Data conversion is an important process in a business. Modern businesses realize the importance of a document scanning company and digital conversion of records for remote access as well as for information backup. Today, consumers are highly demanding and they also evaluate companies based on their commitment and interest towards adopting modern technology. Therefore, digital transformation is definitely an added advantage for companies. So, more and more companies are now turning paperless, though there are still many organizations that keep their financial records, legal records and other documents on paper. According to a McKinsey study, moving towards a paperless setup remains a constant objective for 92% of organizations. However, the average consumption of paper has increased to around 20 percent in these organizations. The main reason behind this is the inertia of businesses stuck in their legacy operational setup. Another deterrent is the fear of lack of security for electronic files.
Many organizations consider paperless, cloud-based services and storage solutions to be expensive and that paper is the cheaper option; but in reality, a paperless office is more affordable. Studies have shown that going paperless increases productivity by 50 percent and considerably reduces the time spent by employees in processing reports. Modern businesses have a distributed workforce that operates from different locations and for such setups also, paperless office is the ideal option.
Efficient Storage of Files
Electronic files do not need physical storage space. They can be stored in cloud systems and require only a small fraction of the space paper-based documents need. Many companies use cloud services to store electronic files. Most of the companies have to store their records for seven or more years and with bulk document scanning, all these records can be scanned and stored in a cloud system. Companies have to store records so that they can be produced at the time of potential audits, suits or claims and presented in an organized and timely manner. Keeping paper records for seven or more years can easily fill up a room and converting paper documents into electronic files makes it easier to store as well as locate them when needed. It is easier to search through electronic files – just through a search, by an organized folder, or by a file naming system.
Successful Document Conversion at Kantor & Kantor Law Firm
Kantor & Kantor is a small law firm in California that found itself buried in a clutter of paper documents associated with the diverse insurance claims of their client insurance companies. They needed to review paper-based insurance claim files that could range from 100 to 5,000 document claim pages. In order to serve their clients efficiently and to be more productive, they decided to convert their data into digital format and utilize text search technology to find important files. Initially, the company used Adobe Acrobat but later, to quicken the process of searching and to ensure a more automated and more accurate solution, they adopted an easy-to-use, efficient, flexible, speedy and cost-effective software solution.
- They could achieve their objective of scanning 1500 to 2500 pages of documents each week and converting them into digital format.
- The program allowed them to split document processing off the single server to channel them to diverse processing stations.
- It offered them a user-friendly administrator’s interface and comprehensive scheduling capabilities.
- The law firm could create several workflow processes to manage various types of projects.
- Their employees became more productive, with more time freed up.
Get Ready For GDPR
Paper documents can easily fall into the wrong hands whereas digitized files can be secured better. Digitizing files is also useful for the GDPR (General Data Protection) legislation that came into effect in the EU this May. The regulation has strict rules about how personal data, customer data and employee data should be protected. Currently, this approach is applicable for European states but eventually this approach may be adopted by the entire world to protect personal data and ensure privacy.
It’s high time companies turned digital and an easy and practical way to do so is by partnering with a competent provider of data conversion services. As mentioned earlier, it helps reduce costs and allocate valuable resources efficiently. Converting paper files into electronic files can reduce the need for in-office storage space and it can open up opportunity for more cost-effective and better business operation. It also prevents loss of critical information and exposure of sensitive data to unauthorized users. Companies can choose to invest in a good document scanning system or use outsourced solutions.