How the Hassle Over Lost Documents Might Be Costing You Thousands Each Year

Companies could be saving $3,747 a month per employee with better file-management technologies.

learn more about Rose Leadem

By Rose Leadem • Jun 21, 2016

Shutterstock

Opinions expressed by Entrepreneur contributors are their own.

Companies are wasting a lot of precious time searching for documents, and more than two-thirds of professional services executives say they've spent time working with a document only to find out they had retrieved the wrong version.

The overall cost of searching for a document in these companies is unfathomable. In the U.S., a typical professional services executive spends 89 seconds looking for that long-lost document. Working on an average 26 documents a day, that amounts to an average hourly rate of $265 lost in billable time. Think of it this way: Per month, a firm is losing an average of $3,747 per employee.

This is according to a survey conducted by Huddle, a cloud collaboration technology company. Huddle gathered data from 200 accounting, advisory and management consulting firms throughout the U.S. and U.K. Unsurprisingly, a majority of these firms agreed that the top inefficiencies were collecting documents from clients and approval processes.

While 92 percent of respondents see value in having a secure client portal to share information with clients, 70 percent of them resort to using email for file sharing, a system that risks data confidentiality.
Rose Leadem
Rose Leadem is a freelance writer for Entrepreneur.com. 

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Business News

Frontier Airlines Just Announced Its All-You-Can-Fly Summer Pass for $399. What's the Catch?

As travel begins to pick up, the airline hopes unlimited travel will jumpstart its business.

Marketing

What Millennials Really Think About Product Life Cycle, As Told By A Millennial.

Millennials have come into significant purchasing power, and I know how you can capitalize on that.

Business Ideas

55 Small Business Ideas To Start Right Now

To start one of these home-based businesses, you don't need a lot of funding -- just energy, passion and the drive to succeed.

Making a Change

5 Principles for Dealing With Constant Change

Build competencies for adaptability into your company or risk losing your way in an ever-fluid marketplace.

Money & Finance

How NFTs Work — and How They Could Prove Profitable for Your Business

NFTs seem to be all the rage these days, but can they actually work for most businesses?