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.
Here are the most crucial advantages document management systems deliver:
Storage Cost Efficiency
Commercial property costs are climbing and so are the costs of storing traditional documents. A software-based document management solution can decrease the need for storage cabinets, boxes and the like, and free up office space that can be used for other important purposes. Documents that must be kept as hard copies may be stored in more cost-efficient locations, like a vault or an offsite warehouse.
Document management software makes keeping sensitive documents a much easier task. File access by different individuals or groups can be controlled at the folder level. 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. Furthermore, managed documents are can be set to provide for automated alerts.
Better Regulatory Compliance
Compliance requirements for particular documents can be pretty convoluted. Non-conformance can leave you with fines, a revoked license, and sometimes, criminal liability. 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
Searching for documents can take so much time, and time is equivalent to 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
Information sharing and collaboration can be so much easier with the help of a document management system. Multiple users can access documents from multiple locations simultaneously. Users can also share and exchange documents over the Internet. Because these systems provide greater visibility to business processes, workflow monitoring is also easier and more effective.
Enhanced Backup and Disaster Recovery Process
Any good document management software includes a data backup and disaster recovery plan. Digital archiving allows documents to be protected by fire, flood and other disasters. 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.
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