5 Mistakes You Don't Know You're Making in Enterprise Document Management
That cost you time and resources
Have you ever found yourself frantically searching for an important document before a deadline? It's frustrating, to say the least.
If you work with documents, you've likely faced this situation too many times. It's a real struggle. Let's uncover some mistakes you may not realize you're making, which are wasting your time and resources. Discover the secrets to streamline your document management like a pro.
Mistake #1: Neglecting Document Digitization
Surprisingly, despite decades of discussing the concept of a paperless office, the average office worker still consumes around 10,000 sheets of paper per year, as reported by Forbes. A recent Forrester report revealed that a remarkable 97% of organizations had limited or no digital document processes, with 72% relying on a combination of paper-based and digital methods.
That's a shocking statistic. By neglecting to digitize your documents, you're not only wasting valuable office space but also hampering productivity and accessibility.
Document digitization can improve overall productivity by 36% and reduce operational costs by 30%. Imagine the time and resources you could save by simply converting those piles of paper into easily searchable digital files.
Tip
One of the possible solutions to this problem is leveraging document management software such as OpenText Content Suite or Microsoft SharePoint. These platforms provide robust document digitization capabilities, allowing you to scan, convert, and store your paper documents electronically.
Explore our compelling customer story that highlights the successful implementation of SharePoint Intranet to be used by 110 internal users and 250 external partners. Witness how this solution dramatically improved document management practices, enhancing collaboration and driving efficiency in the industry.
Mistake #2: No central place to store all your documents
Do you find yourself wasting hours searching through multiple file cabinets, network drives, and email attachments to locate a single document, in a correct version? If so, you're guilty of making mistake number two: not having a centralized document repository. This common error leads to inefficiencies, delays, and frustration for both you and your team, and even your external partners.
IDC data shows that employees spend an average of 30% of their time (2.5 hours per day) searching for information.
This inefficiency stems from scattered data across various platforms, making it difficult to find the necessary information quickly. By implementing a centralized document repository, you can streamline information retrieval, enhance collaboration, and improve workflow efficiency.
Tip
To overcome this challenge, consider implementing solutions like OpenText Extended ECM for Microsoft Office 365, that enables businesses to manage their content efficiently across various platforms and from their usual interface. With OpenText Extended ECM, businesses can streamline content-related processes and improve their overall efficiency.
With powerful search functionalities and intuitive folder structures, you'll be able to find the right document in the right place, in the right time quickly, collaborate seamlessly, and eliminate the chaos of scattered files.
Mistake #3: Ineffective Document Categorization and Metadata
You might think that organizing your documents into folders and subfolders is enough to keep things in order. However, without proper categorization and metadata, helping in adding business context, you're essentially playing a never-ending game of hide-and-seek.
In fact, studies show that 62% of workers give up looking for a document after 20 minutes of unsuccessful searching. And 83% of employees will recreate documents if they can’t find them on the company network.
By implementing a robust document categorization and metadata strategy, you can quickly locate the right document at the right time within the right context. Leveraging intelligent tagging, keywords, and relevant metadata fields will empower you and your team to find and retrieve documents with ease, saving valuable time and resources.
Tip
To overcome this challenge, consider implementing solutions like d.velop Invoice Management for M365 Business Central and d.velop Invoice Management for M365 Finance and Operations, that enable businesses to manage their content efficiently across various platforms and from their usual interface.
With powerful search functionalities and intuitive folder structures, you'll be able to find the right document in the right place, in the right time quickly, collaborate seamlessly, and eliminate the chaos of scattered files.
Mistake #4: Lack of Version Control and Document History
Have you ever wasted precious hours sifting through multiple versions of a document, unsure which one is the most up-to-date? If you nodded your head, you're making mistake number four: neglecting version control and document history. This oversight can lead to errors, miscommunications, and even compliance risks.
By implementing a proper version control system, you can keep track of document revisions, identify changes made by different collaborators, and ensure everyone is working on the latest version. This not only saves time but also enhances collaboration and eliminates the headaches associated with outdated documents.
Tip
To tackle this challenge, cloud-based solutions like OpenText Core Content can leverage a robust platform that excels in document version control, secure access, and automated workflows. Its versatile nature allows for seamless integration with various business applications, enabling you to optimize your document management practices and foster collaboration across teams. Learn how to use OpenText Core Content for projects and streamline your processes.
With version control in place, you'll have a clear audit trail, eliminate confusion, and ensure everyone is working with the most recent document iteration.
Mistake #5: Failing to Implement Document Security Measures
In today's digital landscape, data breaches and unauthorized access pose significant risks to businesses. Failing to implement proper document security measures is a grave mistake that can result in severe consequences, both financially and reputational.
According to the Ponemon Institute, the average cost of a data breach in 2023 was a staggering $4.24 million. By proactively securing your documents through encryption, access controls, and user permissions, you can safeguard sensitive information and protect your organization from potential breaches.
Tip
To bolster document security, consider utilizing solutions like OpenText Regulated Documents, which helps manage and control regulated documents throughout their lifecycle while accelerating time-to-market and reducing total cost of ownership. It offers robust security features such as encryption, access controls, and rights management.
By implementing these measures, you'll safeguard sensitive information, control document access based on user permissions, and mitigate the risk of data breaches.
By avoiding these costly errors with the right Enterprise Document Management solutions, you'll streamline your document management processes, save valuable time and resources, and propel your business towards greater efficiency and success.
Remember, the road to effective enterprise document management starts with recognizing the pitfalls, coming up with the right strategy and proactive measures to overcome them. Don't let these common mistakes hold you back any longer. It's time to evolutionize your document management practices and unlock a world of streamlined productivity and resource optimization.
