More Companies Are Digitizing Records Than Ever Before
In the last several years, more companies are digitizing their records than ever before. Beyond the pandemic, there are many reasons for this shift toward more paper-independent workplaces, such as mitigating costs and better serving customers in a digital marketplace.
Why Companies Are Making the Switch to Digitized Records
Projections indicate that 45% of the world’s top companies will increase their implementation of zero-paper workflows. Some likely reasons for this movement include the following.
Paper is expensive. Not only is there the cost of printing documents, but there are also expenses associated with storage and security, not to mention the labor hours it takes to file documents away or search for them when they’re needed. That’s time that could be better invested into your organization’s core processes, making digitization an attractive option.
Deliver Better Customer Experiences
Many companies digitize records in order to deliver better customer experiences. As of 2020, the departments that used digital documentation tools the most were sales (62%) and marketing (57%). The fact that these customer-facing departments have such widespread adoption of digitization tools suggests that improving customer experience is a priority.
Supports Digitalization Efforts
Finally, document digitization supports business digitalization. As records are converted into electronic format (i.e. digitized), they help businesses convert their processes to a digital workflow (digitalization). For instance, converting documents into PDF format would make it easier to use them during virtual meetings. EHRs (electronic health records) fit in nicely with remote patient monitoring and virtual checkups, which can update these records automatically, eliminating transcription errors.
According to a recent IDC report, digital transformation investments are projected to account for over half of all information and communications technology investments by 2024, and document digitization likely has a key role to play in that transformation.
Benefits of Using a Third-Party Solution for Digitizing Records
It’s easy to see why more companies are digitizing their records. The benefits they yield for organizations—especially in a more digitally-based world—generally have positive results. When done using a third-party service, it can be highly advantageous for the following reasons.
Cost-Effective Document Management
First is the fact that managing digital records is often far more cost-efficient than relying on paper alone. Filling out paper records can be time consuming, as can filing them away and retrieving them. Storage space is also costly since it requires physical cabinets and devoted square footage.
Digitizing records has the potential to save thousands of dollars every month by keeping associated overhead costs to a minimum. This is especially true with a third-party service that already has the tools and infrastructure in place to manage your documents.
Utilizing a Third-Party Solution insures consistency across your document library. Rather than having separate locations or separate departments digitizing their own and getting varying indexes and results, utilizing one solution for all can provide across the company consistency and reliability.
Easier Compliance with Federal and State Laws
Record digitization can also simplify compliance with various regulations at both the state and federal level.
For instance, healthcare providers have to meet strict privacy requirements under HIPAA, under which healthcare records must be safeguarded against unauthorized access while also being accessible to patients. A third-party solution with established compliance protocols and procedures makes it easier to comply with these requirements by digitizing medical records.
Naturally, these benefits extend to other laws such as Sarbanes-Oxley and other recordkeeping and privacy laws as records become more easily traceable.
Breadth of Services
Digitizing records yourself can yield benefits, but a third party provider can offer services that would be inefficient to implement in-house. For instance, Armstrong Archives offers the following document digitization services:
- Document scanning
- Digital records management
- Physical record management and storage
- Destruction and shredding
- Medical record storage and management
Do You Need to Digitize Your Records?
Of course, you might still need to keep physical records. In many cases, the decision of whether you should keep physical or digital records comes down to the types of documents you’re storing.
For example, archiving historical documents would likely require physical storage, while an insurance company might benefit more from eliminating paper storage entirely. Available storage space and accessibility requirements should also be taken into account—often digital records are more efficient for both.
It’s worth noting that Armstrong Archives offers both physical and digital records management, both of which are designed to help you streamline overhead costs and workflows so you can focus on what you do best—serving your customers, patients, or clients. To learn more about our services, contact us today.