Whether they are used for record-keeping, communications, invoicing, customer or internal data, electronic and paper documents are at the heart of every business. Having a document management system (DMS) in place can help you save time and money on day-to-day operations while keeping your documents secure and easily accessible. Additional benefits of a DMS that can capture, store, and retrieve your electronic and hardcopy documents include:
Enhanced Regulatory Compliance
Regulatory compliance standards such as Sarbanes-Oxley or HIPAA mandate strict guidelines, and non-conformance may lead to serious consequences including fines, loss of license, or criminal liability. A DMS helps to reduce the risk of non-compliance with document automation, improved classification, and increased security and storage.
Ease of Collaboration
With more employees working outside of the office than ever before, it’s important to prioritize document sharing to enhance collaborative efforts and ensure documents are accessible to authorized users. A DMS helps to enhance workflow monitoring, while version control aids with document recovery in the event there is a need to revert to a previous copy.
When you consider that it costs your company an average of $20 to file a document, $120 to find a misfiled document, and $220 to reproduce a lost document, the benefits of a DMS become clear. A document management system can be configured to retrieve documents by a single word, or phrase, or you can assign categories to a folder or document for faster, more simplified retrieval.
Document security is paramount for any business in order to protect client and company data. A DMS offers enhanced controls over document access and creates an audit trail to show who viewed your documents and when, and whether or not any changes were made.
Reduced Storage Needs
Hardcopy documents consume valuable square footage, but an electronic document management system can help you regain control over your office environment. Cloud storage can help reduce the need for onsite solutions such as filing cabinets, storage boxes, and folders, allowing you to relegate the bulk of your paper files to a less expensive offsite facility.
Improved Backup and Disaster Recovery
A data backup and recovery plan is a must for your organization, and digital archiving can help to mitigate your damages in the event of a theft, flood, fire, or other disaster.
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