In the following sections, we’ll offer an in-depth answer to the question, what is document management software? Read on to explore the cutting-edge capabilities it can offer companies and the many advantages they can appreciate when they adopt this innovative option.
What is document management software?
The latest document management software designs can have multiple benefits for businesses, saving them both money and time. However, these aren’t the only advantages those who employ it can enjoy. Other benefits include superior access control, robust document security, clear audit records, centralised information, a streamlined search process and rapid document retrieval.
In simple terms, document management software is a solution that has been specifically developed to capture, keep track of and effectively store documents in electronic formats like word files, PDFs, and digital scans of paper documentation. Software solutions available today have expanded their capabilities offering an extensive selection of useful tools to users.
What is document management useful for?
Physical on-premises filing systems were once the go-to solution for the capture and storage of paper documents, but today, they are fast becoming unsustainable. Today, firms are facing higher costs from manual processing while running the risk of human errors and physical data damage, not to mention suffering retrieval problems as well as space issues. Even the most organised basement stuffed with filing cabinets and warehouses filled with archive boxes make the search and recovery of necessary documents exceptionally inefficient.
Specialised software was created in the 80s that could manage and store documents in an electronic format. These scanning solutions allowed enterprises to digitise paper content enabling far simpler storage and the ability to track documents online. Today, document management software has expanded empowering companies with new features that assist with areas like auditing, workflow, and security.
Although the world has not become completely paperless, each year, more companies are adopting greater levels of automation and tools for online document management and are reaping the rewards.
The advantages of document management software solution include enhanced data accessibility, optimised document handling, efficient file searching and lower costs for document management. The tools supplied by document management processes also give firms a greater grip on data security while improving workflow, as they offer easier data sharing for more effective collaboration.
In document management software, metadata is commonly offered for every document providing critical information that effectively classifies it and tags it. This may include the date of storage, description of contents, title, and privacy level.
Functions for searching, indexing, and retrieving assist firms to find documents and data swiftly using document metadata, content, and identifiers.
Robust security options can also help firms to safeguard sensitive information and keep compliant with data regulators. Most software solutions empower admins to control which staff members have access rights to view documents. Specially designed workflow features enable admins to instate rules that then decide the flow of information throughout the company.
Document management software enables enhanced collaboration, as multiple users can view and edit documents simultaneously while revisions and history are effectively monitored by the software’s system.
Most solutions will allow users to retrieve earlier versions of documents and continue working on them from a specified point. This versioning tool is especially useful for documents that must be altered over time, requiring a regular update.
Why is document management software crucial for businesses?
Companies today are increasingly moving towards digital transformation although some firms are still combining both paper and electronic data files in their daily processes. Enterprises that aren’t digital-first can have content stored in a wide variety of formats from scanned images and files and paper documents to electronic files like word documents and PDFs. Where these documents are stored can be equally varied, including private and public networks, hard drives, shared drives, email accounts and traditional archive boxes and filing cabinets.
Using multiple silos for data storage can present significant issues for firms, leading to lost or damaged files, redundancies, and errors. Storage of paper documents can require substantial physical space and conventional filing can make accessing key content slow and difficult. Data regulations also insist that any information retained by firms on data subjects must be searchable and retrievable on request, which can sometimes present an impossible task when outdated systems are being employed.
Effective document management software can provide firms with an efficient answer to all these issues, integrating all company documents so they can be stored, secured, searched, and accessed rapidly whenever required. Using such a solution allows firms to operate at maximum efficiency with lower costs while keeping compliant, ensuring they remain resilient and strong operators in their sector.
Key components of effective document management software
Well-designed document management software can automatically archive, capture and store exceptionally high quantities of information. The process is optimised through dedicated features like collaboration, information consolidation, search, retrieval, workflow, and security. Not all document management solutions are created equally, but selecting software that features the greatest level of automation can save you time and money and access to an innovative set of options.
Cutting edge solutions like Spindle Document Management offer firms an even wider range of tools they can employ to their advantage.
Outgoing documents can be sent singularly or in batches while incoming batches can be captured and imported directly into Sage. Other state-of-the-art features are offered for faster payments and purchase invoice recognition using template-free OCR technology while mobile capture allows users to grab documents on the go with their smartphone. Spindle Document Management software also presents staff and customers with a dedicated online portal where they can access Sage 200 documents and data whenever required.
Experts in document management solutions
At Draycir, we offer enterprises versatile and efficient software solutions that are user friendly to improve their business processes.
Spindle Document Management offers growing firms a suite of flexible and intelligent and flexible tools that provide total control of all documents coming through Sage 200. Contact us today to explore a comprehensive document management solution for your enterprise.