avoided with online document management delivery.
And even as we transition to a digital world, the vast majority of businesses are still toiling with vulnerable and error-prone paper processes, with around 50% of a knowledge worker’s time spent on document preparation. But wait, it gets worse, and let’s not paper over the cracks—nearly a fifth of lost productivity at work occurs due to document management problems, which again, can readily be resolved by digitizing your document management system.
Automated document systems have become a key business requirement. These digital document delivery systems come with new security, collaboration, and analytics features, and can considerably ease the work of maintaining streamlined information processes for businesses. Document delivery systems decrease the costs associated with sending data such as invoices or statements, while increasing speed, security, and compliance.
Electronic document delivery makes for a cleaner, modern, and robust method to handle information. The need to transition to electronic document delivery has thus become undeniable. The migration from paper to digital can save businesses millions of dollars, while also increasing customer satisfaction rates.
As another advantage, a digital document solution makes audits a snap. These document management systems increase security not only for auditors but also for customer data. Storing sensitive information on paper exposes it to risks that digital tools can protect against, including theft.
In addition to all of the above advantages for your business, using an automatic document delivery system also decreases our burden on the planet. Replacing paper with electronic systems can prevent deforestation, as well as limit the amount of refuse in landfills. Digital tools also require less power generation than paper production.
The Problem with Paper-Based Document Management Systems
Consider all the important documents that constitute the essence of any business – financial reports, employee agreements, project contracts, and invoices are a few of these records that come to mind. Now think about how these vitally-important documents are managed. Are they stored in an unlocked filing cabinet? Are some on your desk right now? Do the documents have to be transported manually and signed by hand?
Paper-based document management systems have several disadvantages. But the main flaw is scant security. Threats that every paper-based document management system is vulnerable to.
Humans can make mistakes, a problem that becomes more pronounced when data is recorded on paper. And there’s one more thing we imperfect beings are susceptible to— misplacing things. How many times have you lost valuable work time looking for a document that’s been misfiled or misplaced? Ever had so much as a drop of water spilled onto a document? It's likely that all information on the page will be rendered unreadable. In addition to being ruined by moisture or fire, ink absorbent paper slowly fades with time due to exposure and aging processes which make these documents even more difficult (if not impossible) to read in their original state after being stored in an archive system for years.
A digital repository replaces filing cabinets allowing users secure storage space while also providing easy retrieval capabilities. Furthermore, employees may have more unauthorized access to papers than to secure digital documents.
Paper-based document management systems also slow down operations impacting productivity. And when employees need to print pages for their work, the business needs to pay not only for the paper, but also for ink or toner, printers, and other devices. These costs can quickly add up. Employees may overlook or fail to complete compliance tasks if they have to deal with those tasks manually. Digital document systems can automate much of this work, ensuring regulatory compliance.
It takes several minutes and several dollars to process an average document, even onsite. And that’s when things go right. Errors can be costly, and organizations can very well spend more time managing their documents than drawing value from them.
Laboring with a paper-based system sends the wrong signal to the public as potential customers see such businesses as being out of step with the times. Going paperless can save you time and money, while making your workers’ lives easier and increasing customer satisfaction and retention. It also gives you instant information on the progress of your data.
Transitioning to Electronic Document Delivery
Transitioning from a physical document storage system to a powerful document management system has enormous benefits for society and businesses alike. The decrease in paper usage, thanks to digital tools that facilitate efficiency and profitability, are just a few ways these advancements can help to streamline business operations.
With efficient access no longer limited by physical limitations like availability or storage space, it is possible now to have critical information at your fingertips 24/7 without fear it will get lost due to any mishaps along the way – even if you're not around during work hours anymore.
Improved safety and efficiency in terms of accessing or sharing documents is just one example of how electronic systems have an edge over their hard copy counterparts. However, implementing this kind of change isn't always easy as some may think – especially considering the time commitment needed from employees on your team who need access rights across new platforms.
