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Reasons to Use Document Management Software Documents, electronic or paper, are a key component of nearly any type enterprise. Managing business information, often from various sources, can be a tremendous task. Depending on the nature of your organization or company, a document management (DM) solution can provide a long list of benefits. Here are the most crucial advantages document management systems deliver: Storage Cost Efficiency
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Commercial property costs are on the rise and so are the expenses related to storing traditional documents. A software-based document management solution can lessen the need for old-school storage devices such as file cabinets and boxes, and free up precious space in the workplace. Documents that should be kept as hard copies can go into a vault, offsite warehouse or any inexpensive storage location.
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Solid Security Document management software makes keeping sensitive documents a much easier task. Access to files may be controlled at the folder level for various group or individual users. 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. Additionally, managed documents may be set to send preprogrammed 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. With the right document management software, these risks can be controlled through such features as automatic classification and storage of new documents, automated record retention scheduling, and plenty more. Faster Document Access Manually searching for documents is time-consuming, and time equals money. Statistics show, organizations usually spend about $20 in labor just for document filing, $120 to search for a misfiled document, and about twice that figure to reproduce a misplaced document. Simply put, the right document management software for your business can help you save time and cash. Improved Inter-department Functions Information sharing and collaboration can be so much easier with the help of a document management system. Documents from various sources can be accessed by multiple users from multiple locations, all at the same time. Users can also share and exchange documents over the Internet. With the systems making business processes more visible, monitoring of workflow also becomes easier and more effective. Improved Backup and Disaster Recovery Process A data backup and disaster recovery plan is always part of any good document management solution. Documents can be protected from flood, fire and other disasters through digital archiving. All documents may also be traced or searched using a certain set of criteria. If you use the right document management software, various benefits will indeed await you and your entire organization. And because each system has its unique features, it is best to take some time to choose the right one, making sure that it is built to address your specific needs.