3 Document Management Trends to Keep Your Business Competitive in 2020
It’s a new year — and a new decade! The ever-changing records management landscape is continuously becoming more technical, advanced, and automated. How can you ensure that your organization is keeping up with document management trends in 2020? The biggest information management trends this coming year will focus on hard copy scanning and electronic records conversion, automated workflows, and record retention strategies.
- Document Scanning and Electronic Document Management Software
Document scanning and workflow software are essential components to any 2020 document management plan. Document scanning with OCR enables you automatically capture document information field-by-field off of even the most complex forms, ensuring the information can be searched by a keyword or other identifier within your electronic document management software.
Scanning and indexing services capture detailed metadata from documents such as names, dates, and invoice numbers – making digital organization and electronic document management storage simple and efficient. The digital records are then able to be organized, and stored within the software and retrieved with a simple search. When choosing a company to work for document scanning in Charlotte, NC ask about OCR and indexing. This service is ideal for accounting departments who need quick access to stored electronic invoices, checks, tax documents, etc.
If you’re looking to transition to a more paperless office in 2020 and need a more efficient, cost effective document scanning solution to aid you in digitizing documents, it may make sense to seek a professional document scanning provider. A document scanning service can make a big project more manageable and less time consuming for staff. They have the resources and equipment to quickly scan thousands of business documents and help you upload them to your software — so staff can focus on core responsibilities and less on tedious paperwork.
- Creating a Record Retention Strategy
Record Storage Systems recently hosted a luncheon for business professionals in the Charlotte, NC area. To our surprise, only about 10% of organizations admitted to having an official record retention plan. A record retention plan is essential to your overall document management strategy and should be a priority in 2020. A solid plan can help protect from data breaches, decrease overhead costs and spending, and make managing business documents more efficient.
Think of your records retention project as being a program. This means you will need to identify the scope for example include goals, deliverables, timeline, resources, risk and budget. Take an organization-wide inventory of all the records in your office and organize records into functional groups within departments. I.e. accounting records could be invoicing, accounts receivable, payroll, taxes, etc. Update your retention schedule annually and revise the program elements periodically to keep it current and updated with the laws and regulations.
- Automating Accounts Payable and Human Resources Tasks for Greater Efficiency
Two areas within any organization that typically deal with high volumes of paperwork and quick turnaround times are accounts payable and human resources. Focus on automating tasks for these departments in 2020 and watch short-term adjustments develop into long-term success.
For accounts payable: Automation capabilities help accounts payable departments of all sizes to reduce the burden of manual routing and data entry, eliminating bottlenecks and creating standardized processes to enforce compliance and streamline auditing. Eliminate the frustration of duplicate or missing invoices, route invoices for approval automatically, and enjoy a detailed audit trail.
For human resources: Are you making a commitment to hire new staff or expand your organization in 2002? Implementing a human resources software can simplify everything from onboarding to termination. Automation ensures every step is completed on schedule, and alerts you to any potential delays. It also collects and routes all required documents to new employees, creates requirements checklists, delivers notifications, and tracks activities while providing appropriate feedback.