The process of preparing, scanning, and indexing documents into an electronic DMS will likely involve multiple employees. Certain manual aspects of this task may be best suited for a clerk or entry-level administrative employee while other more complex tasks might require input from higher-level employees. Assigning specific people to take ownership of this project ensures accountability which is crucial when undertaking a project of this magnitude.
In offices that deal with large volumes of documents, it may be more manageable to transition the critically important documents first and schedule later dates for the less-critical ones. Start off with a broad selection for electronic document management. This allows employees to get familiar with the new system, and helps you stay organized while narrowing down which documents should go where. By focusing on a smaller set of records at first, employees can get better organized and find their own natural rhythm for doing tasks while using the new system.
The new electronic DMS is more than just a storage system for documents. It presents an opportunity to review and weed out those you don’t need. Managers may feel more comfortable handling certain document classification tasks personally. It’s important to dispose of these only after any necessary compliance period by using secure disposal methods. Managers may also want to provide input into naming conventions as well as tagging best practices.
Once you’ve determined which documents need to be cataloged and which will make up the first wave, you can turn over physical document preparation tasks. Assess document quality, repair damaged documents if possible, and separate documents by size, shape, and other characteristics to consider while scanning.
All this data will be stored in a system called the central location, which employees or managers can access to review documents on demand. Not too long ago, this was accomplished by hard disks with great volumes; however, thanks to technology and an increase in broadband Internet services, cloud-based solutions are now the preferred option.
A feature of online document management systems that traditional systems cannot compete with is collaboration. Not only can people send each other information instantly, but they can also work on the same document simultaneously. The system manages access, securely allocating privileges as necessary. This allows employees within an organization to work smarter together, as well as collaborate with external partners and even customers.
Setting Up an Online Document Management System
The cloud storage system for document management systems is usually customized to meet the needs of each company. In any case, it's typical to allow restricted access through a user mechanism and password which can be additionally protected by security measures such as encryption or digital signatures; and even then, only certain users are granted permission.
Thanks to these systems, the deletion of files is practically impossible even if there's a cyber attack that eliminates information. If you encounter any issues, they are more easily resolved than with paper, as you have backups, traceability, and recovery tools.
During the planning stage of setting up an online document management system, consider the classification that you’ll want to use for documents. This may include categories appropriate for your work, along with processes that connect those documents. Also, consider which people in which organizations will be granted access to these documents. Storing metadata (data about data) for each document can render your data far more useful. You also may want to find any documentation activities to automate, as this can save considerable time. An online document management system comprises a secure database server, with encryption protocols for transmitting data. It also has to comply with regulatory requirements for payroll and taxes, among other legal functions. If you have specific document needs for compliance, you can customize an electronic document management system.
Version control tracks the different iterations of the document as people work on it. Using this feature in an online document management system enhances accountability while making data easier to manage. You also can use templates to facilitate the creation of consistent documents. These tools are adaptable to any organization’s needs and generally easy to use.
NatPay’s Doculivery is a high-tech, high-touch online document management service that incorporates a unique set of adaptable modular components that can be customized to meet your needs.
Automate Your Entire Document Management System with National Payment
An online document management system can save you time, money, and effort (and headaches). It eliminates the numerous hassles of managing paper documents, including errors and losses. Instead, you have a fast, safe, effective tool for enhancing your processes. Customers expect digital documents. Partnering with an industry leader like NatPay can help you to exceed those expectations with a robust system that can grow with your organization.
Doculivery consolidates data into a unique web-based tool accessible from any internet-ready location. Electronic documents are created and delivered in less time and at far less expense than traditional paper models. Doculivery's versatile design also allows system modifications designed to meet regulatory recordkeeping requirements.
From E-statements, E-bills, and electronic pay stubs to online W-2s, 1099 forms, and automated fillable forms, Doculivery manages it all securely, enabling users to quickly and easily produce documents required for audit, regulatory, and legal purposes.
NatPay is an innovator in the online document solutions industry with over 25 years of information distribution experience. Contact NatPay today and see why over 30,000 clients across the nation trust NatPay to manage their online document portfolio.
Visit our White Paper Library to download this article: Doculivery — Redefining Enterprise Document Delivery