Why You Should Start Using Document Management Software
Electronic or paper, documents are a vital component of most enterprises. Managing business information, often from various sources, can be a tremendous task. Depending on your type of company or organization, a document management (DM) solution can give you an entire array of benefits.
Here are the most crucial advantages document management systems deliver:
Storage Cost Efficiency
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Commercial property costs are on the rise and so are the expenses related to storing traditional documents. A software-based document management solution can lessen the need for old-school storage devices such as file cabinets and boxes, and free up precious space in the workplace. More cost-efficient storage locations, such as an offsite warehouse or a vault, can be used to keep hard copies of very important documents.
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Document management software makes it easier to secure sensitive documents. Access to files may be controlled at the folder level for various group or individual users. This type of system also leaves a transaction log for every stored document, so that authorized personnel can check such details as date and time of file access, and modifications or changes made to the files. In addition, managed documents can be programmed to send alerts.
Better Regulatory Compliance
Compliance requirements for specific documents can be very complicated. Non-conformance can leave you with fines, a revoked license, and sometimes, criminal liability. The right document management software can help you controls such risks, with such features as automated record retention scheduling, automatic classification and storage of new documents, and many others.
Faster Document Access
Looking for documents can take a lot of time, and of course, time is money. According to statistics, organizations spend around $20 in labor simply to file a document, $120 look for a misfiled document, and twice that amount to reprint a lost document. Simply put, the right document management software for your business can help you save time and cash.
Improved Inter-department Functions
Document management systems’ very framework makes information sharing and collaboration a much easier job. Access to documents can be done by several users from several locations, all at the same time. Users can also share documents online. Because these systems provide greater visibility to business processes, workflow monitoring is also easier and more effective.
Improved Backup and Disaster Recovery Process
Any good document management software includes a data backup and disaster recovery plan. Documents can be protected from flood, fire and other disasters through digital archiving. All documents are also easily traceable and searchable with the use of different criteria.
If you use the right document management software, various benefits will indeed await you and your entire organization. And because each system has its unique features, it is best to take some time to choose the right one, making sure that it is built to address your specific needs.