Costs are rapidly rising for businesses. In 2017, paper manufacturers began raising prices by 5% to 10% across all mediums, with additional price increases expected in 2018 and 2019, thanks to reduced paper mill capacities and the rising cost of wood pulp. Ink costs are rising due to tariffs on key chemicals and raw materials – 25% expected in January 2019. Add in rising costs of postage, and many companies are seeking alternatives to paper records.
So, what can businesses do to control these rising costs? Converting those paper documents to digital files will not only lower costs, but also boost efficiency. Managed document services (MDS) can help ensure a smooth transition from a paper-based to a paperless business.
What Are Managed Document Services?
Managed document services will help convert, merge, and distribute scanned documents. The service will look at your document workflow and business requirements for documents to determine the best tools and strategies. This could include document solutions, scanning services, digital files, and improved document management processes.
Digital documents will reduce the cost of paper and ink, and eliminate the need to store and manage paper files. By saving past documents and current files as digital records using document capture solutions in MDS will save you money and improve office efficiency. With MDS, not only will the information be easier to find, it will also be more secure.
How to Implement Managed Document Services
Starting the project is much easier than you might think. You’ll want to tackle the project in two phases – one phase focused on your current operations, and the next on your past records.
Managed Print Services and Your Processes
An important step toward better document management and paperless operations is looking at your current print requirements and operations. This is where managed print services (MPS) can help.
There’s a connection between managed document services and managed print services. MPS focuses only on output. It analyzes your printing needs and workflow to streamline operations and boost efficiency. MDS focuses on the entire document process. It provides a cost-saving review of workflow and services, and creates a strategy for converting paper to digital files to improve operations.
Many mistakenly believe MPS is just keeping your printers running with enough paper and ink to manage the work, but it is much more than that. Analyzing your current print requirements and document needs is an important step toward a document solution. Once you understand the scope of your current printing, you can look at converting to a paperless, digital file solution.
As you implement paperless document solutions in your current operations, you’ll find employees are excited to get started. Paper and paper-based processes are a frustration for most employees. Paperless document management eliminates or reduces frustration.
Managing Your Document Backlog
Most companies have files and documents like invoices stored for records. Your document solution and managed document services team should review those files. You’ll need a strategy for converting them to digital files.
You’ll need to evaluate the hardware and resources necessary to scan and digitize the files. A network solution for storing digital files is also necessary. Depending on the information, you’ll want to manage access and set up cybersecurity. You’ll also need a way to search and retrieve the files as needed. Many companies want a way to retrieve them remotely.
Work with your Managed Document Services team to determine the requirements for converting your records to digital files. Create a schedule and timeline for the project. It may not be a priority, but the faster you can convert those records, the less risk for the business.
Benefits of Document Solutions
According to a study by PricewaterhouseCoopers, an organization will spend $20 in labor costs to file a paper document. Another $120 will be spent searching for a paper-based document that has been misfiled, and $220 to recreate the document if it can’t be found.
These are just a few of the costs that can be eliminated by implementing managed document services. With digital files and backup data storage, files can be quickly searched for specific information. Even in the field, documents can be accessed through mobile solutions keeping your team connected anywhere and at any time.
The First Step Toward Managed Document Services
Implementing managed document services isn’t easy, especially for an office with error-prone paper-based processes. You need a reliable and experience partner with an outside perspective on successful document solutions to make it work.
We suggest asking an expert to assess your current operations to see if you are ready for digital document management. Have them review your document workflow and start calculating your current costs. Most companies will find the cost savings will quickly pay for the managed document services, making it an easy decision to start the project immediately.
Are you ready for managed document services? Contact Donnellon McCarthy to talk to an expert in document solutions and document management.