2021 Document Management Trends to Focus on this Year

As we enter a new year and leave 2020 behind us, many businesses have had to unexpectedly adapt their information management strategies to account for remote information sharing, limited server access, and data security concerns with many of their employees working remotely. Information management trends for 2021 will focus on remote document management, cloud document storage, and focusing on more cost-effective solutions that yield high ROI.

Remote Document Management

The Covid-19 pandemic exposed weaknesses in the way many organizations manage and share information. The sudden transition to a remote workforce required companies to reevaluate their records management processes – especially within accounting, human resources, and operations. Businesses have had to adapt their information governance strategy to account for remote document access, data transfer security, and automated workflow processes that support collaboration from multiple locations and systems.

We expect to see remote document management continue to be a driving force in information management strategy throughout 2021. Electronic records management will become an essential aspect of accounting departments as it relates to invoicing, vendor management, approvals, tax records, and more. Human resource departments will need to adapt to automated hiring, onboarding, and training processes.

So, what are the best information management strategies for remote working?

For businesses wondering how to adopt a remote document management strategy in 2021, start by focusing on document scanning, scan on demand, and cloud-based document management software. This helps departments collaborate and share information easily without being in the office. It also reduces the time spent looking for records or misplaced files and will increase your ROI.

Remote document management solutions will become a priority for many organizations in 2021, as professionals look for new ways to manage electronic records and collaborate remotely.

Cloud Document Storage and Mobile Document Access

According to Statista, the cloud-services market is expected to amount to approximately 172.1 billion U.S. Dollars by 2021. The category includes the sub-segments cloud-security, and hosting, storage as well as computing services.

Streamlining processes that were once-paper based by converting to digital records and cloud document storage can reduce time spent on invoicing, customer service requests, and operational tasks. Document management softwares such as FileBound, centralize business records in the cloud, enabling workers to access information remotely, create customized workflows with coworkers, and automate tasks.

Make digital transformation a priority for your organization in 2021 with mobile-friendly, easy-to-use digital records management platform. If hard copy records are currently scattered between different employees or locations, a cloud software will create a centralized digital repository. If employees are overwhelmed searching for information and don’t have access to the data they need while working remotely, a cloud software offers an easy-to-manage workflow. If security and compliance risks are causing stress and you cant find important paperwork while preparing for audits, a cloud software can help you stay compliant and organized when it comes time for audits.

Focusing on Cost Reduction and ROI

With the uncertain year that we had in 2020, companies are looking for cost efficient document management solutions that will fit their budget and offer practical ROI in 2021. Evaluating necessities versus nice-to-have’s is a realistic strategy and doesn’t mean your information security or efficiency needs to suffer. Having a concrete plan for storage, scanning, shredding, and electronic document management can save businesses anywhere from $800 to $4,000 per month.

Here are three actionable steps you can take today to start reducing costs:

Contact an offsite document storage provider for the file cabinets and boxes cluttering your office

How much money can you save with offsite document storage? The simplest way to reduce overhead costs is to store your records at an offsite document storage facility. Because document retention periods can range from 5 years to 30 years, the costs of storing files onsite can quickly add up as you need more filing cabinets and space. Between the average price of office space per square foot, number of file cabinets, and number of employees managing paperwork, the average workplace ends up spending an average of $30k annually on storing, filing, and retrieving records in house. An offsite document storage provider can reduce this cost and provide the value-added benefit of better data security and convenient scan-on-demand.

Sign up for a free demo of an electronic document management software

The right document management software can begin to boost your productivity immediately and can simplify and streamline your accounts payable and human resource processes — saving you time, money, and frustration with an immediate return on investment. Some cloud document management softwares offer customized template and workflows that will help integrate intelligent document management with your other software platforms and make information more accessible and organized. A cloud-based document management software can reduce IT costs since there is not a need for a physical server or upfront cost related to hardware.

With the uncertain year that we had in 2020, companies are looking for cost efficient document management solutions that will fit their budget and offer practical ROI.

Review your company’s record retention plan

A comprehensive record retention plan can not only ensure your sensitive company data remains secure; it can help you establish a conscious records management budget. A record retention plan helps define the lifecycle of your records and ensures you’re not spending money on documents that have outlived their usefulness. If you already have one, schedule a time this month to review the current plan with employees and make necessary changes. If you don’t have a record retention strategy yet, make that a Q1 priority to determine which documents you need to store, scan or shred.

Request an electronic document management software quote and demo here.