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Why You Should Start 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. Below are the top seven advantages you can expect from this technology: Storage Cost Efficiency
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Commercial property costs are climbing and so are the costs of storing traditional documents. A software-based management solution can decrease the need for boxes, file cabinets and other old-school storage devices, and thereby free up precious space in the office. Documents that must be kept as hard copies may be stored in more cost-efficient locations, like a vault or an offsite warehouse.
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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. This type of system also leaves a transaction log for every stored document, so that authorized personnel can check such details as date and time of file access, and modifications or changes made to the files. In addition, managed documents can be programmed to send 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. 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 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 documents online. With the systems making business processes more visible, monitoring of workflow also becomes easier and more effective. More Effective Backup and Disaster Recovery Process Good document management solutions come with a data backup and disaster recovery plan. 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.