Common Reasons To Digitize Your Documents
SIGNIFICANT COST REDUCTIONS Most organizations who start scanning do so to realize significant cost reductions, particularly those associated with:
- Managing and storing Medical Records
- Managing and storing Financial Records
- Physical storage space
- Courier services
- Administrative costs (such as filing and retrieving)
- Legal document production
LEGAL COMPLIANCE Organizations of all sizes now must comply with laws such as the Health Insurance Portability and Accountability Act (HIPAA) and Sarbanes-Oxley, and FOIA requests or audits. Many of these regulations provided an initial grace period for smaller businesses, but the time to comply is now at hand. This has created a need to implement document retention policies and strategies and to seek technology that can help manage all business information more efficiently.
DISASTER RECOVERY We are living in a time when there is an unprecedented number of natural disasters including tsunamis, hurricanes, earthquakes and tornadoes. When taken in concert with man-made disasters including fire or terrorism, large, medium and small businesses are greatly impacted. Unless the organization has a fully implemented disaster recovery plan, it is likely its operations will be shut down. Inc. Magazine reported “that 75 percent of SMB’s (Small and Medium-Sized Businesses) have no disaster recovery plan and that 40% never reopen after a disaster.” According to market analyst firm, Gartner Group, “50 percent of SMB’s will go out of business within three years if lost data can not be recovered within 24 hours.”
These staggering percentages are forcing SMB’s to consider digitizing their paper information assets for ready retrieval, while storing paper off-site to ensure the physical protection of their information and ensure business continuity, should they experience a data storage disaster.