India is home to numerous businesses of different sizes, ranging from small startups to large corporations. These companies generate a significant amount of paperwork on a daily basis. However, not all of them have an efficient file management system in place, which can lead to various costs to the business.
One such Indian company that has suffered due to poor file management practices is ABC Pvt Ltd. ABC Pvt Ltd is a medium-sized manufacturing company based in Mumbai. The company has been in operation for over a decade and has a workforce of around 500 employees. Despite its size and workforce, ABC Pvt Ltd did not have a proper file management system in place until recently. This lack of proper document management caused several problems for the company.
One of the most significant costs to the business was the amount of time and resources spent retrieving documents from employees. With no proper document management system, the employees were free to store their documents in their own way in document repositories such as Zoho, resulting in a disorganized system. As a result, whenever the company needed to access specific documents, they had to rely on employees to find them and they never knew a) if they had the correct document, b) if it was the most up-to-date. This process was both time-consuming and inefficient, leading to a waste of valuable resources and fines from the government.
Moreover, the cost of not having a file management system in place meant that the company was at risk of losing important documents. With no proper filing system, there was a high probability of misplacing or losing important documents. This, in turn, could have severe financial implications for the company.
Recognizing the need for a proper file management system, ABC Pvt Ltd invested in document management software. The implementation of this software allowed for a centralized system where all documents could be stored and easily accessed by authorized personnel. The software also offered advanced features such as automated reminders to retrieve documents directly from employees as well as a dashboard of the employees and their files, ensuring that the owners and HR were always aware that items were in the right place!
They quickly realized that solutions like Zoho are great at so many things, it lacked the ability to automate what all Indian companies need for file management and compliance. The company has seen a significant reduction in the amount of time and resources spent retrieving documents from employees. The new system has also minimized the risk of losing important documents, which has led to increased efficiency and reduced financial risks.
In conclusion, it is evident that not having a proper file management system can have significant costs to the business. ABC Pvt Ltd is just one example of an Indian company that has suffered due to poor file management practices. Investing in a proper file management system may seem like an unnecessary addition, but it quickly leads to both short-term and long-term benefits for the company, including increased efficiency, reduced costs, happier employees and minimized financial risks.
