In today’s competitive business scenario, any sort of information or data can play a role of valuable asset for your company. From improving your operational processes to making real-time business decisions, the information remains very crucial. This is a major reason why entrepreneurs want to integrate a robust document management system at their workplaces.
Proper implementation of a document management system or an enterprise content management system can help you get rid of tiresome and time-consuming manual document management processes. Here we mention the top ten benefits of the document management system for your company.
1. Workflow Automation
The first and foremost benefit of the DMS (Document Management System) is- it brings and promote automation in the workspace. The document management systems can enable users to utilize validation rules and perform particular actions like capturing metadata and classification of documents. Here, the process can be accomplished without any human involvement, and therefore, it remains a rapid process with high quality.
2. Space Reduction
A paper-based document system needs a lot of space. Once the cabinet is filled, you need to arrange more space for other documents. In most cities, commercial properties are pricey, and you just cannot afford to give more space to papers and cabinets. What’s more, you need to hire more people to maintain such a big pile of papers. An enterprise content management system can reduce this space significantly.
3. Safety Enhancements
These days, security concerns loom large for critical corporate documents. The manual document management system just falls short of securing valuable data and sensitive information. It is possible that these documents can go in the wrong hands. There, an enterprise-grade document management system lends a helping hand. You can manage the access and find out who has viewed or edited your document with the help of an advanced document management system.
4. Simple and Easy Access
The document management system enables you to provide simple and easy access to company documents to stakeholders, employees, and even customers. What’s more, you can readily retrieve the documents with the help of tags and keywords. It can save valuable time for your management and employees. Gartner has reported that an average organization spends around $120 in finding a misfiled document and $220 in reproducing the lost document. Both these costs can be effectively saved by implementing the document management system.
5. Collaboration Improvement
Communication and collaboration are the two most essential aspects of any organization to survive and thrive. DMS can improve collaboration by facilitating access to company documents from multiple locations. Even employees based in remote or distant locations can also get access to the company’s documents as and when necessary. Also, they can easily share documents by using electronic imaging.
6. Better Backup and Recovery
The document management system is a centralized repository in which all documents are saved. You can index and archive all the documents as per the requirements. It prevents the loss or misplacing of company documents. In a way, the DMS can save a lot of bucks that are going to spend in rewriting the lost documents.
7. Version Control
Diversification is a secret sauce to growth. The modern DMS is highly suitable for this concept. Let’s understand this through an example. For different types of products across various categories, the company needs to maintain different versions of the document. A technically advanced and customized document management system can eliminate the problems associated with maintaining different versions of the same document.
8. Regulatory Compliance
Another important benefit is regulatory compliance. With proper maintenance and easy access to critical corporate data any time, a good DMS can help companies to comply with prevalent regulations. The government officers can easily get the document they want. Companies can also avoid misplacement or loss of important documents. Finally, the access authorization can assist companies to prevent documents from going into the wrong hands.
9. Cost Reduction
Unlike a paper-based system, the enterprise content management system is free from additional costs in buying file folders, cabinets, and hiring staff for managing the system. A well-planned document management system can offer a big saving by reducing such overheads.
10. Higher Competitiveness
Altogether, the enterprise content management system can increase productivity and enhance the efficiency of your business. Also, it can reduce additional costs and prevent significant losses, thereby offering you a competitive edge over your competitors. Such higher competitiveness can help you stay ahead of the curve.
Because of these benefits and other features like OCR (Optical Character Recognition), advanced preview, and tracking, it is expected that the document management system’s market will expand to $7.07 billion in the year 2023 from over $3.5 billion today. But, you need to find a reputed and reliable development partner with good experience in developing DMS with all desired features.
At ContCentric, we know what it takes to manage and maintain all sorts of documents at your workplace. Apart from a leading Alfresco development company, ContCentric enables modern enterprises to make the most of enterprise content management by providing 360-degree technical assistance.