A document management system is the need of the hour. Especially in the pandemic days, where remote working is the new way of life. So what is a document management system? It is a software or tool used for storing, tracking, editing and distributing documents. Documents are essential for the functioning of any enterprise. Business information is subject to confidentiality. Given this, a DMS then automatically tracks document changes and movements. What’s more, it controls all the versions.
Given the gamut of business digitalization, the question of creating a DMS often comes up. And predominantly by those working in non-tech sectors and are not involved in software development. Another pressing concern is the rise in cybersecurity threats, making DMS even more paramount.
Next up are ways in which a document management system (DMS) can help improve storage solutions.
Space-saving for offices and workplaces
The costs of commercial property are on the rise. And so are that of files and folders storage. This is where document management systems come to the fore and save the day. With this, offices no longer need to invest in cabinets and boxes. Digital software and applications free up considerable space for other purposes. Now, some documents are best when preserved in paper or physical format. For that, corporations can assign a small, inexpensive vault or warehouse.
Increased security and safety
Valuable and sensitive documents need protection. They are critical to the running of operating businesses. What’s more, safeguarding sensitive data is vital to company interests. This is where software-based DMS comes to the rescue by rendering enhanced security. With the document management system, you can control access at the folder level. That is, you can grant access to select individuals and groups within your corporate peripherals.
What’s more, document management systems leave behind an audit trail. That is, you can gauge the people who have come in contact and viewed, accessed or even modified the document. And the best part? The records are highly traceable. For better results, businesses can also install notifications to receive automated alerts.
Another aspect of document management systems is greater access. Thanks to innovations such as cloud storage, you no longer need to be stuck to your desk. Also, you can wipe away your worries about logging onto appropriate servers. The reason is that the DMS is mobile-responsive. Using this, you can complete the required documentation even when on the go or from a remote location.
Control and Consistency
These are the two pillars that corporations often seek for streamlining and handling business processes. Thanks to DMS, it has now become an easy feat. If you have worked long enough, this might have happened to you! Say you create a document and send it to one team, which, then, is sent to another. And that the final version that you receive now has multiple versions? Back in the day, this seemed chaotic and created a lot of confusion. But, DMS ensures cloud backup. Cloud storage is a holy grail. It renders a single-window with version control for documents. No longer do you need to store documents on separate drives or bury them in emails.
Has it ever happened that you create a document, send it to one team, then another, and the final version that comes back to you has multiple versions? Document automation ensures that everything is in the cloud. Cloud storage ensures a single workflow and provides version control for document creation. You need not store more documents on separate drives or bury them in emails.
Convenient when relocating offices
Sometimes it so happens that you have to give up your current workplace for another. Now, this means vacating the place for good. Earlier, you would have to haul away all the hundreds and thousands of paper documents and drawer filing cabinets. Ever imagine how many movers you need to hire? Also, the time for transfer? Another concern is rearranging all these documents at the new location. And what about any lost documentation in transit?
With a document management system, all these worries are at bay. Whether expansion or relocation, a DMS comes to the rescue. You need not spend your finances on moving services for transporting your paper loads. The software and electronic management system allow you to move and settle in your new office quickly as a breeze.
Document Retrieval made easy
According to a study, the cost for locating a misfiled document and recreating misplaced documents are around £120 and £250, respectively. With a DMS through cloud storage, you save valuable costs and time as document retrieval or restoration is now an easy feat.
Non-compliance costs are no longer a worry
Federal regulations can cost a bomb! Paper-based and physical documentation brings with it compliance issues over document filing. With a DMS, you can embed the required compliances and save on unnecessary expenditures. Non-compliance and data breach can cost you in the following ways:
- Government-mandated fines
- Legal fees
- Execution cost for the breach response
Remote Access for Documents
The document management system serves as collaboration software. By rendering remote access, communicating with customers and co-workers becomes a much easier feat. What’s more, this can extend to distributed networks such as suppliers. By using this system, you can save time and money availed on courier services.
At the end of the day
It is in the best interests of corporations to save costs and streamline work processes. And this is where the document management system makes for a valuable investment. With more and more businesses going digital, this will become commonplace soon. What’s more, interested parties can access documents from anywhere and at any time. In all, a DMS enhances the user experience across the board. You can send and receive documents through a link. It is that simple!