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Every startup wants to grow into an empire. But there are several challenges associated with managing a business, particularly due to the increasing volume of files and records such as payment receipts and contracts with suppliers and customers.
In order to increase productivity and keep costs low, there should be an efficient management process. An excellent way to achieve this is by utilizing file tracking systems. Here is a list of the benefits of using tracking software.
Prevents Time Wastage
Every business that uses a manual filing system loses several hours searching for important information. Whether it is a law firm locating a particular case file, an investigation firm searching for field evidence, or a private clinic looking for patient records.
The more files a business has, the more time is wasted to search for them, which affects the efficiency of operations. With a file tracking system, the process can be shortened by accurately locating where information is. A quick scan of files can reduce the overall search time to a few seconds.
Increases File Storage and Processing Efficiency
A file tracking software act as a central repository for every important business data that can easily be viewed, shared, accessed, or changed. A business owner does not have to spend hours tracking information through a pile of folders.
With categories, metadata, tags, and subcategories to mark documents and files, tracking systems ensure that information about a business is well organized for easy retrieval and location in the future.
A search using specific keywords of format becomes fruitful in a matter of minutes. In addition, such a designed process also eliminates handwritten file notes or logs, and creates an automatic audit trail complete with timestamps.
Reduces Chances of Losing Customer Data
A missing file does not only affect the business owner but also interferes with the business-customer relationship since customers lose trust in the business for not being able to keep information safe.
In the case of customer financial data in a bank, a misplaced record file can cause delayed payment processing or even worse, financial fraud. One of the key features of a file tracking system is document storage which ensures that all business documents are kept in a central place making retrieval and search easy.
All data about customers is stored on the cloud, which adds security to the documents. A file tracking software will ensure that a business locates exactly where critical customer information is located.
Promotes Risk Mitigation and Reduces Costs
With a file tracking system, a business can ensure that its staff follow the prescribed file management and retention processes by creating an account of every step.
This will ensure that every gap is exposed immediately during an audit trail, enabling earlier corrective measures.
As such, the process will reduce cases of lost files, lower costs and improve regulatory compliance thereby improving efficiency.
If a business spends a lot of time locating files, money is equally lost. This could be a few dollars in a week but may translate to millions of dollars annually depending on the type of information located. Either way, a significant loss would be witnessed every year.
Increases Data Security
When business data is not properly stored, the possibility of losing important details or having the critical information exposed to the wrong people is very high. Sensitive data falling in the hands of wrong people may cost a business hugely.
File tracking software enables businesses to safeguard their confidential information through role-based access control and rigorous security guidelines that only permits authorized users to access the files.
In cases of a tragedy such as flooding or fire, club-based tracking systems ensure that critical information is kept intact.
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