Some businesses are more paper-intensive than others, such as legal and insurance. Their paper-based processes further generate more paper-based data. Unless these businesses use some proficient tools to handle this enormous amount of data it becomes next to impossible to sustain the business in an exuberant and dynamic market. Document Management Systems or DMSes not only allows the businesses to harness their extreme paperwork and seamlessly manage the Enterprise Data but also power collaborations and envisage expansions.
Challenges faced by paper-intensive businesses
Paper-driven businesses face many challenges on a daily basis –
- Restricted access of information: Physical records are under lock and key with access only to a few controlling authorities. The juniors and front-end staff have to route special requests to access this data.
- Low turnaround time: Each customer service request takes a long fulfillment cycle due to restricted data access. It inadvertently results in loss of customers due to latency in operations and the more dynamic and technology-savvy competitors gain a stronger foothold in the market share.
- Low productivity: Without seamless access to the data, the productivity and efficiency of the business is affected. Each request for information retrieval is a very lengthy and time-consuming process.
- Records misplacement and loss: Physical file storage with frequent handling of the records not only results in document wear and tear but also frequent misplacement and loss. Rodents and fire also pose a definite threat to paper file records.
- Unauthorized access: Once a file is removed out of the lock and key, it passes through many hands resulting in unauthorized access to sensitive information, tampering, and security breaches. This makes the physical file storage very vulnerable despite the lock and key mechanism.
What is a Document Management System or DMS? How does it enable Enterprise Data Management?
Document Management Systems or DMS are centralized repositories for digital document management or Enterprise Data Management. These can be hosted on-premise or on the cloud thus offering a safe, democratized access and information discovery model replete with role-based, secure access, through digital sign-in. The audit trail feature records each digital access, version creation, and download. The metadata and executive summary features offer options for both key-word based and elastic search. Enterprise Content Management systems go a step beyond DMSes offering seamless storage and access of not only structured digital assets but also unstructured data assets, such as video, streaming data, email, web content, and much more.
Benefits offered by Document Management Systems for seamless Enterprise Data Management
Document Management Systems are an ideal investment for paper-driven businesses and economies –
- Data democratization & eDiscovery: Metadata-enabled Document Management Systems allow a faster search of documents that supports faster query resolutions and better customer service.
- Central management: The centralized document management allows seamless access to all authorized personnel.
- Multi-geography collaboration: The anytime, anywhere access of the documents allows a team to collaborate across multiple geographies, handle queries efficiently, and provide a faster customer response.
- Seamless conversion: It allows to rapidly convert the PDF files to other formats, such as Word and Excel.
- Document Lifecycle Management: It supports versioning through the document lifecycle, such that an earlier version can be accessed whenever required.
- Safe and secure access: Role-based access and multi-factor authentication allows safe and secure document access and management.
- Audit trails: It retains audit trails through the entire lifecycle of the documents that adds an added safety feature.
- Different hosting models: The Document Management Systems can be hosted on-premise or on-cloud for any time, anywhere access.
- Single source of truth: It supports unified data management and allows to build a single source of truth.
Read more - Ensure paperless e-office in the COVID-19 and post COVID-19 era with Intelligent Document Processing
Simply put
Paper-intensive environments need to be digitally proficient in order to work in a dynamic business environment. Document Management Systems allow to efficiently store digitized paper assets and manage the increasing paperwork over a period of time and support Enterprise Data Management. It enables businesses to tide over the challenges due to the physical storage of documents and paper records and compete with digital businesses.
Benefits of Adopting a Document Management System:Paperwork EliminationMeeting the Legislative and Safety Standards Is EasierAdvanced Information SecurityQuick Documentation AnalysisPlease read the full article How Document Management Systems Allow Logistics Companies Adapt to Ever-Changing Business Environment
Most businesses and organizations are looking to create a paperless environment with tough industry requirements for the document control system.
The Document Control Software for Manufacturing enables users to manage workflow and external documents Read more....
Document management refers to software designed to store and access documents or as a broad term that covers paper document management.
These simple document management issues may be familiar to anyone who has worked in an office environment — but what can you do to prevent them?Lost documents7.5% of all business documents are lost — and never found.
Think about how much more productive that time would be if the document were quicker.Reducing the percentage of lost paperwork should be done through better staff training and more rigorous procedures.
Make it a company rule to limit the number of people who have access to files and to refill documents at the end of each working day so that documents are not buried on employee desks.Electronic documents can also be ‘lost’ if they are not in the correct folder.
In these situations, the use of well-configured headers and tags means that a quick search query should quickly locate the missing file.
Again, it is important for staff to know how your file hierarchy works and how to format titles so that they can search easily.Broken systemsA section uses a file structure.
