EDMS Critical to Your Digital Transformation

【Business Insight】- EDMS Critical to Your Digital Transformation

EDMS – Critical to Your Digital Transformation

Businesses across the globe are focused on making their digital transformations successful. A fundamental component of this push is finding the right Electronic Document Management System (EDMS). While each system will have its own unique features, all will streamline filing and accessing documents and will ensure data security. A well-designed EDMS also supports a company in moving customer interactions into the digital space, which can increase customer satisfaction and be more profitable. 

For years, the media of choice for documents and forms has been paper. Despite the many advantages of paper, it has become increasingly clear that companies must transition away from paper to digital media. A robust EDMS solution provides companies with important avenues to save money and to comply with ever-stricter data management protocols. Moreover, as businesses realize the value of the data contained in their documents, losing these documents to disaster or theft is unacceptable. Business must secure these documents, including having a disaster recovery plan and secure transfer of data.

What can an EDMS offer?

1) High Standards for Document Security
Paper documents are vulnerable to fire, flood, and other unforeseen events. An EDMS is an important step in making sure that all documents are backed up and for establishing a suitable disaster recovery protocol. It must be said, however, that sometimes the risk is not in document destruction but in document retention. Sensitive documents can be protected via restricted access, and access and retention policies can be tailored to comply with the newest data protection laws and regulations. Regulatory compliance can be ensured by an EDMS by automatically incorporating all critical regulatory and internal company processes into everyday working procedures. A strong EDMS will also encrypt all documents through every process and track modifications so that older versions can be recovered in the event that unauthorized changes are made. 

2) Cost Savings
Manual handling of paper documents costs vast amounts of time. According to one McKinsey report, a worker may spend over nine hours a week just searching for files.[1]  Multiplying that across a large company over a whole year can add up to enormous inefficiencies. According to AIIM, 42% of EDMS users achieve ROI in 12 months or less, and 57% in 18 months or less.[2] By implementing an EDMS, documents are automatically and intelligently ingested into the system and can be found in a snap using metadata and cross-indexing.

3) Streamlined Workflows
Documents uploaded into the EDMS are tagged and indexed for later use. This allows users to mine data throughout a company’s document library. Team members can access documents at any time and from any location via mobile applications. Reminders can be added so that users can more easily follow correct procedures for each type of document.

4) Environmental Friendly
According to one Pricewaterhouse Coopers study, over 4 trillion paper documents are produced in the U.S. alone, and this is growing at a rate of 22% per year.[3]  And a typical office worker’s carbon footprint from paper use alone may be up to 35 kg annually.[4]  Companies need to get ahead of the curve in terms of their environmental strategy. Such a strategy will necessarily involve decreasing paper documents. According to AIIM, 60% of storage space in an office can be liberated by using a digital filing system instead of paper.[5]

5) Integration with Business Model
Approvals, work orders, invoices, tax statements, and more can be integrated into your company’s specific business model. Documents in an EDMS can be integrated into the company’s RPA strategy for even greater leveraging of their data’s power. Documents can also be shared with external partners in a secure, traceable manner.

Fuji Xerox (Hong Kong) has developed several EDMS solutions for SMEs and enterprise clients. They support automatic backup, instant document encryption, and much more. Please contact us for further details about how Fuji Xerox (Hong Kong) may be able to help your company to enhance its information security and get complete control over file management.

Sources:
[1] https://www.mckinsey.com/industries/high-tech/our-insights/the-social-economy
[2] https://www.aiim.org/pdfdocuments/IW_Paper-free-Capture_2012.pdf
[3] http://structuredweb.com/sw/swchannel/CustomerCenter/documents/4753/8225/CostofDocs.pdf
[4] https://www.carbon-footprint.hk/PDF/EPD_CA_Guidebook_Office_English.pdf
[5] https://www.aiim.org/pdfdocuments/MIWP_Capitalizing-on-Content_2011.pdf

About Author

Patrick Leung
Director, Marketing
Fuji Xerox (Hong Kong) Ltd

A seasoned and forward-thinking marketer specializing in digital transformation and marketing with extensive regional experience.

Tech-savvy, innovative, and witty, he is apt to planning and implementing new tactics and steering away from traditional marketing in the digital era. Helps companies and clients achieve business goals and works alongside them on their digital transformation journey. His role is to strengthen the position of Fuji Xerox (Hong Kong) as a leading ICT agency in Hong Kong, which is committed to enabling clients’ business success through game-changing technologies such as AI (artificial intelligence) and RPA (robotic process automation).


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