Information management is an integral part of any business. Moreover, finding the right documents at the right time without sweating is imperative for business efficiency and productivity.
- 46% of professionals think that it’s challenging and time-consuming to find the needed documents.
- 83% say that they have to recreate already existing documents as they can’t find them on their corporate network.
- 65% face challenges in reviewing and approving documents.
- On average, organizations use 4 repositories to store and manage documents.
- 82% think that their productivity is hampered as they have to navigate through different systems and locations to retrieve the latest version of the document.
A Document Management System can come handy to save you and your organization from going through the agony of hurried and painful searching for the information.
What is a Document Management System (DMS)?
As its name suggests, a DMS is a solution that helps you create, store, manage, index, protect and retrieve digital documents. An ideal DMS assists you in organizing your data and documents in one place, keep track of critical documents, offers round-the-clock document access and enhance efficiency and accuracy by speeding up your workflow. Thus, the right document management solution can provide you with the much needed competitive edge in today’s volatile marketplace.
Why is a Document Management System Vital for Businesses?
In today’s era of rapid digitization, enterprises are experiencing exponential growth in business data and content in terms of business documents, proposals, marketing materials, sales deck, contracts, HR guidelines, onboarding material, blog posts and more. An ideal DMS efficiently manages this massive amount of data and records with a broad range of benefits.
Business Benefits of DMS
- Centralized organization
An ideal DMS organizes and manages your documents at one central place, mostly on Cloud. It offers anytime-anywhere and hassle-free access to information and eliminates the dependency on a specific workstation or employee.
- Real-time, Hassle-free Collaboration
Centralization of documents ensures single version maintenance, thus avoiding the frenzied search for the latest version of a document when needed. A DMS takes care of saving changes automatically and ensures that your files and data are always up to date. A DMS eliminates the need for back and forth emailing with the version dilemma.
- Quick Access
The stats published by McKinsey says that employees spend around 1.8 hours daily or 9.3 hours weekly to search and gather information. It amounts to almost 20% of the valuable business time. DMS eliminates the need to store files and information on local drives. With centrally organized data, you can access the required information easily. With its excellent indexing and searching abilities, a good DMS can churn your document library with lightning speed to retrieve the required information when the need arises.
DMS comes with the much-needed security with a host of features including document access control, password protection, document tracking, real-time collaboration and many more. A good DMS offers the single interface to store your data safely with the capability to set specific permissions for an individual employee to access, create or alter a document. With DMS, you need not worry about the security capabilities of hundreds of different apps that are otherwise required to store your data.
- Version Control
Around 33% professionals in the US say that they can’t find the right document version when needed. An ideal DMS offers a version control feature that enables you to get the required version of the document easily. Additionally, it saves the crucial time and heartache associated with searching for information when needed.
With DMS adoption, an organization can significantly save on costs that are incurred on paper, printing, office space, cabinets, storage facilities and the associated employees hiring for maintaining and retrieving these documents. Additionally, for an organization spread across different locations, a DMS helps you save on the cost and time needed to duplicate the information that already exists in the enterprise for smooth operation.
- Improved Regulatory Compliance and Disaster Recovery
With an automated document retention schedules and easy document classification, a DMS reduces the risk of non-compliance. An ideal DMS is backed up with an efficient backup and disaster recovery plans. The digital archiving as a backup offers the necessary protection from fire, flood and other types of disasters.
- Intangible Benefits
By saving precious time and efforts, a DMS provides its users with a range of intangible benefits. While it offers flexibility with anytime, anywhere access from multiple devices, the features like robust security and disaster recovery provide peace of mind. These benefits, coupled with the enhanced efficiency, team productivity and cost-effectiveness result in improved client relations, competitiveness and business profitability.
WaferWire Cloud Technology offers a robust and ideal Document Management System. Some of the salient features of our DMS include –
- Completely customizable interface including the tools and basic as well as advanced level filter options
- Single-click document access and hassle-free navigation
- Easy tracking of pending file action
- Robust document/folder-level permission settings
- Access to recently used documents from the dashboard
- Document publish approval workflows
Today’s rapidly changing business environment mandates enhanced productivity and efficiency. A DMS offers your business these benefits by significantly reducing time and efforts to store and maintain your valuable information with significantly low costs. We have the right niche and decade of experience in various domains and can help you to reap these benefits to achieve your business goals. For more information or queries related to Document Management System, feel free to contact us.