Sometimes doing nothing can be expensive. Just ask researchers at IDC, the global market intelligence firm which recently found that document-driven businesses who did not adequately scan and organize their data suffered crippling losses and risks for failing to adequately adapt to the computer age.
In the 2012 study, researchers surveyed 1,516 document-driven businesses (think: health care, law, government and manufacturing industries) and found that nearly 75.9% were not using optimal content management systems. Even more surprising was the discovery that nearly all of the companies with inefficient document processes experienced serious problems and risks as a direct consequence.
Let’s take a look at the numbers, because they are pretty staggering. 36.2% of the companies surveyed reported that they failed to meet compliance requirements, 30.2% lost essential employees, 24.9% lost important customers, 24.8% had a significant IT breach, 20.4% were subjected to a major audit and 19.1% endured a serious PR crisis. These kind of outcomes can have a significant implications for a company’s brand and image.
Scanning documents is a fairly simple process, but in large volume, it can be overwhelming to tackle alone. While most business owners are aware that investing in scanning services increases efficiency, reduces costs and reduces a company's carbon footprint, few realize just how detrimental failing to invest in a comprehensive content management system can be, particularly in today’s information-based climate.
The good news is that most kinks in document-driven companies can be ironed out by investing in thorough document scanning, ocr conversion, adequate software and a solid online document storage system. Investing in these technologies at can increase efficiency, reduce costs and launch a company into the computer age in no time.
And the investment pays for itself. Here’s another one from IDC. In 2005, researchers analyzed the cost effectiveness of investing in a content technology system. After surveying over 600 U.S. companies, large and small, in financial, government, manufacturing and healthcare sectors, IDC discovered that investing in a comprehensive content management system, such as ocr conversion and online document storage, pays for itself in a relatively short amount of time. In fact, utilizing these services, say researchers, is the only way for a business to grow and flourish in today’s economy.