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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 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. Below are the top seven advantages you can expect from this technology: Storage Cost Efficiency
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Commercial property costs are soaring and so are the expenses incurred to store traditional documents. A software-based management solution can decrease the need for boxes, file cabinets and other old-school storage devices, and thereby free up precious space in the office. Documents that must be kept as hard copies may be stored in more cost-efficient locations, like a vault or an offsite warehouse.
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Solid Security Document management software makes it easier to secure sensitive documents. 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. Additionally, managed documents may be set to send preprogrammed alerts. Better Regulatory Compliance Compliance requirements for some documents can be rather intricate. Non-conformance can result in a revoked license, fines, and in some cases, even a criminal charge. 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 Manually searching for documents is time-consuming, and time equals money. Statistics show, organizations usually spend about $20 in labor just for document filing, $120 to search for a misfiled document, and about twice that figure to reproduce a misplaced document. In short, document management software suited to your business can save you time and money. Improved Inter-department Functions The very framework of document management systems makes information sharing and collaboration a lot easier. Access to documents can be done by several users from several locations, all at the same time. Users can also share documents online. Since these systems increase the visibility of business processes, workflow monitoring also becomes simpler and more effective. Improved 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. All documents may also be traced or searched using a certain set of criteria. You and your entire organization can indeed benefit substantially from using the right document management system. 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.