Overcome time and cost overruns using electronic document management

Most of us have heard the expression ‘red-tapism’ at one time or the other. The term brings up a mental picture of a government office where applications, tenders and other important documents in the pipeline move forward at snail’s pace. While the applicants await their files to be cleared, the costs of raw materials, wage rates etc. gallop skywards. This is fast becoming a thing of the past, though, with improving technology and wider acceptance of more efficient ways of working. Business organizations and government departments alike are fast resorting to electronic document management to speed up the performance of tasks and the completion of document based processes. This results in preventing time and cost overruns as also a healthier bottom line.

How document management helps achieve this…

Digital documents and email integration

Applications and other documents that are received can be processed faster if they are scanned and stored in a digital document database. Digital files can be archived for future reference too. With email being the preferred mode of official correspondence between clients and service providers, it also becomes important to manage email messages and attachments just like you manage any other document. Document management software lets you import all your email into its database. Globodox is a solution that even allows you to automatically capture email from POP3 servers. It stores the message and each of its attachments as separate documents that are independently searchable. Furthermore, in case you need handwritten signature on paper, you can always print out the document from within the document management software’s interface.

Example:
Agreements are often drafted and reviewed several times before being approved and mailed. The same is often the case with several other types of documents. If the documents are drafted, modified and reviewed digitally, you can easily gauge the amount of paper and other office supplies that you would save over a period of time.

Automation of business processes

When files move from hand to hand or via email, work can slow down. Shuffling of papers, refiling etc. take up a lot of time. Email not immediately referred to can go way down in the inbox, pushed down by new messages that may not be work related. “Out of sight” could translate into “out of mind.” When paper based business processes are digitized, documents are routed automatically and task notifications sent automatically to the users supposed to perform them. These would be part of your document management system, that stores only relevant documents. You can choose to import only important email and other documents. This removes all distractions (e.g. promo email) and lets you speed up tasks, preventing delays.

Example:
A loan applicant’s file arrives at the desk of the manager authorized to approve it. Scores of folders arrive at the desk and placed in drawers everyday for lack of desk space. If the manager is unable to review the application immediately, it could get hidden somewhere at the bottom of the pile or stashed away in a drawer. Email reminders could easily get ignored amidst other tasks performed by the manager. Had the office been using Globodox, the loan could have been approved, the amount disbursed and the lender would have already begun receiving revenue in the form of interest. How?
Globodox lets you run an approval workflow for the loan documents. The documents themselves (or the applicant’s ‘stack’) can be attached to the task message. As soon as the manager opens the task message, they can open the document attached, review it if needed and approve it right away. A delay results in an opportunity cost. The only solution would be to avoid such situations by adopting electronic document management.

Quicker access to files

In order to route documents promptly and get processes completed efficiently, the documents themselves must be easily retrievable. An electronic document management system lets you organize files in multiple ways. Using Globodox, you can arrange documents into folders, by document types, assign tags to them (labels/keywords) or even organize them client wise (e.g. loan applicant) or project wise (e.g. new product launch) into ‘stacks’ etc. What’s more, if you need to switch between certain documents, you can even link them to one another for quicker access! To top it, Quick search, Advanced search and Saved search help you find files faster, just as you would using an Internet search engine.

Example:
Say you just ended a phone call with a client. Their copy of an important report has been damaged. You have committed to sending them a copy of that report before the end of their business day. As you did not scan the report, you would need to look for it in one of the filing cabinets. If it was misplaced, you would find it hard to fulfill your commitment (A study by Coopers & Lybrand reveals that 7.5% of all documents get lost, 3% of the remainder get mis?led). But if you have scanned all your client related documents into Globodox and organized them into client wise stacks, you can easily find the document right from your desk. You can even email it from within the Globodox interface and save on courier charges.

We thus see that using document management software helps you digitize documents and manage those documents and existing digital documents together. You can find documents fast as well as route them automatically to complete business processes in an efficient manner. The end result: elimination of delays and cost escalations. Globodox offers just the right blend of capabilities to achieve these objectives.

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