What are the Benefits of Paperless Document Management?
Published on: Monday, July 29th, 2019
Property management companies deal with a massive amount of files and documents each day, from the corporate office to the site level. Apartments leave a large paper trail, which can create a number of problems.
Reduce.org cites that the average office worker uses 10,000 sheets of paper annually and nearly 70 percent of that winds up in the trash. Also, U.S. companies spend more than $100 billion each year on printed forms that are outdated within three months. The worst of it is that more than 70 percent of businesses would fail within three weeks if their paper records were destroyed by fire or flood. The same could be true for digital documents that aren’t safely stored.
Property management companies are on the right track by reducing paper in the office. Here are 3 key benefits of paperless document management:
1. Easy document access for all parties
In multifamily, sharing files can be cumbersome without a document management system. Emailing from site to site or to the corporate office is common, but key players may not receive them because of internet failure or simply being accidentally left off the cc: list. Mailing or couriering paper documents is another story. Sites and corporate offices should have easy access to all files from one central location. RealPage Document Director efficiently stores, distributes and protects key material. The software offers unlimited filters as well as optical character recognition and Google-style auto-fill functionality to quickly find files. It also streamlines processes with customizable workflows.
2. Improved security to mitigate risk
The right document management system mitigates risk by providing disaster recovery alternatives and secured encryption. Electronic documents are uploaded into the system with a simple drag-and-drop, or by browsing files and clicking to upload. Customized workflows can be created to make sure files are approved before they are published. Sensitive files are protected through access controls by creating roles and rights to fit the company’s needs. Access can be restricted by file type, department or property owner.
3. Cost savings with improved service
The National Center for the Middle Market says that by going paperless, any type of business can improve efficiency and reduce errors, saving money and improve customer service, go easy on the environment, offer more flexible working conditions and secure all information. American Banker recently noted that some banks that went paperless shut down departments devoted to fixing mistakes because errors were dramatically reduced. A document management system also reduces expenses such as third- party reviews, storage costs and time spent filing and searching for documents.