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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 data, typically from varied sources, can be a humongous task. Depending on your type of company or organization, a document management (DM) solution can give you an entire array of benefits. The following are the most important advantages delivered by this technology: 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 decrease the need for storage cabinets, boxes and the like, and free up office space that can be used for other important purposes. 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. File access by different individuals or groups can be controlled at the folder level. As well, this kind of system provides a record of transactions for each stored document, providing details like date and time of access and modifications made. 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 result in a revoked license, fines, and in some cases, even a criminal charge. 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 Document management systems’ very framework makes information sharing and collaboration a much easier job. Access to documents can be done by several users from several locations, all at the same time. With electronic imaging, sharing documents online is also possible. Because these systems provide greater visibility to business processes, workflow monitoring is also easier and more effective. Enhanced 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 may also be traced or searched using a certain set of criteria. Choosing the right document management system can indeed bring so many benefits to you and your 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.