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Advantages of Using Document Management Software Electronic or paper, documents are a vital component of most enterprises. 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. Below are the top seven advantages you can expect from this technology: Storage Cost Efficiency
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Commercial property costs are soaring and so are the expenses incurred to store 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 must be kept as hard copies may be stored in more cost-efficient locations, like a vault or an offsite warehouse.
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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 result in a revoked license, fines, and in some cases, even a criminal charge. The right document management software can help you controls such risks, with such features as automated record retention scheduling, automatic classification and storage of new documents, and many others. Faster Document Access Searching for documents can take so much time, and time is equivalent to money. Statistics indicate organizations pay someone some $20 just to file a document, $120 to find a misfiled document, and about double that amount to reprint a missing document. With the right document management software, you can save time and money. Improved Inter-department Functions The very framework of document management systems makes information sharing and collaboration a lot easier. 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. With the systems making business processes more visible, monitoring of workflow also becomes easier and more effective. Improved Backup and Disaster Recovery Process Good document management solutions come with a data backup and disaster recovery plan. Documents can be protected from flood, fire and other disasters through digital archiving. All documents are also easily traceable and searchable with the use of different criteria. Choosing the right document management system can indeed bring so many benefits to you and your organization. And with each system having unique features, you have to take time selecting the right one, ensuring that your specific needs will all be met.