Whether in an electronic format or as paper, documents are an essential component of any business organization. Especially in today’s globalized world, it can be challenging for organizations to manage all their business information in an organized manner. It is mostly because these documents originate from different sources and are of many different types. It’s human to error, and it’s common to make mistakes, so misplacing documents and papers is a normal thing that happens often.
And for an organization to be as productive as it can be, it needs to be organized. All documents need to be in their place, the crucial ones, and the ones that are not that important. A great system and organization is key and foundation of every great business.
If you are having struggles with your business and you don’t know how to keep all of your certificates organized and tidy, we might have something that can help you.
With the help of a Document Management System (DMS), on which you can learn more on technologyevaluation.com, you can safely store and retrieve electronic and paper documentation as per your business needs.
Here are the five essential business benefits that implementing a DMS solution will allow you to enjoy in your business world:
1. Enhanced Security
A document management solution will allow you to enjoy enhanced security options when it comes to sensitive documents. Document security is vital to the smooth functioning of any business organization. If you don’t have extra security measures to protect your records and documents, you are doing something wrong. And probably there will come a time when it will hurt your business, so you need to think about it on time.
It’s why you need to have a document management solution. After all, it will enable you to specify who has access to certain documents at the folder level. You can also control access to individual documents by defining what kind of individuals or groups have the privilege to access those documents. DM systems even leave an audit trail and will allow you to record the viewing and editing history of your documents. You can also tag certain sensitive documents so that you can receive an alert when they’re accessed or modified. And with these features, your business will be secured more than ever, and you could sleep tight and peacefully.
2. Cost-Effective Document Retrieval
Locating and retrieving documents can be very time-consuming and expensive, and if you were lucky, you’ve never had to encounter this kind of problem. But many people did, and it always ended in two ways: they’ve never seen their relevant documents ever again, or they’ve had to pay a lot of money to retrieve them. According to a study conducted by PwC, business organizations incur an average cost of $20 to file a
document, $120 to locate a misfiled one, and $220 to reproduce a lost document. And you must agree that it’s a lot, and if you ever had to pay that amount for a reproduction of a lost piece of paper, you know how it feels. Professionals spend up to 15% of their time reading documents, and more than 50% of their valuable time is lost in locating them. Around 7.5% of all documents get misplaced, and 3% of the remainder get misfiled. A DMS solution can be a convenient tool when it comes to document retrieval and can save your corporation or your business a lot of time and money. And remember, time is also money.
3. Back-up and Recovery
Document management solutions also enable your organization to back-up important documents so that you can safely recover them in case of a calamity. All records, reports, and materials are traceable, and you can have them reconstituted in the event of a natural disaster or accident. People often don’t think about accidents, natural disasters, or similar things, only until something like that happens to them. And when it does, it’s not nice. But if you have a document management solution at your side, you can retrieve all that’s crucial to you and your business.
DMS platforms also allow you to cross-index documents while they are filed, and that is why it is virtually impossible to misfile documents if you are using a DMS. It makes the back-up and recovery of essential documents very easy, which is very important because you need something fast and convenient that can be used by anyone.
4. Reduced Storage Space
It is costly to store paper documents as commercial storage space is very expensive. A software-based DMS will enable you to enjoy the cost-effective benefits of requiring minimal physical storage. You will also not need to invest in other hardware such as filing cabinets, boxes, and storage bins. All of this will free up valuable office space for other vital functions. You could use that space for more office cubicles, for a new conference room, for the kitchen area, or even for a common area for the employees. The options are endless once you have your DMS up and working.
5. Flexibility and Collaborativeness
DMS allows you and your personnel to work flexibly, as the documents can be accessed from multiple locations if necessary. That means that your employees can efficiently work from home if it’s needed, or they can work and access the documents while they are on work trips. Also, document management systems will allow you to collaborate with your co-workers more effectively. With these business benefits, you can run a tighter ship and a more efficient organization.
So, hopefully, now you are aware of the various benefits that a DMS can offer. And if you’ve recognized some of the difficulties at work that we mentioned in this article, it means that you probably need a DMS for your organization. If that’s so, you won’t be disappointed with it, trust us.