The days of stacks of paperwork to complete for every contract, purchase order, and customer complaint may be long gone. However, the need to manage all of that information – and even far more than that – hasn’t changed. Today, tech startups have more access to data than ever, and every bit of that information can prove valuable to their bottom line. The problem is managing it.
Digital document management tools can drastically help startups not only keep important notes and details organized but also help them be more productive in the process. By implementing digital tools, companies can create operational efficiency that allows them to better analyze and improve their business operations. For any tech startup, time is money. Productivity matters most.
The Digital Transformation: Moving Beyond Traditional Paperwork
Traditional paperwork is no longer efficient. The move to digital tools is easier to do than ever. Whether it is signing documents online (one of the most efficient strategies available) or using digital asset management software, the goal is the same. Cut out the paperwork. Improve workflow. Save time and money.
Consider the importance of moving to cloud services. According to a McAfee survey, 87% of companies say they are moving towards the use of cloud services. Many tech startup employees report that having a day to digitally share information, contracts, and other data is essential to the way they do their jobs.
The key is implementing a digital strategy for managing such documents. A streamlined, targeted way to share and manage documents is necessary.
Significance of Efficient Document Management in Tech Startups
Why does efficiency in document management matter to tech startups? The reality is that, again, time is too valuable not to invest in. Document management solutions offer several core benefits:
- It reduces the cost spent on the management of traditional paper documents.
- There’s better collaboration within teams and across organizations.
- There’s more version control, which means there’s one true source of information that can be easily referred to.
- It improves workflow, making employees more productive.
- It’s also secure. Yes, document management systems are more secure than paper documents!
Integrating Digital Document Management with Existing Workflows
No one likes change. Organizations often resist change because they believe that current workflows are efficient. There will indeed be some challenges when integrating into a new digital solution. However, organization, testing, training, and follow-through can help to minimize risks while also improving the way people achieve results.
Migrating your existing document methods into new digital formats will take some time:
- Creation of a new workflow to meet employee needs at every point.
- Train staff on how to use the new digital methods and why they are valuable.
- Ensure there is a reliable and secure process in place to mitigate risks.
The good news is that some of the most effective strategies are very easy to integrate. Like managing documents through digital files themselves, moving towards digital transformation isn’t that difficult. People know how to use these services. You just need to put a plan in place to make it possible.
Enhancing Data Security and Compliance Through Digital Solutions
It’s a common misconception that moving to the cloud is less secure. It’s more secure. It also makes compliance easier to manage.
If your company is still using traditional document management, that may seem like an impossible belief, but the fact is, with any type of digital strategy, there’s ample security available and easy to put in place. One reason for this is the elevated security practices you can put in place. This allows companies to follow specific strategies to meet all compliance requirements. That includes everything from HIPAA and GDPR to internal company-wide policies.
It’s often possible to integrate compliance software directly into these tools. That in itself saves time and prevents multiple copies of sensitive data from floating around. With the simple change of security codes, updates to passwords, and tightened security measures, documents are secure more effectively and effortlessly using digital formats. It just makes sense from a compliance point of view to make that move.
The Impact of Efficient Document Management on Startup Productivity
Productivity is one of the most costly problems all companies have, especially tech startups. Consider this statistic from Jugl. The average SME loses $4,635 per employee every year on productivity loss. There are many reasons for that productivity loss, including disengaged employees or tedious tasks. The bottom line is that anything a company can do to improve productivity directly impacts the company’s bottom-line profits.
It’s not as important to give employees more work to do. Rather, it’s important to make it easier for them to do their job so that more work gets done consistently. More so, document management in a digital format allows for more to be done in a short time. It doesn’t take long to update documents and submit forms online, and not nearly as much time as doing this with paper documents.
Best Practices for Implementing Digital Document Management in Tech Startups
How do companies make the move to digital transformation for document management? Consider these best practices:
- Research the options in document management systems. Choose one that offers the key features needed now by your team. Also, consider what happens as your company scales. Can the product keep up?
- Second, train, and train some more. The key to avoiding most of the challenges in this move is to educate employees on why, how, and when. Utilize a system that offers a simple-to-learn interface that people are already used to using.
- Keep it as hands-free as possible. Utilizing tools like online document signing means there’s no complexity and just a few steps for employees to follow. Ensure that security and compliance can be met without burdening employee engagement with the system.
By taking these steps, tech startups can make the move to digital transformation effortlessly. The results are easily found, too. They are often evident in profit margins right away.
