Electronic Content Management And How It Can Benefit Your Business

Storing information digitally is far more efficient than filing cabinets and cardboard boxes. Many businesses already use the cloud and digital document storage. But some still hesitate to move fully to electronic content management (ECM).

Digital storage is faster, easier and much cheaper than paper. But there is plenty of evidence that businesses become even more efficient when their digital documents are also managed electronically.

For example, ARMA, the international association for records and information managers, says organisations misfile around 20% of their records. Misfiled records are harder to find and are often lost for good. That makes good decisions much harder.

So what makes an electronic content management system so valuable? And how can it help your business?

5 Benefits Of Adopting ECM

1. Track All Information

In the past, files were easily mislaid, missed or forgotten. A good ECM system tracks how every file is used and changed. All files sit in one searchable place, so every addition or edit is recorded.

A study by Accenture found that most middle managers (59%) have failed to find valuable information at times because their company stored and shared it poorly. Not finding key information can lead to poor, costly decisions.

Kefron’s ECM system uses M-Files, which finds files by what they are about rather than where they are saved. So you can find a file even if it has been misfiled.

2. Controls Document Development

Writing a document like a white paper used to be slow, especially with several contributors. Content was always being added and updated, so the version kept changing. Keeping track of versions and staying in control was hard.

An ECM system makes this simple. Everyone can add comments and input in real time, at the same time. Each version is saved separately, so you can look back at how the document developed whenever you need to.

3. Faster Retrieval, Better Customer Service

With digital storage, you can open documents almost instantly, from anywhere. This helps staff who need to find information or work on key documents together. It also helps customers who need details from you. Finding files is much quicker, so customers wait less and get better service.

A 2012 study by the McKinsey Global Institute found that employees spend an average of 1.8 hours a day searching for and gathering information. That is 9.3 hours a week, or about 20% of the working week.

4. Lower Business Operating Costs

An electronic content management (ECM) system cuts printing, copying and posting. Before the internet, documents were printed and then shared in-house or posted elsewhere. It was necessary, but expensive.

Digital storage lets you share information without paper, so there is nothing to print before sending. That saves a lot of money. According to the EPA, a paperless office saves around $80 per employee per year in printing costs. When Yale University moved away from paper in 2013, it saved $252,000 across just three departments.

5. Improves Document Security

Perhaps the biggest benefit of an ECM system is stronger document security. Security is always a worry, and malicious attacks have increased. A 2016 Ponemon Institute report on UK data breaches found that malicious or criminal attacks caused 51% of incidents, up from 31% five years earlier.

An ECM system can apply your security policies at all times. It also logs activity automatically, creates reports and supports regular audits. Access can be set by user, project team, executive group or role, so only the right people can open sensitive documents.