Most businesses underestimate the hidden costs and risks associated with poor document management. It’s hard to see the big picture when individuals are dealing with little pieces.
Document management is the perfect iceberg metaphor … only a small part is visible with the bulk of the processes hidden from individual view … and improper document management will sink your business.
Documents are the true internal currency of any business because more than 40% of business activities rely on information captured in documents.Some startling document management facts:
– 48% of staff worked on incorrect or outdated documents
– 50% of staff wasted time looking for the right version
– 31% of staff sent or shared the wrong document with a customer!
Just one person can easily waste 10 hrs per month on document inefficiencies. Some reports state that number is much higher.
If you’re a consultant or soloprenuer with an hourly rate of $125 (a fair base rate) you are leaking at least $1,250 a month in revenue!
Put another way, that’s $15,000 PER YEAR (at a minimum) working with poorly managed or stored documents.
And remember, that’s PER PERSON … if you have a team of 3 people your yearly revenue leak balloons to $45,000!
If hearing that poor document management is costing you tens of thousands per year wasn’t bad enough … the external costs, risk and impact associated are much worse:
– 53% Made a poor impression on a client or customer (= lost sales)
– 23% Harmed the business reputation (= lost sales)
– 23% Resulted in a lost business opportunity (= lost sales)
– 13% Damaged a relationship with a client or customer (= lost sales)
– 18% Resulted in lost revenue
To summarize, poorly managed documents are wasting revenue, wasting time and also damaging sales revenue too.
And I bet you had no idea. Don’t feel bad though, most people have no idea about the hidden cost of poorly managed documents.
The Answer …
Fortunately, there are solutions that plug those costly leaks. For starters, use a cross platform cloud based digital document management system. It’ll provide backups, the ability to access your documents on any device you use, create secure groups to protect access, control process workflows and version control will be a non-issue (no more outdated copies!)
If you’re a solopreneur (like me) I recommend Evernote Premium, and if you have a team of 3+ people I’d advise using Evernote Business (basically Evernote Premium for teams.)
If you have questions about using Evernote to better manage your documents and workflow processes, I’d be happy to give you a complimentary consult to discover ways to plug those leaks.
Also, I’m offering a FREE COPY of my bestselling book: Evernote Exposed and you can download your [PDF] copy here: http://evernoteexposed.com
And yes, I wrote and archived this article in Evernote before publishing it here 😉
– IDC Research Study
– GoNitro Infographic