On the subject of where to save your paper documents, it seems like there isn’t much to say. And perhaps that is the case with a contract or terms of service here or there. The issue, however, gets more serious when you realise how much paper moves through an organisation each year.
Simply put, humans have a lot of paper to store and keep track of. And as we all know, handling these documents by people increases the risk of accidents and mistakes. However, there is less tolerance for these mistakes because of legal and regulatory constraints.
Typical Paper Document Storage Issues
Here are four of the most frequent problems that occur when businesses keep papers on-site:
1.Wasted Physical Space:
A corporation needs more room to store all of its documentation the longer it has been in business. Traditional paperwork requires to be stored in large quantities of physical space, whether it be in an initial storage room or a future warehouse. This not only entails out-of-pocket expenses for upkeep and maintenance, but also takes up space that might have been used for offices, conference rooms, or other commercial purposes.
There are no restrictions on physical space when it comes to cloud storage. There is no longer any need for sizable on-premises file systems or servers, due to cloud-based document storage. All papers and the data they contain may be stored on servers that are maintained and controlled by independent cloud service providers. This releases your company from having to manage data centres, servers, or handle hardware upkeep and security maintenance.
2. Rising Security Risks:
When traditional paper documents fall into the wrong hands, they can be exposed to security breaches, which is a risk because they contain sensitive data like bank account numbers, social security numbers, and other forms of personal identification.
Using an ECM system or other platform that allows user controls gives you total power over which eyes view your most important data, and is one of the best ways to prevent undesirable people from getting access to your information. Digital document management systems may also track, flag, and timestamp which employees open which records, giving you information about who is accessing your papers and when.
3. Lack of “Searchability.”
Finding a certain file shouldn’t feel like a treasure hunt, but with paper documentation, it often does. Paper documents are difficult to look through and cannot be easily indexed, thus a lot of time and resources are wasted trying to find what is needed.
Use an ERP system that specialises in invoicing functions to replace manual file sending, receiving, storage, and retrieval while enabling remote access and visibility to other teams inside the organisation.
4. Risk of Natural catastrophe.
Paper records may be completely lost in the event of a flood, fire, or other natural disaster. When all data is lost, this type of paper document storage risk can be so damaging to many businesses that it could endanger the viability of the entire enterprise. Businesses require a better method of record storage due to these major document storage difficulties.
Take paper out of the picture and put trust in Digital copies as they are accessible to your organisation even if it no longer has an office. Utilising the cloud to boost agility allows you to quickly switch to a remote work style until the crisis has stabilised. By automating storage in the cloud and carrying out regular backups, your staff will always have access to the information they require to do their tasks.
Maintaining Paper seems like an outdated concept. But despite this, a lot of businesses continue to cling to it as if it were a valued security blanket, paying little attention to how exposed their documents are to various threats.
Make sales, accounts receivable, and accounts payable document storage issues a thing of the past. Ensure that the teams making your organisation run like clockwork are never left without the information they need to succeed. Leverage the power of digital solutions like DOQFY.