The Benefits of a Document Management System over Temporary Solutions

Although we live in a digital age, it is indeed ironic how big organizations, including the ones dwelling in and around the IT industry, still depend heavily on paper for the management of their essential documents.

According to recent studies, 300 million tons of paper are produced across the world every day. That is heavier than a blue whale, which weighs about 200 tonnes, and a whole rocket attached with a launcher, which is equivalent to approximately 2,000 tonnes! 

While we are privileged enough to make use of technology in our everyday lives, it is indeed a surprising fact to witness how firms and organizations are still dependent on paper to store their valuable data or in general language, “important details”! Quite contradictory to the age we live in, ain’t it? 

While it seems like an easily accessible solution, studies prove that it leads to a steep increase in cost bore by the company and a slow economic recovery of the same. This does not end here, and is closely followed by exhaustion of human resources, as they then have to multi-task, compile resources and drive innovation. The trio is not less than a combination of oil and water. With such a vast magnitude of pressure to juggle an array of tasks, how can SMEs ensure profits amongst all the odds? How should SMEs address the subsequent financial squeeze and edgy cost inflations? 

Well, every big problem needs a smart solution! Thanks to the availability and the benefits of a Document Management System (DMS), file management has become a lot easier! Learn more about what is a document management system, and how to choose the right one! 

We at dox2U and as dox2U of course, have developed a powerful cloud-based document management solution that can help organizations, teams, and firms to preserve and manage their important information virtually, with minimal to zero involvement of physical sheets of paper. Other than taking them abroad on their digital journey, we empower teams to accumulate, organize, and retrieve data smartly.

Benefits of a Document Management System 

Let us now understand what are some of the fundamental benefits of having a Document Management System.

Physical Store Places and Cabinets 

A Document Management System is specially designed to save you from the pain of carving a physical place, especially for storing purposes of your important documents. This is both a costly and space-consuming affair. We can’t even ignore the fact of overflowing drawers and cabinets! In such a case, smart DMS solutions like dox2U come as saviors. 

Smart Search makes Retrieval Easier

Searching for important bits of information in a pool full of documents touching up the ceilings is not an easy task for sure! This is not the case with DMSs. A smart DMS solution acts as a central hall for storing and organizing all your essential documents in one place. Moreover, depending on the level of advancement, a DMS can easily retrieve bits of important information through Optical Character Recognition (OCR) technology and Index-based retrieval. It saves both time and effort! 

Enhances Workflow 

In any organization, there exist departments. Throughout its lifecycle, a document passes through each department wherein different activities like verifying, re-verifying, signing, reviewing, printing, etc. are performed on it. Chances are high that what was once floating as an ‘important document’, ends up lying as a ‘low on priority’ sheet of paper on someone’s desk! This creates a mess.

A Document Management Solution can save professionals from this chaos. DMSs like dox2U, not only easily trace the position of a document (currently with which member and what activity are they supposed to perform on it), but also its state of being (approved or not, verified or not, etc.) This makes the workflow much easier and proves to be one of the greatest benefits of a document management system.

Share with Guests

Imagine looking around and finding an office filled with important papers, touching up the ceilings, and then you are supposed to sort each one out and share it with an external guest (a client or your manager). The situation is horrendous to even imagine! Powered by robust and easy-to-use features like “Guest Access”, DMSs like dox2U makes it easier for you to share your important docs externally in one click. You can even revoke the access or specify an access duration limit. Now howzat? Easy, right?

A Safe Method

Paper is a biochemical product, and each biochemical product comes with an expiry and is prone to deterioration through various natural factors like moisture, bugs, rust, etc. Hence, paper automatically becomes ‘not an apt solution’ for the storage of important documents. On the other hand, a Document Management System is both beneficial as well as efficient when it comes to safety and security. A wise choice to make, indeed! 

Saves time and effort

An organization strives to focus solely on its aims and objectives, but more often than not, they get trapped in the vicious and exhausting cycle of wasting precious time on managing and organizing important documents. This also takes a lot of effort.

On the other hand, a smart solution like a DMS is capable of saving both time as well as effort when it comes to the management of documents. Yet another benefit of a document management solution!

Go Green, cause why not?

Recent reports reveal that approximately 4 billion pieces of paper are wasted each year! Welcoming smart DMSs like dox2U into your organizations, and striving to go paperless, will definitely bring about positive change. In this manner, a large number of trees can be saved from getting cut. 

Applications of a Document Management System 

Now that we are aware of the benefits that a Document Management System has to offer, let us know in depth about the various applications of the same across industries.

Document Management System for Law Firms

It is not a surprise that a typical law firm is always flooded with paper sheets. Teeth gnashing drawers and overfilled cabinets are not an uncommon sight in the lawyers’ chambers. A recent study revealed the importance of document management in law firms, and how they can be of a great help! Hence, a smart DMS solution like dox2U automatically becomes the need of the hour.

In the same light, there are a plethora of benefits of a document management system like guest sharing, text extraction, easy collaboration, etc. that a law professional can enjoy. 

Document Management System for Real Estate

Real estate is yet another work-sphere that heavily depends upon the consumption of paper sheets. Whether it is clients’ data files or bills pertaining to payments and pending dues, the offices of a real estate agent do not look less than a hill station made of paper! To tackle this issue, a document management system can be adopted to bring about positive change, and ease of access. 

Document Management System for Pharmaceutical Industry

Each batch of drug manufactured requires innumerable paper documents to be maintained. Habitually, they tend to adopt paper as a medium, which is prone to loss and damage. Adoption of a smart and convenient document management system solution, like dox2U, can solve this problem easily! 

Document Management System for Nonprofit

In recent times, the social development sector has bloomed into a whole industry in itself. In fact, it is one of the highest employment-generating industries today. With the necessary tasks of issuing 80G receipts, documentation work, and maintaining vital records, an NGO depends on paper extensively. Many times, it leads to misplacing and loss. This is the reason why a document management system can resolve issues of an NGO easily. 

Is Your Organization Ready for a Document Management Solution?

Like all business solutions, the Return on Investment (ROI) must outdo the investment. Along those lines, a smart Document Management Solution (DMS) is capable to outperform paper. According to research conducted by YouGov, SMEs across the world waste approximately USD 5,11,02,554 of revenue every day while searching for documents. The research also highlights that on average, company directors and managers spend a complete hour only on retrieving a document (an hour is worth USD 106.61 in this study), which might have either been misplaced, moved to a new location, or destroyed. Therefore an SME loses approximately USD 5.330.30 per week. This loss of revenue arose due to poor document management practices, which could have easily been utilized in business development and expansion projects. Despite this, only 7% of the existing SMEs resolve to utilize electronic media to store their vital information, and less than 20% of SMEs claim to have implemented a DMS. 

To Conclude With

There is no doubt about the fact that documented information is crucial for the success of any business, provided the fact that they are managed efficiently, without becoming the cause of financial drainage. Manual management of physical documents is an onerous, overwhelming, and expensive process. This is where a cloud-based DMS like dox2U comes as a savior. Hence, if you’re a business that needs to organize and streamline data, accelerate and automate your business processes, then a smart DMS like dox2U is just the apt solution for you! 

There are a number of advances in DMS… the question is why not get started right away?