Why You Should Start Using Document Management Software
Documents, whether paper or electronic, are a basic part of just about any kind of enterprise. Managing business data, typically from varied sources, can be a humongous task. Depending on the nature of your organization or company, a document management (DM) solution can provide a long list of benefits.
Below are the top seven advantages you can expect from this technology:
Storage Cost Efficiency
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.
Document management software makes it easier to secure sensitive documents. File access by different individuals or groups can be controlled at the folder level. As well, this kind of system provides a record of transactions for each stored document, providing details like date and time of access and modifications made. Furthermore, managed documents are can be set to provide for automated alerts.
Better Regulatory Compliance
Compliance requirements for specific documents can be very complicated. License revocation, fines and sometimes even criminal liability can result from non-conformance. With the right document management software, these risks can be controlled through such features as automatic classification and storage of new documents, automated record retention scheduling, and plenty more.
Faster Document Access
Looking for documents can take a lot of time, and of course, time is money. Statistics indicate organizations pay someone some $20 just to file a document, $120 to find a misfiled document, and about double that amount to reprint a missing document. In short, document management software suited to your business can save you time and money.
Improved Inter-department Functions
Document management systems’ very framework makes information sharing and collaboration a much easier job. Documents from various sources can be accessed by multiple users from multiple locations, all at the same time. Users can also share documents online. With the systems making business processes more visible, monitoring of workflow also becomes easier and more effective.
More Effective Backup and Disaster Recovery Process
Any good document management software includes a data backup and disaster recovery plan. Digital archiving protects documents from fire, flood and other disasters. Documents may be traced or searched as well using particular criteria.
Choosing the right document management system can indeed bring so many benefits to you and your organization. And since every system offers unique abilities, you need to spend time choosing the right one, ensuring that it is designed to meet your particular needs.
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