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Advantages of Using Document Management Software Electronic or paper, documents are a vital component of most enterprises. Managing business data, typically from varied sources, can be a humongous task. Depending on the type of company you have, a document management solution that processes, saves, and retrieves all kinds of documents can offer a whole range of benefits. The following are the most important advantages delivered by 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 decrease the need for storage cabinets, boxes and the like, and free up office space that can be used for other important purposes. More cost-efficient storage locations, such as an offsite warehouse or a vault, can be used to keep hard copies of very important documents.
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Solid Security Document management software makes it easier to secure sensitive documents. File access by different individuals or groups can be controlled at the folder level. 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. In addition, managed documents can be programmed to send alerts. Better Regulatory Compliance Compliance requirements for particular documents can be pretty convoluted. License revocation, fines and sometimes even criminal liability can result from non-conformance. 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 Looking for documents can take a lot of time, and of course, time is 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 Information sharing and collaboration can be so much easier with the help of a document management system. 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. 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. If you use the right document management software, various benefits will indeed await you and your entire 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.