The benefits of document management systems. It may seem daunting to convert mountains of paper documents to digital format. The advantage of investing in an electronic document management system is that businesses can streamline workflows and scale business-critical processes. logicaldoc.com management systems have many benefits, including improving business productivity.
Paper documents are becoming more expensive to store due to increasing property costs. In addition to reducing the need for file cabinets, boxes, and storage bins, a software-based DMS can free up valuable office space. In an offsite warehouse or vault, documents that need to be kept as hard copies can be stored at a lower cost.
To protect sensitive data, organisations of any size must ensure document security. In DMS, sensitive documents are better managed and groups and individuals can control access to documents. Furthermore, a DMS records when a document was accessed, who viewed it, and how it was modified. Trackable and tagged documents can be automatically alerted when they need to be managed.
Compliance with regulations
There can be quite a few compliance requirements for certain documents. Depending on the circumstances, non-conformance can result in fines, licence revocations, and, in some cases, criminal charges. The Sarbanes Oxley Act and the HIPAA Act require strict security and privacy guidelines. Non-compliance is reduced by document management systems. It is possible to automate records retention schedules, for example, and to categorise and store new documents more efficiently.
Retrieval of documents is easier
Finding and retrieving documents can take a lot of time – and we all know that time is money. Organisations typically spend $20 on labour to file a document, $120 on labour to locate a misfiled document, and $220 on labour to reproduce a lost document. Office workers spend up to 40% of their day searching for printed documents. An organisation’s budget is constrained by these unnecessary document management costs, which hinder productivity and limit growth opportunities.
It is possible to save a great deal of time by using a document management system. The DMS can retrieve files based on words or phrases in a document, depending on the solution implemented. Access to critical information is made easier through easier integration with business applications. It is also possible to access documents remotely through DMS. Documents can be accessed anywhere at any time as long as an internet connection is available.
Collaboration that works
Using an advanced document management system simplifies accessing content and collaborating. The same document can be accessed from multiple locations if it has been captured from different sources. Documents can be shared over a network via email or the Internet using electronic imaging. With DMS, business processes can be better viewed and workflows can be monitored better. It is possible to allow and monitor authorised access by external users.
Disaster Recovery and Backup
Data backup and disaster recovery should be included in any document management solution. In addition to protecting paper documents from fires and floods, digital archiving provides an extra layer of protection. It is possible to track documents using a number of criteria using a document management system. After viewing documents, document tracking capabilities reduce the likelihood of them being lost or misfiled.