Documents, whether paper or electronic, are a basic part of just about any kind of enterprise. Managing a business’ information, usually from different sources, can be a daunting task. Depending on the type of company you have, a document management solution that processes, saves, and retrieves all kinds of documents can offer a whole range of benefits.
Here are the most crucial advantages document management systems deliver:
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. Documents that must be kept as hard copies may be stored in more cost-efficient locations, like a vault or an offsite warehouse.For further details regarding document management software, check out http://www.ehow.com/tech/computer-software/.
With scanned document management software, securing sensitive documents becomes a lot easier. File access by different individuals or groups can be controlled at the folder level. 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 some documents can be rather intricate. 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 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. With the right scan and file software, you can save time and money.
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.
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 are also easily traceable and searchable with the use of different criteria.
You and your entire organization can indeed benefit substantially from using the right document management system. 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.