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 your type of company or organization, a document management (DM) solution can give you an entire array 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 lessen the need for old-school storage devices such as file cabinets and boxes, and free up precious space in the workplace. More cost-efficient storage locations, such as an offsite warehouse or a vault, can be used to keep hard copies of very important documents.
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Solid Security Document management software makes keeping sensitive documents a much easier task. 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. 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 leave you with fines, a revoked license, and sometimes, criminal liability. The right document management software can help you controls such risks, with such features as automated record retention scheduling, automatic classification and storage of new documents, and many 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 The very framework of document management systems makes information sharing and collaboration a lot easier. Multiple users can access documents from multiple locations simultaneously. Users can also share and exchange documents over the Internet. With the systems making business processes more visible, monitoring of workflow also becomes 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 protects documents from fire, flood and other disasters. All documents are also easily traceable and searchable with the use of different criteria. If you use the right document management software, various benefits will indeed await you and your entire organization. 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.