Records Management Statistics and Facts
Many companies underestimate how much of their budget is allocated to the creation, organization, movement, storage, and destruction of their documents. In addition, organizations who have not invested in the creation of document handling policies find that many hours of productivity are lost to locating lost documents. Companies who create a game plan for digitizing and storing records ultimately save time and money.
- Scanning, tagging, and filing a single page of records can take five minutes. Not “per record.” (Corodate, 2018)
Scanning and tagging documents takes more time than you would think it would. Scanning a box of documents and then filing them might take an office worker all day.
- Time wasted on document challenges are costing organizations almost $20K per worker, per year. (GO Nitro, 2015)
Time spent handling documents, including printing, copying, filing, searching for lost documents, accounts for a significant amount of a worker’s day. In terms of salary, it’s estimated that this can account for almost $20k in salary per person, per year!
- 45% of companies report that it takes over a week to get a contract signed. (GO Nitro, 2015)
Contract negotiations can drain a huge amount of company resources. Many companies (almost half) say it can take as much as five business days to get a contract signed.
- 50% of knowledge worker’s time is spent on creating and preparing documents. (GO Nitro, 2015)
Who wants to spend half of their time pushing paper? There are better uses of time and resources.
- There are over 4 trillion paper documents in the U.S. alone and they are growing at a rate of 22% per year (PricewaterhouseCoopers).
It’s hard to even imagine what a number this large means. Where are all these documents?
- The average document photocopied 19 times. (Pam Doyle)
No wonder the copier is always low on toner. Why is ink for a copier called toner, anyway?
- Companies spend $20 in labor to file a document, $120 in labor to find a misfiled document, and $220 in labor to reproduce a lost document. (Pam Doyle)
Moving away from paper documents could be a huge money saver. If digital storage reduces or eliminates lost and misfiled documents, companies could save hundreds of dollars on each record.
- Only 41% of organizations with an enterprise-wide project management office (EPMO) report that it is highly aligned to the organization’s strategy. (PMI)
Problems with organizational efficiency extend beyond just document storage and handling. Over 40% of organizations who have an enterprise project management function feel it does not line up with the entity’s overall strategy.
- Document Challenges Account for 21.3 Percent Productivity Loss (Business.com)
This means workers spend more than one full work day per week, per person, handling problems related to documents.
- Professionals Spend 50% of Their Time Searching for Information and Take an Average of 18 Minutes to Locate Each Document. (M-Files ECM, 2013)
Digital document storage and indexing not only reduces the physical space needed for document storage but also reduces time spent searching for records.
- 77% of Business Owners Want to Be Able to Access Files Remotely. (Intuit, 2013)
Scanning documents and storing them in the cloud makes accessing documents from anywhere a snap. The trick is deciding which documents are important enough to scan and store.