Keeping all of your company’s important documents in order might seem like a daunting undertaking if you have a lot of them. What you need is a document management system.
Simply described, a document management system is a piece of computer software that serves as a central repository for, and interface for accessing and sharing, digital documents. At its greatest level, it allows you to provide employees, customers, and suppliers with the information they need in a quick and easy way, so reducing inefficiencies and assisting you in reaching your business goals. Choosing the right document management system is essential here. How can implementing a document management system benefit a company, and what are its specific benefits?
When it comes to managing documents, what are the advantages?
Using a tool to manage your company’s documentation has many benefits, and understanding these benefits is the first step in choosing the right solution for your business. The following are examples of some of the most important advantages:
Less Space to Put Things
The costs of archiving paper records might add very quickly. After all, you’ll need a place to store your new filing cabinets, boxes, and other storage containers. A recent research found that filing cabinets and other document storage took up around 15% of overall workplace space. The average cost of office space in the United States is $285 per square foot. Spending so much on record keeping is a huge strain if you are a business.
Since it is a software-based solution, a document management system will allow you to free up space and store any necessary hard copies in more cost-effective off-site locations, such as a warehouse.
Offers document backup and restoration
Physical document storage is not only inconvenient and risky, but also prohibitively costly. If your business experiences a disaster like a fire, flood, earthquake, or similar natural tragedy that destroys years’ worth of data, the results might be disastrous. It’s shocking, yet studies indicate that after a disaster, anywhere from 40% to 60% of small businesses never reopen their doors. This truth should not come as much of a surprise as it does, yet retrieving critical information after an emergency may be very difficult, if not impossible.
Helps Improve Processes
Your team may save a lot of time and effort by using a document management system to store and organise your files and related data. The system acts as a streamlined central repository, making it easy for employees to quickly find what they need, share documents with one another, and see at a glance when a certain file was last modified. Because of the ease of use, they are free to concentrate on other vital tasks.
Even if you’ve gone digital, it’s not always clear whether the file you’re looking at is the most up-to-date version. Remember that just 33% of respondents in a study done by Nintex said they were happy with their current approach to version control. It’s hardly surprising that this may lead to anarchy and disorder.