Whether we are individuals or businesses, we attach a lot of importance to our assets. We are careful to avoid loss or damage to them through theft or improper use. We spend time, money and effort in managing them so that they give us maximum value.
But while reviewing the assets on their balance sheet, most firms tend to ignore an important one, one that could be their most valuable asset – their data!
In today’s digital age, data is omnipresent. Every day, businesses generate thousands of documents containing hordes of data- reports, invoices, contracts, plans and so on. But what do they do with these? Most companies handle them with plain negligence. Documents get misplaced, lost or more disturbingly, the information in them is left unmined and unutilized.
A popular survey tells us that companies that value their data and leverage it enjoy a market value that is twice or thrice the average. Popular research firm Gartner predicts that by 2022, a company’s information portfolio will be the primary determinant of its value. So it’s high time that you start seeing ‘Data’ for what it is – a key to your success and sustainability.
How Proper Data / Document Management can change the game for you?
The fact that ‘Big Data’ and ‘Data Analytics’ are becoming more common in business parlance today, means that most of us do recognize that data is important for survival but what we don’t fully understand is just how big an impact data can make on our business. Here are some ways proper data management can help you up to your game.
More Savings in Cost
Apart from the direct cost savings they bring in document storage, retrieval, and distribution, data or document management untangles workflows and optimizes business processes. This brings a cost efficiency that has a ripple effect throughout all areas of the business from operations, employee morale, supplier- partner relations, customer service to even sales and branding.
In a globalized business scenario where work environments are distributed across geographies, document management makes easy collaboration between people and departments possible. Modern digital document and data management systems have built-in features like access sharing to facilitate collaboration.
Improved Decision Making
As celebrated Management Consultant and author Peter Drucker had said, ‘what gets measured, gets managed’
Efficient document management and analytics allow businesses to identify and address snags in their processes, measure and track progress, gain valuable insights and make more informed decisions about their business operations.
By managing its documents a business can improve accountability, enhance transparency throughout the organization. This not only helps it mitigate business risks but makes compliance less burdensome.
More Room for Innovation
Managing documents efficiently involves extracting, refining, distributing and monetizing the valuable information they hold. When the idea of holding data valuable seeps into the culture of the organization, creative ideas flow more freely and fosters innovation
Do these benefits inspire you to start managing your documents the right way? The first step is to go paperless. Infognana Solutions specializes in providing customized document management solutions. Experience problem-free document management that will help you gear up your growth to higher levels. Contact us today for more information.
For more information, get in touch with our team today or visit our website at Document Management Services | Data Management Services