3 Top Benefits of Document Management Software

document-management

Companies are drowning in documents and managing this large database of business documents can be a challenging task. If your business does not have a streamlined approach towards document management, then there may be 2, 3 or more versions of the same document existing in your company database.

Depending on the nature of your business, your expectation from a document management system will vary. Overall, an effective document management system is imperative to businesses that are interested in securely creating and distributing documents within the organisation and track user changes.

Let’s look at the top 3 benefits of implementing a Document Management System in your company.

  1. Increased Staff Efficiency – Easy accessibility to business documents help employees perform efficiently and productively. Employees can now securely create and review critical documents and share it with relevant departments via the DMS. As the document management system offers the latest and most updated version of the document, employees have access to the latest information at all times.
  2. Increased Business Compliance – An effective document management system allows administrators to set up periodic reviewal of the business documents. This ensures the documents meet the industry regulatory compliance at all times; thereby preventing litigation due to non-compliance. Penalties for document non-compliance ranges from $100 – $100,000.
  3. Reduced Cost to Company – Searching for a misplaced file or replacing a lost file costs businesses lot of money. A study has reported that it costs about $20 to create a document, $120 to locate a misplaced file and around $220 to reproduce a lost file. Depending on the number of files that are misplaced or lost in your organisation, this figure can add up. The cost for deduplication of data can also run into hundreds of thousands of dollars. By implementing a document management system, businesses can save on many of the above mentioned costs.

Automating document reviewal processes, improving team collaboration, and avoiding paper trails are some additional benefits of having a proper document management system. Considering these benefits, the costs towards implementing an effective document management system is almost negligible.

Stop drowning in documents, take the initiative and talk to us to check out how we can tailor a document management system to fit around your specific business requirements.