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 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
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Commercial property costs are climbing and so are the costs of 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 should be kept as hard copies can go into a vault, offsite warehouse or any inexpensive storage location.
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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. 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. Additionally, managed documents may be set to send preprogrammed alerts. Better Regulatory Compliance Compliance requirements for specific documents can be very complicated. Non-conformance can result in a revoked license, fines, and in some cases, even a criminal charge. These risks can be controlled with the use of the right document management software, specifically through such features as record retention schedule automation and automatic storage and classification of new documents, among several others. 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. In short, document management software suited to your business can save you time and money. Improved Inter-department Functions Information sharing and collaboration can be so much easier with the help of a document management system. Access to documents can be done by several users from several locations, all at the same time. Users can also share documents online. Because these systems provide greater visibility to business processes, workflow monitoring is also easier and more effective. Enhanced Backup and Disaster Recovery Process A data backup and disaster recovery plan is always part of any good document management solution. 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. You and your entire organization can indeed benefit substantially from using the right document management system. And with each system having unique features, you have to take time selecting the right one, ensuring that your specific needs will all be met.