Are Document Silos Inhibiting Business Growth?
Document storage issues continue to impact businesses contributing to a daily productivity loss of employees, a higher risk of security issues and siloed information. This article explores why it is time to act now to migrate to electronic document and records management.
Organisations produce a much higher amount of information and data than ever before, and the need to have a suitable document and content management system is becoming a necessity. With data a valuable asset, the systems an organisation has in place to protect and store it must be up to scratch, preventing any data breaches and siloed information that may impact productivity and growth. The best way to ensure this in a modern company is to have a good electronic document or records management system in place. However, some organisations have still yet to move to digital storage. Recent statistics show that 86% of employees say that they often experience some difficulty when searching for office files when needed with document issues, generally accounting for 21% of daily productivity loss. Let's explore below how a lack of digital storage can impact your business.
Lack of digital storage often goes hand in hand with a higher amount of document and data silos. Silos are often created by having different document formats and different storage locations, for example, paper documents stored in an office, digital documents shared via emails, files stored on a local server or the cloud. Separate databases for different business applications, for example, an ERP and CRM system can cause data and document silos if not integrated. Additionally, different departments having their own individual filing structures can contribute to silos. Disconnected and siloed systems can lead to several issues for any business such as;
When data and documents are stored in various formats and locations, it is often hard to retrieve and use certain content frequently, which leads to employees creating copies as a quick fix. This not only wastes time but can also lead to issues when trying to delete or remove documents when there are numerous copies to track down.
Too Many Versions
If duplication of content becomes a frequent occurrence due to disconnected systems, version control can become an issue due to multiple versions stored from duplications meaning it's harder to keep track of changes and work completed which may, in the long run, lead to more work.
When content is stored in multiple places, it becomes more difficult to search for the data or files you need when you need it, leading to time-consuming searches that interrupt the productivity flow.
When data and document storage are not aligned across a business, it can lead to a lack of transparency. This often leads to a reliance on inaccurate data causing bad utilisation of resources and decreased revenue. It can also impact forecasting in terms of demands, capacity and recruitment needs.
With duplications, different versions, and multiple storage places, collaboration between colleagues becomes more difficult. Poor collaboration across teams can cause a poorer employee experience overall.
Perhaps one of the biggest concerns regarding dispersed documents and data silos is the security issues that may arise. When controlling permissions and compliance around certain types of documents in different locations, it is easier to slip up and be more vulnerable to breaches.
Document and data silos can impact sign off on certain decisions due to dispersed information that may be needed to assess decisions. Slower data-driven decisions can affect a companies ability to compete.
The most efficient way to eliminate silos and unburden employees from chasing certain documents is to implement an electronic document management system. Electronic document management will capture all your organisation's documents and store them in a central repository. This single location allows employees to have quick retrieval, utilise powerful search capabilities and securely organise the whole document life-cycle.