Why is Document Management important?
Today, many organizations are required to manage a conglomeration of paper and digital information. Content can be anywhere and anything: electronic files, paper documents, spreadsheets, scanned files and images. Documents may be stored on public or private networks, shared drives, hard drives, filing cabinets — even email, which still accounts for a significant amount of corporate documentation.
Multiple repositories and information silos present challenges. Organizations face higher risk of damaged or lost files, errors and redundancies. Paper storage may require significant physical space. There may be no collective corporate memory or easy way to find valuable content across the business. What’s more, proper records management is becoming a legal imperative.
A document management platform can integrate disparate documents for greater control, access and process efficiency. It offers significant advantages in terms of information retrieval, security, governance and lower cost of operations.
“Any organization that requires the structured storage and retrieval of documents can benefit from investing in a document management system (DMS),” says business.com. “Not only does it save time and money, but it provides tracking for sensitive documents, showing who has accessed them, when and any actions that were performed on the document. This kind of tracking gives document management software its greatest value and appeal, protecting organizations from lawsuits, fines and penalties.”