Advantages of Using Document Management Software
Electronic or paper, documents are a vital component of most enterprises. Managing a business’ information, usually from different sources, can be a daunting task. Depending on the nature of your organization or company, a document management (DM) solution can provide a long list of benefits.
The following are the most important advantages delivered by 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 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.
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Document management software makes keeping sensitive documents a much easier task. Access to files may be controlled at the folder level for various group or individual users. Also, this type of system leaves a record of transactions involving the stored documents, including details such as time and date of access and any changes made. 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. 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. Access to documents can be done by several users from several locations, all at the same time. Users can also share and exchange documents over the Internet. Since these systems increase the visibility of business processes, workflow monitoring also becomes simpler and more effective.
Enhanced Backup and Disaster Recovery Process
Good document management solutions come with 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.
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.