Document Collaboration: The Stats That Back It Up

How confident are you about the productivity or effectiveness of your current Document Management System? What if we tell you that over 21% of your productivity is going for a toss daily just because of document mishandling or lack of document workflow process?

These stats should make you take document collaboration seriously:

Money is lost every minute employees manually carry out processes involving document workflow

Searching for documents is a time-squandering exercise

An average employee spends 50% of his time searching for a file and about a total of 18 minutes every day to locate it. While 18 minutes may look less threatening a collective time for a company of 200 employees spending as much time equally would amount to a massive amount of unconstructive work every day. Do we gauge the threat now?

For example, in Nigeria – If the average turnover of a company of 200 employees is N3,000,000/day, each employee’s contribution to the loss of the gross turnover would be N56/day, which amounts to N11,250/day.  which further amounts to N292,500/month(considering 26 working days). The amount of money splurged would easily cover a fair share of factory expenses and the maintenance team would still be left with some money for the housekeeping staff salaries and office stationeries.

Take a look at some of the most important document management system statistics to have a wider perspective on the subject.

More than 75% of business owners prefer accessing files remotely

Source here 

One of the reasons cloud-based document storage is important is because it provides the flexibility that can help the team manage documents from wherever they want. The cloud-based DMS allows multiple workers to work on the same document simultaneously. Vital records can be shared, managed, and organized securely and safely following the plan of action.

E Signature reduces the turnaround time by more than 80%

Source Here

E-signature means having the signing process automated by giving digital signing rights to clients and members responsible for the approval process. The time from the submission of a process to the completion of the process was drastically reduced by 80%. A whole lot of time can be saved by digitizing every aspect of the document cycle.

More than 90% of the workers collaborate over documents via email

Source Here

Every information the team accesses nearly reaches them in the form of a document of some kind. The workers or respondents rely on emails to share and manage documents. These documents are prioritized with a smart document automation platform. These documents can be stored, tracked, retrieved, and managed while having centralized access, making the streamlining of the documents a preferred choice for more than 90% of the employees.

More than 7% of all paper documents get lost during the work process

Source Here

Managing paper documents is a daunting task, for it is marred with various kinds of challenges. Compliance and regulatory audits are essential practices for organizations that adhere to state and federal regulations. If hard copy records go missing, it is difficult to retrieve it back. Moreover, you could be subject to a heavy penalty. You could even lose your professional reputation and licenses, let alone a penalty. 

To be able to dodge the predicament, you need to convert your physical archive into a digital central repository. Doing so will eliminate the risk of losing important documents and can help you acquire a secure and effective way of managing the documents.

The aforementioned data does not even unravel the complete picture. There is a lot more an enterprise can potentially lose if it does not seriously adopt the wiser way.

The solution that counters all

Flowmono is a document management system with an advanced integrated business process management system. It is a DMS that, from tracking the document version history to sharing and collaborating over it, helps you transform your physical data into a digital repository. Flowmono empowers users with a variety of features like the Flowmono Sign, Flowmono Drive, Flowmono API, and Process Management. The system takes care of the complete safety and confidentiality of the documents and is designed to simplify otherwise complicated operations.

How Flowmono caters for document solution in organizations  (in a nutshell) 

  • Experience advanced document search.
  • Flowmono accepts every file type.
  • Upload plenty of documents in one go.
  • Maintain multiple copies of a document with version control.
  • Collaborate, share, and work on a document with your team.
  • Initiate a document first or a form first workflow.
  • Get an audit and log the activity of every action.
  • Selectively allow or deny access to a document.
  • Set frequency-based reminders for yourself and your team.
  • Capture, retrieve, and approve documents.
  • Store your data on the cloud.

The statistics presented here shed light on the significant impact of document management on productivity and efficiency in organizations. Document mishandling and lack of streamlined document workflows can result in substantial losses of time and resources. 

It’s evident that embracing modern document management systems, such as Flowmono, can address these challenges effectively. They not only offer a comprehensive solution that not only digitizes and centralizes document management but also enhances collaboration, version control, and security.

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