Documents, whether electronic or paper, are an essential component of just about any enterprise. Managing business information, sometimes from several sources, can be a challenging task.
In this post, We’ll discuss the top 6 benefits of document management systems, including:
- Reduced Storage Space
- Enhanced Security
- Improved Regulatory Compliance
- Easier Retrieval
- Better Collaboration
- Better Backup and Disaster Recovery
1. Reduced Storage Space
A software based document management solution (DMS) that can reduce the need for file cabinets, boxes and storage bins is a valuable asset to any enterprise, freeing up precious office space.
2. Enhanced Security
DMS provides better control over sensitive documents. Access to documents can be controlled at the folder level for different groups or individuals. Also, a DMS leaves an audit trail of who has viewed a document, when it was accessed, and how it may have been modified.
3. Improved Regulatory Compliance
Compliance requirements for certain documents can be quite complex. Non conformance can lead to fines, revoked licenses, and in some cases criminal liability. DMS reduces the risk of non-compliance. Records retention schedules, for example, can be automated, and new documents can be more easily classified and stored.
4. Easier Retrieval
Searching for and retrieving documents can be very time consuming. A document management solution, specific for your enterprise, can be a powerful, time-saving tool. Depending on the solution implemented, a DMS can retrieve files by a word or phrase in a document – full text search, or DMS can apply index categories to a document or folder.
5. Better Collaboration
With DMS, information sharing and collaboration can be a lot easier. Documents captured from different sources can be accessed from multiple locations. Electronic imaging makes sharing documents over a network via email or the Internet possible. DMS provides greater visibility to business processes and can allow for better workflow monitoring.
6. Better Backup and Disaster Recovery
Document management solutions should include a data backup and disaster recovery. With digital archiving as a backup, paper documents are protected from fire and flood and other disasters. With a DMS, documents are highly traceable and can be tracked within a range of criteria. Also, because imaged documents are centrally stored they cannot be lost or misplaced after viewing. Documents are less likely to be misfiled, and if so they are easier to locate with cross-indexing.