In today's time, the importance of electronic data storage makes going digital the best practice for every business. Even if you need the paper versions of certain documents on file, there should still be a digital version of it to act as a backup. Also, it is vital to check on the legal requirements in your state before destroying any paper document; this is because some states require you to keep hard copies of certain documents.
Going digital and opting for online document storage is the most efficient way of recording and storing all the data flowing through your company. Also, digitizing your records is an essential step in moving toward the elusive goal of having a paperless office. Whether you opt for on-premise storage servers or rent a cloud-storage service from another company, digital document management is a more eco-friendly way. It takes up less space than paper files storage and is easier to search, copy, and save.
Here are the most significant reasons why every business should start storing their data electronically:
Storing documents online allows you to maintain records while taking up less physical storage space. You can start using the system for storing the incoming documents electronically as soon as it's set up. With this, you'll be able to scan old documents into the system which free up space and make them more accessible.
If you store the data on-site at your company's locations, the servers will be taking up less room than the number of filing cabinets required to store the same amount of data on paper. However, it's more efficient than paper storage but still requires upkeep & maintenance.
If you outsource your digital storage, you will not require any physical storage space within your company premises. The third-party, which is hosting your storage, maintain all the servers, and offers reliable data protection. Here you'll be renting space from them, so you don't need to worry about maintaining your own servers.
If you're storing your data in the form of paper, a single disaster can destroy year’s worth of records. As the paper is fragile, a fire or water leak can easily ruin them. And in many cases, there's no way of recovering the lost data.
Online document storage automatically enables you to back up and protect critical information. However, even the digital files can be lost or destroyed, but the risks are much less than with paper files. And there is an added advantage that they can be backed up in multiple locations, so if one version of the data is lost, you can quickly recover the backup version of the data.
Storing information digitally allows you to track your data more efficiently. You can search for specific documents with built-in search tools, as well as sort data, which makes it easier to find. In just a few clicks, the information or document you need will be at your fingertips.
This increased visibility allows for simple reporting & streamlined audits. Since digital data is more comfortable to interact with, online document storage helps you to optimize your workflow and enables you to use the data you collect in a more strategic way.