Document and info management key to business success

Companies that focus on how documents and information are managed are better equipped to reduce costs, respond more quickly to changing market conditions and increase profits, according to a new study by Xerox and IDC.

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By  Matthew Wade Published  March 8, 2005

Companies that focus on how documents and information are managed are better equipped to reduce costs, respond more quickly to changing market conditions and increase profits, according to a new study by the global services division of printer manufacturer Xerox and research and advisory firm IDC. “An increasing number of businesses in the Middle East & Africa region are recognising the need for effective document management systems to ensure more efficient business processes,” said Ben Gale, MEA general manager, sales and marketing, distributor operations, Xerox International. “The rewards in implementing an effective document management strategy include cost-savings, integrated business processes and streamlined work flow processes, leading to more satisfied customers and a profitable business.” The IDC-led research study involved interviews with numerous executives and found that almost two-thirds of respondents already have initiatives in place to reduce the total cost of document management. On average, those respondents expect to achieve a 20 percent reduction in costs. Knowledge workers meanwhile, who the study describes as the economy’s highest paid workers, were found to spend 20% of their working day looking for information in documents – with a success rate of only 50%. 66% of survey respondents agreed that effective document management drives customer service. Finally, yet very interestingly, more than half of the information that companies share with or send to their customers is in the form of paper documents, yet more than 60% of the survey’s respondents said they hadn’t successfully integrated hardcopy documents into their digital workflow. “Historically, CIOs and IT managers have relied on software investments to effectively run their businesses,” said Angèle Boyd, group vice president, IDC. “But there is still a need for a formal document management strategy encompassing both paper and electronic documents that brings people, processes and technology together.”

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