A document management system can be defined as a collection of standardized practices (and tools) for document capture, creation, and authentication, storage and retrieval management, information safety and security, version control, archiving, and, whenever needed, document disposal.
In the past, document handling involved manual processing of physical documents. As business environments continue to adapt to the digital age, the most efficient and reliable document management systems nowadays are electronic—and they offer overwhelming advantages over obsolete, error-prone manual systems. Here are some of the most important benefits of document management systems and microfilm scanning services:
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Document retrieval
Document capture means nothing if you have no way of retrieving documents when you need them. Regardless the nature of the need—be it for research, legal, or transactional matters—easy document retrieval plays a crucial role in business processes. Without an efficient system in place, retrieving a specific document from a large pile of business documents will prove to be an extremely difficult or even impossible cause.
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Efficient workflow
Business processes don’t start and end with one person. Documents typically move between parties, from person to person, department to department, and sometimes even, from a company to a third party. A good document management system ensures efficient movement of these documents, speeding up business processes, all the while ensuring quality and security. For more on the best tools available for document control, visit: https://www.etq.com/document-
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Version control
In some cases, different versions of particular documents must be maintained. Where version control is crucial, clearly identifying sequences of different versions of the document in existence as well as the latest version of the said document must be done to eliminate confusion and errors that can stem from releasing or retrieving the wrong or an outdated version of the document.
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Compliance
Regulatory compliance is another critical advantage of document management. There are certain standards and regulations in place governing the way capture and management of certain types of documents must be handled. A good document management system can help you ensure and maintain compliance with these rules and standards with the help of standard forms, checklists, data capturing and handling policies, etc.
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Security
Enhanced document security is also a major benefit of investing in document management. This means authorizations and restrictions when it comes to the access and use of certain documents, which may contain confidential data and business secrets, personal details of employees and clients, and other such crucial information.
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Cost
Businesses generate sizable volumes of documents over the course of their operation. Managing this amount of data can be expensive with traditional paper-based systems. A good document management system can reduce the cost of paper, ink, filing supplies, cabinets, filing staff, etc., by digitizing these resources.
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Competitive business
With the right document management system in place, you stay ahead of your business rivals by taking advantage of improved business processes, reduced costs, and overall business efficiency.
Document management systems not only provide businesses with a well-organized repository for important business documents, but also an efficient system for classifying and managing these documents so they can glean real value from them.
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Interesting related article: “What is Compliance?“