Living and working in a digital world – meetings have become video calls and memos are now emails and instant messages. Even paper is being phased out in favour of electronic documents. Using digital documents is quick and convenient, but the business benefits don’t stop there. According to research compiled by Statista, digital document processes also improve productivity, save time, and reduce printing and storage costs. In an increasingly competitive landscape, these small advantages can make a significant difference for businesses in any industry.
However, despite the financial and environmental benefits of going paperless, several industries have yet to start making the transition. As electronic documents become standard in many workplaces, industries such as law, finance, real estate and medicine have the potential to digitally transform and revolutionise their respective workflows. An advisable starting point would be an evaluation of the documents to be digitised, followed by the implementation of steps your organisation would need to take to make the transition possible. Dax Data’s (local Sign specialist distributor) trained professionals can assist in the transition and offer a proof of value (POV) process that establishes the solutions’ value in the organisation. There is also an introductory promotion available making it even easier to get started.
You do not have to go entirely digital to benefit from using electronic documents. Even digitising a few documents or creating a hybrid process can help you capitalise on the benefits of digital documents without encroaching on the essential role that physical paper plays in your organisation.
The Most Important Benefits of Digital Document Processes:
Order in the court
Although lawyers and other legal professionals require hard copies of essential records, legal administrative documents can be digitised. From employee records to company policies, internal documentation is far easier to digitise without compromising on the strict standards most legal documents must meet. More information on local laws and regulations governing eSignatures is available here.
According to a 2019 survey, one lawyer uses anywhere from 20,000 to 100,000 sheets of paper in a single year. At this rate, a lawyer would generate a sheet of paper each minute of the workday.
The world of finance
Although still heavily regulated, financial services companies have already incorporated some digital documents into their workflows. Customers can access their account information, receive bank statements, make payments on their loans or credit cards, and deposit checks online. Even documents that require signatures no longer pose as much of a challenge, as they can be signed electronically, using solutions like Adobe Sign.
Location, location, location
Real estate is yet another area that faces significant regulation. Everyone from realtors to home buyers must follow the relevant regulations in their area to ensure each transaction is valid and in accordance with the law. Further, real estate transactions are often so large that all involved parties must document everything, and keep their own copies of these documents, to protect their interests.
The COVID-19 pandemic, however, has led to significant changes in real estate paperwork. With necessity being the mother of invention, many processes that previously took place in person — such as signing a lease agreement or viewing a home — went virtual. Because the industry was able to pivot to an electronic experience so quickly, there is likely a chance for more deliberate document digitisation in the future.
The large amount of paperwork involved in healthcare makes sense, given the amount of information medical professionals need to work with a single patient. Once you factor in other patients, insurance companies, licensure requirements, billing, and general administration, it’s easy to see how paperwork accumulates and why.
Slowly but surely, many parts of the healthcare system are going digital. Telehealth services make it possible for patients to see providers virtually, which also results in patients using online forms and facilities storing that information online. Of course, some aspects of medicine will always necessitate in-person interactions (and likely some paperwork, too), but these small changes are already an improvement for those who must interact with, and work in the healthcare system.
Visit Dax Data for more information about digital document workflows, including how you can turn manual document processes into efficient digital actions. We offer a proof of value (POV) process which determines the offerings’ benefits in each organisation. You can also take advantage of our introductory offer.