Don’t work late – embrace MDS!
Way back in 2001, probably before the term managed document solution (MDS) had been coined, market intelligence firm IDC issued a report on the impacts of information access in the workplace. It stated: “Timely access to critical information separates the winners from the losers in today’s information economy. Yet all too often knowledge workers fail in their quest to obtain the information they need. The amount of time wasted in futile searching for vital information is enormous, leading to staggering costs to the enterprise.”
Fast forward a decade and a half and it seems that issues around document management – or knowledge management if you like – continue to persist. Various stats outline just how much poor document management is costing organisations.
For example, a February 2015 survey by the PDF Association found that workers spend five hours per week looking for documents and 3.5 hours filing and organising them. Elsewhere, BAE Systems conducted a study that discovered that 80% of employees waste an average of half an hour per day retrieving information, while 60% are spending an hour or more duplicating the work of others.
Some other stats from Coopers & Lybrand highlight the document management problem well:
- 90% of corporate memory exists on paper.
- Of all the pages that get handled each day in the average office, 90% are merely shuffled.
- The average document gets copied 19 times.
- 7.5% of all documents get lost, 3% of the remainder get misfiled.
- Professionals spend 5-15% of their time reading information, but up to 50% looking for it.
Time to act
Managing information in the workplace isn’t getting easier as increasing mobile device use, the rise of social media and the BYOD movement, as well as the fact that many employees are simply adopting their own preferred tools and applications for sharing information and collaborating at work, all take hold. That means now is the time for organisations to adopt an effective managed document solution and regain control of information.
The IDC report, The Knowledge Quotient: Unlocking the Hidden Value of Information Using Search & Content Analytics suggests intelligent search and text analytics technologies are uniquely positioned to help organizations upgrade knowledge access in order to innovate faster, make better decisions, optimise customer interactions, and improve employee productivity.
By adopting these technologies, organisations across a range of industries can benefit. A few examples cited include:
- A global manufacturer with 70,000 users saved $50M/year by deploying unified search across their intranet, content management, customer support, and ERP systems.
- A major pharmaceutical manufacturer generated millions in revenue by automatically synthesising and correlating new and prior research to identify new markets for an existing drug.
- A development firm leveraged unified search and analytics across project documents, file shares, and email correspondence to capture more value from its existing IP.
Time is money
It may be a cliché, but time is money, and organisations of all sizes can benefit from effective managed document solutions. If more time can be spent on money making activities and less on unnecessary paperwork, any business will surely benefit.
An added bonus of digital workflows and managed document solutions is that it can save loads of space. Host all documents in the cloud, for example, and there’s little need for filing cabinets. That could, for example, create more space in a law firm for an additional revenue generating member of staff or two!
The best managed document solutions also reduce the impact on the environment, increase security and employee productivity and, more than likely, lead to improved job satisfaction. Add in the cost and time saving benefits and MDS is a compelling proposition for any business – especially if it means leaving work on time!