Benefits of EDMS for Businesses in a Dynamic Economy

Benefits of EDMS for Businesses in a Dynamic Economy

It comes as no surprise that the COVID-19 pandemic has impacted the global economy at every level. Almost every business has been able to feel the influence the virus has in some way or another, which is why eQuorum has dedicated its resources to providing organizations with innovative solutions to manage files, documents, and data throughout this crisis while reducing costs associated with workflow and document management.

Meeting Data Requirements

According to the International Data Corporation (IDC), business and consumer spending is predicted to slow down through the first half of the year. Data usage, on the other hand, will grow significantly due to increases in telecommuting.

The IDC Global Datasphere predicts that more than 59 zettabytes of data will be created, captured, or consumed this year alone, materially surpassing predictions for previous years. Productivity data is the fastest-growing data category, with a 40.3% Compound Average Growth Rate for the 2019-2024 forecast period.

Data storage requirements will continue to grow across all verticals, catalyzing the need for data and document management software. Whether it’s product development or marketing data, organizations will require software that can support various file types and can be accessed across all departments from almost any location.

With ImageSite’s advanced workflow and document management software, organizations can access the data and file types they need at home while managing key data-centric workflows. By automating versioning and workflow processes, companies can improve efficiency throughout this crisis and eliminate errors, while continuing to grow their data repositories.

Improved ROI

Implementing document management software isn’t a short-term contingency plan, but is a great long-term strategy for organizations looking to scale or who want to lessen the negative impact of future crises. It is more likely than ever that companies will begin to proactively invest in business continuity projects such as Document Management Systems (DMS) since it allows them to respond to disasters quickly, reliably, and securely.

Some organizations may be hesitant to invest in such systems, given the current economic landscape and the fallacy that DMS implementation is an unwarranted cost. On the contrary, ImageSite’s document management system is designed to increase efficiency, take products to market faster, drive revenue, and increase overall security and ROI, making it a cost-effective solution for businesses looking to share files across departments, in the office or at home.

The cost to find, maintain, and manage files is one expense that is commonly overlooked – here’s why.

Let’s say you have 15 employees that each spend an hour handling documents each day. The average salary for the employees is $20/hour, and there are 20 working days in a month. This means your company is spending roughly $6,000 a month on document handling alone, costing $72,000 annually.

ImageSite can reduce document retrieval time by up to 30 seconds per search, significantly lowering the cost of document and drawing file access.

To calculate ROI for ImageSite, you can multiply 0.5 (30 seconds) by the number of employees using the system, and multiply the product by the number of documents retrieved each day per employee to get the document access time savings.

Now multiply the average hourly salary of employees, working days per month, and the months in a year (12) by the document access time savings to calculate you’re annual ImageSite document cost savings.

Subtract this from your annual operating costs, then divide by the initial investment costs for your ImageSite system to calculate your ROI.

This calculation measures the tangible returns of ImageSite; however, more factors can positively affect the ROI associated with using the software. These calculations can be complicated but only add to the value that ImageSite creates for our customers. In addition, ImageSite also reduces costs associated with physical documents, including property costs, storage fees, shipping, and printing.

Workflow Sustainability

If your company is like most, managing processes has become more difficult given the changes brought on by the COVID-19 pandemic. eQuorum has designed a solution to manage workflows and the documents and drawings associated with them.

In ImageSite, workflow automation makes it easy for users to create, track, and manage complex processes. The Workflow module automatically notifies users at each step, either through conventional emails or internal notifications, making telecommuting easier for engineers who no longer get face-to-face time with members of their team.

The Workflow tool also enables users to attach files and comments associated with workflows. This is particularly relevant to engineers who utilize CAD drawings and data pertinent to the completion of their workflow tasks.

Summary

Although we are in a time of crisis and uncertainty, business must continue as usual, and so does innovation and competitive differentiation. Fortunately, eQuorum provides companies with an option that can reduce the impact of this crisis and future disasters on their organization.

ImageSite has been built by engineers so it has been designed with efficiency in mind. Once implemented, ImageSite can solve complex workflow and document management problems and can assist companies in their operations despite the presence of a disaster. Our solutions can effectively help users improve efficiency, security, control, and file distribution, while also ensuring significant returns on their investment.

Additional EDMS Features