September 26, 2022

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Document Management Systems: The 7 Best Benefits

3 min read
Document Management Systems: The 7 Best Benefits

Every business relies on documents, whether they are electronic or paper. With the rise of cybersecurity threats, managing business information, sometimes from multiple sources, can be a challenge.

So how can businesses remain productive while navigating document management challenges?

Enterprise content management (ECM) combined with a robust document management system (DMS) that can capture, store, and retrieve both paper and electronic documents may offer a number of benefits to your business, depending on its nature.

EDM Implementation Benefits

It may seem impossible to convert large amounts of paper documents to digital format. Business owners who invest in electronic document management systems, however, provide themselves with a foundation for streamlining workflows and scaling business-critical processes. The following are some of the top benefits of implementing an electronic document management system for your business, in addition to improving productivity.

1. Reduction in storage space

The costs of commercial real estate and storing paper documents are increasing. Having a software-based DMS that can reduce the need for file cabinets, boxes, and storage bins is a valuable asset for any enterprise, as it can free up space in the office. In many cases, hard copies of documents can be kept in offsite warehouses or vaults, which tend to be less expensive than onsite storage.

2. Security enhancements

To protect sensitive data, organisations of any size need document security. In DMS, sensitive documents are protected from unauthorised access, and folder level access can be controlled for different groups or individuals. An audit trail is also kept by a DMS of who has viewed which documents, when they were accessed, and how they have been modified. Documents managed by managed services are highly traceable and can be tagged to allow for automated alerts.

3. Increased compliance with regulatory requirements

Certain documents can have complex compliance requirements. Licensing revocations, fines, and criminal charges can result from non-compliance. Sarbanes Oxley and HIPAA are federal and state regulations that mandate strict security and privacy guidelines. Electronic document management reduces the risks of noncompliance.

 Automating records retention schedules, for example, makes it easier for new documents to be classified and stored.

4. Access to documents more easily

It takes a lot of time and effort to search for and retrieve documents – and we all know time is money. Typical office workers spend between 30% and 40% of their time looking for printed documents, while organisations typically spend $20 to file a document, $120 to find a misfiled document, and $220 to recreate a lost document. An organisation’s unnecessary document management costs restrict its budget, hinder productivity, and limit its growth potential.

You can save time and money by using a document management system. A document management system can retrieve files based on a word or phrase within a document, depending on the solution implemented. The integration of business applications facilitates the access to crucial information. Remote access to documents is also possible through DMS. Documents can be accessed wherever an internet connection is available.

5. Collaboration for better results

By utilising an advanced document management system, users can quickly access content and collaborate. They can access documents from multiple locations. Documents can be shared over a network via email or the Internet using electronic imaging.

 With a DMS, business processes can be seen more clearly and workflow can be monitored more effectively. It’s possible to control access by external users.

6. Disaster recovery and backup should be improved

Data backup and disaster recovery should be part of any document management solution. In the event of a fire or flood, or another disaster, paper documents can be protected by digital archiving. It is possible to track documents using a range of criteria when using a DMS. With the ability to track documents, the risk of them being lost or misplaced is reduced.

7. Productivity Increase

Saving time is a definite benefit of DMS, which often translates into greater productivity. Increasing client satisfaction and staff morale can be achieved by providing faster, more efficient document retrieval. A document management solution can also be scaled to meet the changing needs of any business. Among the intangible benefits are. © All rights reserved. | Newsphere by AF themes.