Someone else now has to worry about information security, backups and support.
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On-premise or license-based document management systems require up-front capital expenditures on the software licenses and the hardware required to run the software. Purchasing servers require waiting for the hardware to arrive, and who knows, this could take weeks!
Document Management is suitable for ANY size business. And every business should address document management. This means addressing the fact that you may be holding onto information or files you should have already purged. Document management can be about implementing an automated, electronic process for paperwork with new employees. Or maybe it is having a system that will instantly find the document you need, through a simple system search.
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Credit Unions, unlike banks, are not-for-profit financial service organizations. That's something we all know. However, "not-for-profit" does not mean that they receive funding in the form of donations. Credit Unions must be self-sustaining; hence, they need to watch their bottom line.
Since businesses' growth opportunities aren't quite at their peak right now (to say the very least), many executive managers are spending more time and attention on internal processes. Many organizations have become more involved in disaster recovery (DR) strategies and DR budgeting initiatives for the remainder of this year and for 2010.
Although most financial institutions are challenged by the current economic situation, credit unions are especially under pressure to make sound financial decisions. Credit unions are owned and controlled by their members. They want to ensure that the credit union is always making business decisions that will benefit the members, and that budgets are not exceeded. Because of this, credit unions hesitate to allocate money towards implementing the newest technology.
The economy has hit businesses hard and it's causing a ripple effect in the nonprofit industry. To save on costs due to a reduction in revenue, companies have not only cut the donations they have given to charities in the past, but they have reduced available volunteer hours due to a reduction in staff and the need to have more people working in the office driving revenue. This cut in donations and volunteers has left non-profits with a heavy burden.
While many organizations are built of teams that wear many hats, this could not be truer for a nonprofit. With fewer volunteers in the field, the staff in the office now needs to get involved outside the office, causing workflows to back-up.
Technology can play an integral role in making the job of these non-profits easier. However, most non-profits struggle with information technology because of the lack of resources; IT expertise and money to fund technology.
It's important for non-profits to allocate the time to research what software and hardware solutions may be available to help them better manage their business. Often times, spending a small amount on technology to improve your business can save you a greater amount of money in other areas, including hiring more staff. One of the greatest areas where savings can be realized is in workflow and processing of paper documents.
Many non-profit organizations spend extra time processing their paperwork in a traditional manner because their technology budgets just do not include the funds for expensive, up-to-date software which typically needs hardware as well. These organizations can benefit from an inexpensive and easy alternative in which they will not have to rely on an IT support team to properly function. An online application that includes document management and compliance management is an affordable, easy-to-use, alternative providing immediate ROI...
How would an electronic document management (EDM) system satisfy the needs of a non-profit organization (NPO)?