In the 15 years eFileCabinet has been in the paperless office business, we have assisted many organizations of all sizes and industries reap the benefits of document management software. Businesses truly transform processes and move operations into high gear by making the transition into a paperless, digital document management system. However, in our experience, there are five target industries currently benefiting the most in this paperless revolution.
As an Accounting Industry Professional, time is the most valuable—and limited—resource. But in this information-centered world where paper is plentiful, time may not be spent as efficiently and stress often increases proportionately with the volume of paper.
Anyone who thinks the accounting industry is “boring” has never experienced the constantly looming deadlines, cutthroat competition, and brutal struggle to gain and retain clients. A straightforward, 40-hour workweek is rare, especially during the long tax season.
Working smart is just as important as working hard, especially when billable time is primarily the means of income. Too much wasted time is spent doing mundane work that doesn’t justify billing—think searching for files, copying files, sending files—it’s time to minimize the busywork.
“Time during tax season is a very expensive time. You can make more money, but you can’t make more time. 10 or 15 minutes per return may not sound like much, but during tax season that is pure gold. If you figure about 800 returns, that amounts to 200 hours. Or 5 more weeks! The savings on 800 returns including paper, toner, printer wear, and labor would have to exceed $5,000,” says James T. Scherer, owner of CPA firm XYZ.
Going paperless saves time in accessing documents, money in equipment like copiers and printers, and stress over lost information and important documents. Paperless data storage makes life much simpler and faster for the accounting industry.
Financial Advisors are expected to have comprehensive knowledge about the latest investment strategies and products, as well as insurance, annuities, and asset allocation, all while keeping client information completely secure and compliant. Managing large amounts of information is key to successfully managing financial portfolios.
“It’s much easier to access information because we can organize it much better electronically than in a paper file. Filing is easier, scanning is easier, finding things is easier, and we’re much more current. All of that makes the operation more efficient,” says Carlene Patterson, CFP, Founder, and CEO, Ascension Financial Group
Financial advisors stand more to gain than just cost and time savings by going paperless. With the field’s hefty regulatory requirements that must be met, feature rich document management software enables the investment professional to have an iron clad compliance tool that can provide features such as document retention, audit trails, role-based security and alerts.
A paper-based system requires that the advisor spend wasted time meticulously maintaining paper records, while a paperless system can keep their practice in compliance with regulations automatically.
In today’s world, many financial advisors are on the go – visiting customers in many locations. Using a digital document management system also benefits the advisor by making files available on any device with an internet connection, as well as peace of mind that their customers’ information is safe and secure. Advisors can work from anywhere, anytime. This freedom is not just another benefit they enjoy but a necessity in today’s fast-paced, instant response world of managing client expectations.
The Insurance Industry is one of the most paper-heavy professions in the country. Insurance agencies use up paper at an impressive rate. They print reams and reams of paper when they mail copies of policies to customers or file claims. As a result, a whole lot of money is spent additionally on space for file cabinets, folders, and a lot of time is spent typing, printing, copying, and searching for specific files through piled-up documents.
All of these problems can be eliminated if the insurance agent decides to go paperless and manage documents digitally instead. They can quickly integrate notes with the claim or policy and pull up previous notes that may support the case. There are many insurance offices that are transforming into paper-free zones.
“I save approximately 3 hours a day by not having to go to the filing cabinets,” says Rosa Rodriguez, La Rose Insurance Agency, Inc.
Whether it’s health insurance, car insurance, or life insurance, there is a need for superior security and efficiency when it comes to record documentation management. After all, insurance documents often contain a mountain of private information. From social security information to financial statements, insurance documents are no stranger to compliance requirements.
In the past, the insurance industry was left with very few outside options. Today they face a different reality. In fact, the days of labor-intensive document management may well very be a thing of the past. The solution many agencies have found is document management software, or DMS.
More than any other office environment, healthcare facilities are overwhelmed with paperwork. They’re also held to the strictest levels of document. Many feel forced to juggle excellent patient care and processing piles of paperwork, and have chosen to go paperless to help their business.
Recent surveys report that health care employees rank highest in both stress levels and workload. Healthcare is a paper-heavy business and going paperless can lower overhead, drive profitability and growth.
Research estimates that the healthcare industry wastes $190 billion each year in paperwork/unnecessary administrative services. As much as another $88 billion is wasted every year due to the ineffective use of technology available. Some practices estimate they spend 40% of their revenue filling out paperwork. US Health Policy Gateway
Deanna Hancock, owner and founder of DMH Contract Nursing Services, estimates that she has been able to recoup 20% more in billing since switching to paperless.
Document management software helps in every department of healthcare facilities, including Admissions, Charting, Registration, Payroll, Pharmacy, Human Resources, Accounting, Purchasing, and anything else you can think of.
Healthcare organizations are finding that streamlining and sharing access real-time to patient information is making life a lot easier and less stressful for their employees.
No discussion about the healthcare industry would be complete without bringing up the topic of HIPAA Compliance. Medical facilities are held to the strictest level of security. Patients expect it. Federal legislation requires it. Document management software featuring retention, role-based security, audit trails, and robust SSL security ensures compliance with complex HIPAA laws.
“We have to abide by all the rules and regulations of HIPAA, and security is everything.” shares Ryan Patano, Alta Medical Management.
Document Management Software provides all the tools needed for healthcare industry to simply store, search, and share important information safely. Healthcare workers all over the world are realizing that going paperless makes the work they do significantly easier.
Perhaps the biggest surprise on the list, the Manufacturing Industry is joining the paperless revolution in droves. Why? Manufacturing is a fast-paced and ever changing industry. Processes are complex and data is critical. Managing paperwork – contracts, agreements, order forms, shipping documentation, product design forms, QA documentation, inspection reports, change orders, invoices, purchase orders, compliance reports – add up fast, especially as any produced product, tool or piece of machinery requires stringent documentation to ensure compliance with safety standards within the industry.
Industries as diverse as aerospace and construction material suppliers are harnessing the power of the cloud in order to gather and analyze information from all sources in order to implement procedural improvements. Cloud computing is streamlining how manufacturers interact with both customers and suppliers by providing instant access to organized data and making communicating across digital platforms seamless.
Cloud-based document management services don’t just make it easier to keep track of all documents and records, they make it safer as well. Data loss is just as dangerous to a company as inefficiency. Whether it comes from a virus or a hard drive failure, manufacturing companies face numerous digital threats that can bring production and profits to a standstill.
“Keeping track of our documents and keeping them accessible is vital to the company’s growth. We have no time to waste waiting for documents to move from office to office or looking for misplaced documents” says Jonathan Felt, UST Manufacturing LLC.
The Manufacturing Industry has found that document management software is safe, easy to use, and inexpensive. With instant access to all documents across a variety of platforms, productivity, safety, and efficiency skyrocket. Benefits any business owner appreciates.
DOCUMENT MANAGEMENT SOLUTIONS BENEFIT EVERY INDUSTRY
Although these five industries are leading the paperless revolution, every business and every industry can reap rewards. The business world is rapidly evolving, with new technology and software available daily. When you decide to transform the way your documents are stored and managed with a document management software solution – we are confident you will find the benefits really stack up.
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