Documents, whether they are electronic or paper, are crucial for just about any enterprise. Managing business information from several sources can be a challenging task. Depending on the nature of your business, a document management solution that captures, stores, and retrieves, both paper & electronic documents can provide various benefits to your organization.
Here are the benefits that a proper document management system (DMS) brings to your office.
Reduced Storage Space
Commercial property costs are increasing, which makes it an expensive option for storing paper documents. A software-based document management solution can reduce the need for file cabinets & storage bins. Thus, it can be a valuable asset for any enterprise as it frees up precious office space. And the documents that need to be kept as hard copies can be stored in less expensive locations, like an offsite warehouse or vault.
Security of the document is vital for every business. Data Management System provides better control over the sensitive documents. Access to the documents can be controlled at the folder level for different groups and individuals. Also, DMS provides an audit trail of who has viewed the document, or when it was accessed and how it has been modified. Managed documents are highly traceable, and they can be tagged to allow for automated alerts.
Improved Regulatory Compliance
For certain documents, compliance requirements can be quite complex. Non-conformance often leads to fines, revoked licenses, and in certain cases, even criminal liability. Federal and state regulatory regulations of every country mandate certain strict security and privacy guidelines. Therefore, a document management system reduces the risk of non-compliance. Also, the records retention schedules can be automated, and new documents can be classified and stored more easily.
The days when filing a piece of paper away in a cabinet or storage room are gone. When a document is digitized with the help of document management tools, it becomes accessible immediately for anyone who is authorized to view it. A document management system enables users to search for documents by their name, keyword, content or any other variable that is used to file or track the piece. An authorized employee with a computer can access this in seconds; this makes the process both quick and efficient.
Better Backup and Disaster Recovery
Almost every document management solution comes with a data backup and disaster recovery plan. When digital archiving is used as a backup, paper documents are protected from disasters such as fire, flood and other disasters. With a DMS in place, documents are highly traceable and can be tracked within the range of criteria. And, since imaged documents are centrally stored, they can’t be lost or misplaced after viewing. However, they are less likely to be misfiled, but when this happens, they can be located easily with cross-indexing. Also, documents can be digitized and archived at their point of entry into the system.
Therefore it is always better to look for a good and reliable document management solution for your business.